32 General Pienaar Avenue - Aucor
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Witpoortjie Blue-Chip Investment with 10-Year Lease
Roodepoort GBA ±1 800m2
32 General Pienaar Avenue
Thursday, 14 March 2019 @ 12h00
Houghton Golf Club – Osborn Road, Houghton, Johannesburg
Lael Levy | 073 384 7714 | LaelL@aucor.com
Version 2: 26 February 2019
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Index
Disclaimer, Auction Information and Terms & Conditions Page 3
Property Images Page 4
Executive Summary & Key Investment Highlights Page 6
General Information Page 7
Locality Information Page 8
Property Description Page 10
Lease Summaries Page 13
Projected Annual Income Summary Page 15
Supplementary Information Page 16
Rates Statement Page 17
Zoning Information Page 19
Surveyor Diagram Page 25
/AucorProperty www.aucorproperty.co.za 2
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Disclaimer, Auction Information and
Terms & Conditions
Disclaimer
Whilst all reasonable care has been taken to provide accurate information, neither Aucor Corporate (Pty)
Ltd T/A Aucor Property nor the Seller/s guarantee the correctness of the information provided herein and
neither will be held liable for any direct or indirect damages or loss, of whatsoever nature, suffered by any
person as a result of errors or omissions in the information provided, whether due to negligence or other wise
of Aucor Corporate (Pty) Ltd T/A Aucor Property or the Seller/s or any other person.
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Auction Information
Deposit 5% of bid price
Commission 10% plus 15% VAT thereon of the bid price
Confirmation period 2 Business Days
Rules of auction and conditions of sale are available at www.aucorproperty.co.za/
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Terms & Conditions
R50 000 refundable deposit (strictly bank guaranteed cheque or cash transfer only). Bidders must provide
original proof of identity and residence on registration. No cash will be accepted at the auction. No
exceptions. All bids are exclusive of VAT. Aucor Property may bid up to reserve on behalf of the sellers.
Subject to change without notification. Auctioneer: Pieter Geldenhuys.
/AucorProperty www.aucorproperty.co.za 3
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Property Images
Exterior Images
/AucorProperty www.aucorproperty.co.za 4
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Property Images
Interior Images
/AucorProperty www.aucorproperty.co.za 5
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Executive Summary &
Key Investment Highlights
Street Address: 32 General Pienaar Av enue - Witpoortjie, Roodepoort
GPS Co-Ordinates: -26.1335, 27.8343
Registered Land Size: 2 602m²
Business 2 & Residential 1– (see the zoning certificate
Zoning:
attached to this brochure)
R19 106.55 / month (excluding consumption charges and city
Assessment Rates: lev ies)
See page 11-12 for full accommodation details
I mprov ements on the subject property comprise a partly
Accommodation: double-storey, neat retail building configured to
accommodate a neighbourhood grocery store w ith street
frontage and an enclosed yard.
Approx. Total Gross Building Area: Approximately 1 800m²
The property is let to a single tenant. See pages 13 to 14 for
Occupation:
details.
Key Investment Highlights: Building w ith long-term tenant, ideally located in Witpoortjie.
Strong income stream w ith a potential first year income from
basic rental of approximately R1,000,000.00.
Signed Lease Agreement until 2027 w ith 4 renew al periods of 5
years each.
The building is centrally situated on General Pienaar Av enue
w ith easy access from the entire Witpoortjie. Main roads such
as Corlett Av enue, Trezona Av enue and Narcissus Street
enhance accessibility from surrounding neighbourhoods.
Large v olumes of passing v ehicular traffic.
By bidding on this property, the purchaser acknowledges that he has acquainted himself with the
extent and the nature of the property he is buying, and that he accepts the property as such.
/AucorProperty www.aucorproperty.co.za 6
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
General Information
Street Address 32 General Pienaar Avenue - Witpoortjie, Roodepoort
GPS Co-Ordinates -26.1335, 27.8343
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Title Deed Information
Title Deed Number T21288/1998
Registered Owner Philcine Properties (Pty) Ltd
Title Deed Description Erf 3418*, Witpoortjie
Registered Land Size 2 602m²
Title Deed Conditions A copy of the Title Deed has been requested and will be made
avilable upon our receipt thereof.
*The subject property is a consolidation of three erven previously known as Erf 224, Erf 222 & Erf 1440.
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Municipality Information
Municipality City of Johannesburg Metropolitan Municipality
Rates Excluding consumption charges and city levies - based on the
Tax Invoice for the January 2019 billing period (see a copy
attached to this brochure for these and other charges)
2018 / 2019
Municipal Rates 2018 / 2019 2018 / 2019
Exclusion Rebate Monthly
Valuation Category Tariff Annual Rates
Rates
R 12 006 000 Business N/A N/A 0,0190970 R 229 278,58 R 19 106,55
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Zoning Information
The subject property is zoned according to its pre-consolidated boundaries:
Erf 224 (1 115m²)
Zoning Residential 1 (see the zoning certificate attached to this
brochure)
Permitted Uses (per current scheme*) To be verified
Coverage 50%/557.5m² for 2 storeys and less & 40% for 3 storeys
Height Zone Height Zone A – Three (3) Storeys
Floor Area Ratio 1.2/1 338m²
Building Line 3m along the street boundaries
Parking As per scheme
Erf 222 (496m²) & Erf 1440 (992m²)
Zoning Business 2 (see the zoning certificate attached to this brochure)
Permitted Uses (per current scheme*) To be verified
Coverage Restriction Erf 222 - 50%/248m²
Erf 1440 - 50%/496m²
Height Restriction Height Zone A – Three (3) Storeys
Floor Area Ratio Erf 222 - 2.1/1 041.6m²
Erf 1440 - 2.1/2 083.2m²
Building Lines 3m along the street boundaries
Parking Requirements As per scheme
*City of Johannesburg Land Use Scheme, 2018 - A copy of the scheme will be made available upon
request.
/AucorProperty www.aucorproperty.co.za 7
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Locality Information
The subject property is located in Witpoortjie, a middle-income suburb of Roodepoort. The suburb is located
west of the Roodepoort CBD on the boundary of the City of Johannesburg Metropolitan Municipality and
Mogale City Local Municipality. Witpoortjie is a predominantly residential suburb with mainly freehold,
single-dwelling properties. The subject property is centrally situated on General Pienaar Avenue with easy
access from the entire neighbourhood. Corlett Avenue, Trezona Avenue, Narcissus Street and Albertina
Sisulu Road further promote ease of access to the subject property from surrounding neighbourhoods.
Major commercial and social amenities are available in nearby. GPS coordinates for the site are as follows:
-26.1335, 27.8343
Helderkruin
Princess
Witpoortjie
Horizon View
Lindhaven
Horison
Image Data: Google, AfriGIS (Pty) Ltd, DigitalGlobe
N
/AucorProperty www.aucorproperty.co.za 8
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Locality
Locality
Information Information
Micro Locality
N
Dr Havinga Primary
Witpoortjie Pharmacy
Image Data: Google, AfriGIS (Pty) Ltd, DigitalGlobe
/AucorProperty www.aucorproperty.co.za 9
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Property
Locality
Information Description
Approximate Boundaries
N Image Data: City of Johannesburg
/AucorProperty www.aucorproperty.co.za 10Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Property Description
Accommodation Improvements on the subject property comprise a partly double-storey, neat retail
building configured to accommodate a neighbourhood grocery store with street
frontage and an enclosed yard.
The ground floor predominantly comprises a customer entrance to the building,
management offices, provision for several cashier points and a customer exit with
a large open plan display area allowing a combination of dry and cold storage
shelves. A large kitchen and bakery, a butchery and a preparation area for
vegetables are peripherally located around the display area. A storage and
packing facility is located at the back of the building with direct access to the
loading bay and yard.
The building comprises two separate first-floor sections. The L-shaped section is
predominantly configured as staff quarters with ablution facilities, changing rooms
and a canteen. The rectangular-shaped section is predominantly configured as
additional management offices and small storage rooms respectively.
The yard space adjacent to the building is configured as a drive-through loading
area for delivery trucks and can be accessed from either General Pienaar Avenue
or Ham Street. A loading bay is fitted leading directly into the storage and
packing facility that has been erected at the back of the building. The yard is
covered with interlocking brick pavement.
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Construction The building is constructed of a cast-in-situ concrete framework finished with face
brick walls. A combination of steel and aluminum framed windows and doors are
inserted around the entire building. Decorative glass inserts and steel awnings have
been inserted along the ground- and first-floor along the street front of the
building. The building is predominantly topped with a flat metal roof.
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Fixtures and Finishes The building has been fitted to tenant specifications and flooring comprises of a
combination of tiles and polished cement flooring with walls being either face
brick or rendered and painted. A combination of suspended ceilings and standard
ceiling boards with downlights, pendant lights and suspended lights are installed
throughout.
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Utilities All utilities are supplied by the City of Johannesburg Metropolitan Municipality.
/AucorProperty www.aucorproperty.co.za 11Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Property Description
Gross Building Area The Gross Building Area is approximately 1860m².
The Gross Building Areas are approximates based on a combination of on-site and
aerial photograph measurements taken along the outer walls of the buildings and
includes penetrations such as staircases and passageways.
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Parking Covered and uncovered staff parking is provided in the enclosed yard area.
Shared customer parking for all stores fronting the parking area is located in front
of the building. The parking area is seemingly part of the road reserve, owned and
maintained by the relevant authorities.
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Additional Features Additional property features include the following:
• Security measures on the property include surveillance cameras, an alarm
system, an electrical fence, security lights, burglar bars and gates, palisade
gates and retractable security barriers are installed in various places across
the building and yard.
• Various fire safety equipment installed.
• Extractor fans.
• Provision for a generator.
• Provision for cold storage.
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Occupation The property is let to Xepiou (Pty) Ltd that operates a Spar Supermarket from the
property. See pages 13 to 14 for details.
Based on observation, the landlord has an agreement with a financial service
provider to operate an Automatic Teller Machine (ATM) on the property, of which
the details are yet be confirmed.
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Exclusions All tenant installations, movables and equipment are excluded from the sale of the
property regardless of whether it is mentioned in this brochure. The extent of
landlord installations included in the sale of the property should be confirmed.
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Condition Major maintenance was conducted 18 months ago. The building appears to be in
a generally good condition with ongoing repairs and maintenance required. No
structural survey of the buildings has been undertaken nor have tests or inspections
of service installations been arranged.
By bidding on this property, the purchaser acknowledges that he has acquainted himself with the extent and the nature of the
property he is buying and that he accepts the property as such.
/AucorProperty www.aucorproperty.co.za 12Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Lease Summary
The lease summary should not be relied upon in isolation and should be read in conjunction with the executed lease document,
copies of which are available to bona fide prospective purchasers upon request.
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Agreement of Lease
Tenant Xepiou (Pty) Ltd
Rentable Area Premises located at 34 General Pienaar Avenue
Start Date 1 July 2017
Expiry Date 30 June 2027
Renewal Period Four periods of 5 years each (20 years in total)
Escalation Rate 7%
Monthly Rental (excl VAT)
From To Basic Rental
2018/07/01 2019/06/30 R 80 250,00
2019/07/01 2020/06/30 R 85 867,50
2020/07/01 2021/06/30 R 91 878,23
2021/07/01 2022/06/30 R 98 309,70
2022/07/01 2023/06/30 R 105 191,38
2023/07/01 2024/06/30 R 112 554,78
2024/07/01 2025/06/30 R 120 433,61
2025/07/01 2026/06/30 R 128 863,96
2026/07/01 2027/06/30 R 137 884,44
Additional Charges All Rates and Consumption Charges levied by the relevant authorities
Insurance Premiums
Key Clauses 24(1) ‘The LANDLORD hereby undertakes that in the event of any third party
acquiring the PROPERTY or the LANDLORD’S rights and obligations under this
lease, the LANDLORD will procure and ensure that such third party will
become bound by this lease in all respects not withstanding that this lease
may not be registered against the title deed of the PROPERTY.’
24(2) ‘The TENANT shall (to the extent that such is permissible in terms of the
applicable legislation) be entitled at its own cost to have this lease
registered against the title deeds of the PROPERTY and the LANDLORD shall
co-operate and do all such things and sign all such documents as may be
necessary to achieve such registration.’
33(1) ‘If the LANDLORD wishes to sell the PROPERTY at any time during the
duration of this AGREEMENT, the TENANT shall have a right of first refusal to
purchase the PROPERTY. For the purpose…’
/AucorProperty www.aucorproperty.co.za 13Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Lease Summary
Option to Take Over Head Lease: Spar Witpoortjie*
Key Clauses 4(1) ‘In the event of [Clause 4.1.1 – 4.1.6] … then SPAR shall be entitled, at its
option, to take over cession and assignment of all rights and future
obligations of the TENANT pursuant to the LEASE AGREEMENT…’
5 ‘The LANDLORD hereby grants to SPAR an option to lease the PREMISES in
the event of the LEASE AGREEMENT lapsing or terminating in circumstances
where the option in clause 4 will, for whatever reason, not apply. In those
circumstances…’
*The option is signed by the Landlord and Tenant but has not been co-signed by Spar. The implications
hereof should be confirmed.
/AucorProperty www.aucorproperty.co.za 14Contractual Income Projections - May 2019 to April 2020
Premises Expiry Date Basic Rent Esc Total
Basic Rental Income
Xepiou (Pty) Ltd 30-Jun-27 R 1 019 175,00 7% R 1 019 175
POTENTI AL FI RST YEAR I NCOME FROM SI GNAGE R 1 019 175
Notes/Assumptions
1. The Contractual Income Projections indicates potential income from basic rental during the first year of ownership, assuming a transfer date of May 2019. According to the
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relevant lease agreement the Tenant is responsible for rates and consumption charges levied by the relevant authorities as well as insurance premiums. No other contractual or
unique management income or expense items were considered in the Income Projections.
2. All amounts were v erified against the lease relev ant and exclude VAT.
Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
www.aucorproperty.co.za
Projected Annual Income Summary
15Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Supplementary Information
Tenant Invoice
According to the Lease Agreement, Insurance
Premiums are for the Tenant’s Account.
/AucorProperty www.aucorproperty.co.za 16Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Rates Statement
/AucorProperty www.aucorproperty.co.za 17Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Rates Statement
/AucorProperty www.aucorproperty.co.za 18Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Zoning Information
/AucorProperty www.aucorproperty.co.za 19Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Zoning Information
/AucorProperty www.aucorproperty.co.za 20Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Zoning Information
/AucorProperty www.aucorproperty.co.za 21Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Zoning Information
/AucorProperty www.aucorproperty.co.za 22Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Zoning Information
/AucorProperty www.aucorproperty.co.za 23Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Zoning Information
/AucorProperty www.aucorproperty.co.za 24Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
Surveyor General Diagram
/AucorProperty www.aucorproperty.co.za 25Blue-Chip Investment with 10-Year Lease – Witpoortjie, Roodepoort
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