Pendoring Office Park - Building 2 - 299 Pendoring Street - Aucor
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Blackheath Tenanted Office Building with Prime Position
Randburg Gross Lettable Area: ±1 800m²
Pendoring Office Park - Building 2 - 299
Pendoring Street
Thursday, 15 August 2019 @ 12h00
Houghton Golf Club – Osborn Road, Houghton, Johannesburg
Luke Rebelo | 072 493 2148 | LukeR@aucor.com
Version 2: 30 July 2019 LK
Tenanted Office Building with Prime Position – Blackheath, Randburg
Index
Disclaimer, Auction Information and Terms & Conditions Page 3
Property Images Page 4
Executive Summary & Key Investment Highlights Page 5
General Information Page 6
Locality Information Page 7
Property Description Page 9
Layout Plan Page 12
Lease Summary Page 13
Annual Projected Income Page 15
/AucorProperty www.aucorproperty.co.za 2
Tenanted Office Building with Prime Position – Blackheath, Randburg
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 otherwise
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 the 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
Tenanted Office Building with Prime Position – Blackheath, Randburg
Property Images
/AucorProperty www.aucorproperty.co.za 4
Tenanted Office Building with Prime Position – Blackheath, Randburg
Executive Summary &
Key Investment Highlights
Pendoring Office Park - Building 2 - 299 Pendoring Road,
Street Address:
Blackheath
GPS Co-ordinates: -26.1303, 27.9694
Zoning: Business 4
See page 10-11 for full accommodation details
Accommodation: Building 2 comprises of a tw o storey, H-shaped office building
w ith a basement component.
Area Description GLA (± m²)
Rentable Office Space 1799
Fiv e (5) Storage Units (Basement) 68
Approx. Total Gross Lettable Area: Total Approximate Gross Lettable Area 1867
Notes.
The Gross Lettable Area (GLA) is as per Seller provided
information.
Building 2 w ill be sold tenanted upon registration of transfer in
Occupation: terms of a long-term lease agreement. See page 13 for
further details.
I nv estment opportunity w ith a prime location.
New 7-year lease effectiv e as from December 2019.
Occupation September 2019 for fit-out purposes.
Potential first year income (Dec 2019 to Dec 2020) of
approximately R2,3million. (Seller Prov ided)
Key Investment Highlights:
The subject property boasts superior access to and from
Beyers Naudé Driv e w hilst access to the broader Randburg,
Krugersdorp and Johannesburg is considered easy. All
amenities are accessible in close proximity to the subject
property.
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 5
Tenanted Office Building with Prime Position – Blackheath, Randburg
General Information
Street Address Pendoring Office Park - Building 2 - 299 Pendoring Road,
Blackheath
GPS Co-Ordinates -26.1303, 27.9694
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Title Deed Information
Title Deed Number TBC
Registered Owner xtraspace Flexi Office (Pty) Ltd
Title Deed Description TBC
Registered Land Size TBC
Title Deed Conditions TBC
Servitudes TBC
The sale of Building 2 is subject to a sub-division process. The Remainder of Erf 330, Blackheath Extension 6
hosts both Building 1, and the subject building, Building 2. The sub-division of the Remainder of Erf 330,
Blackheath Extension 6 to allow for separate full-title ownership of Building 1 and the subject building,
Building 2 has been submitted. The sub-division process is in progress and the Seller takes all responsibility to
complete said process. The subject property will be transferable once the process is completed and a Title
Deed and Servitude Diagram have been issued. The sub-division process is expected to be completed by
30 November 2019 (seller provided information).
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Municipality Information
Municipality City of Johannesburg Metropolitan Municipality
Rates To be verified
The Municipal Property Rates and Property Owner's Association Levy can only be confirmed once the sub-
division process has been finalized. Based on a proportionate calculation of current rates and levies on the
undivided property, the Seller estimates Municipal Property Rates for Building 2, the subject property, at
R32,000.00 per month and the Property Owners Association Levy at R13,250.00 per month.
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Zoning Information
The Zoning Information Municipal Property Rates and Property Owner's Association Levy can only be
confirmed once the sub-division process has been finalised. Zoning Information should however be similar to
that of the undivided property. The undivided property is currently zoned Business 4. A full zoning certificate
has been requested and more Zoning Information will be provided upon our receipt thereof.
Zoning 'Business 4'
/AucorProperty www.aucorproperty.co.za 6
Tenanted Office Building with Prime Position – Blackheath, Randburg
Locality Information
Macro Locality
The subject property is prominently located along Pendoring Road, just off Beyers Naudé Drive and in close
proximity to the Cresta Shopping Centre in the suburb of Blackheath, Randburg. The node surrounding the
intersection of Beyers Naudé Drive and Pendoring Road is known for its mix of established retail facilities, some
offices, and medical related facilities while the broader area contributes significantly to the residential stock of
the larger Randburg area. The subject property boasts superior access, to and from Beyers Naudé Drive, whilst
access to the broader Randburg, Krugersdorp and Johannesburg is considered easy. All amenities are accessible
in close proximity to the subject property.
GPS Coordinates for the subject property are as follows: -26.1303, 27.9694.
Image Data: Google, AfriGIS (Pty) Ltd, DigitalGlobe
N
/AucorProperty www.aucorproperty.co.za 7
Tenanted Office Building with Prime Position – Blackheath, Randburg
Locality
Locality
Information Information
Micro Locality
Image Data: Google, AfriGIS (Pty) Ltd, DigitalGlobe
/AucorProperty www.aucorproperty.co.za 8
Tenanted Office Building with Prime Position – Blackheath, Randburg
Property Description
Approximate Boundaries – Sub-Divided Property
N
Image Data: City of Johannesburg GIS
/AucorProperty www.aucorproperty.co.za 9
Tenanted Office Building with Prime Position – Blackheath, Randburg
Property Description
Accommodation Building 2 comprises of a two storey, H-shaped office building with a basement
component.
Both the ground floor and the first floor of the building are similarly configured with
each comprising two office wings linked by a service area comprising of a main
entrance/reception with staircase, ablution facilities and kitchens. Each of the four
office wings are entirely open-plan*. The ground floor office wings open onto a
courtyard area whilst the first floor office wings open onto a balcony.
The basement component is currently configured as an access-controlled parking
garage and includes five secured storage facilities.
*The office wings are currently configured by means of glass-wall and dry-wall
partitioning to include various smaller open plan offices, private offices, break-
away areas, a bar and team building facilities.
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Additional features Additional property features include the following:
• A combination of air-conditioning systems throughout the building
• A generator, still to be installed, will form part of the sale
• Future fibre internet connections will be available in the area (status of fibre
connection to the property should be verified)
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Construction Building 2 is constructed of rendered and painted brick walls with a combination of
steel and aluminum door and window frames inserted throughout around the
entire building. The building is topped with a pitched-style roof, covered in cement
roof tiles.
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Finishes and Features The floors are predominantly covered in a combination of ceramic tiles, laminated
wood flooring and carpets throughout. The walls are rendered and painted
concrete whilst the ceilings feature suspended ceiling boards with various lighting
fittings.
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Gross Lettable Area Area Description GLA (± m²)
Rentable Office Space 1799
Fiv e (5) Storage Units (Basement) 68
Total Approximate Gross Lettable Area 1867
Notes.
The Gross Lettable Area (GLA) is as per Seller provided
information.
/AucorProperty www.aucorproperty.co.za 10Tenanted Office Building with Prime Position – Blackheath, Randburg
Property Description
Parking ±40 Basement parking bays
±30 Shaded parking bays
±25 Open parking bays
±95 Parking bays in Total
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Safety and Security Safety features include emergency exits with an emergency staircase. Various fire
safety and security lights have been installed in several places across the property.
Clear signage indicates all safety and security features.
Building 2 is located within the Pendoring Office Park that features 24/7 access
control.
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Perimeter and Yard The Pendoring Office Park is enclosed by means of a security wall topped with
electric fencing. The park is accessed from Pendoring Road. The yard space
around Building 2 is covered with interlocking brick paved walkways, roads and
parking areas with landscaped garden features in places.
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Occupation Building 2 will be sold tenanted upon registration of transfer in terms of a long-term
lease agreement. The tenant shall occupy Building as of 1 September 2019 for fit-
out purpose. See page 13 for further details.
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Condition The building appears to be in a good condition and offers good curb appeal, with
ongoing repairs and maintenance required. No structural survey of the building has
been conducted nor have we arranged for tests or inspections of the service
installations, but these appear to be in working order.
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 11Tenanted Office Building with Prime Position – Blackheath, Randburg
Layout Plan
Proposed Sub-Division Plans
/AucorProperty www.aucorproperty.co.za 12Tenanted Office Building with Prime Position – Blackheath, Randburg
Lease Summary
The lease summary should not be relied upon in isolation and should be read in conjunction with the executed lease document,
a copy of which is available to bona fide prospective purchasers upon request.
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Lease Agreement 1
Tenant Debtsource (Pty) Ltd
Rentable Area The office premises situated at Building 2, Pendoring Office Park, 299
Pendoring Road, Blackheath measuring approximately 1799m²
Start Date 1 December 2019
Expiry Date 30 November 2026
Renewal Period 3 years
Escalation Rate 7%
Monthly Rental (excl VAT) Office Rental
From To Area (m²) Basic Rental R/m²
2019/12/01 2020/11/30 R 184 401,60 R 102,50
2020/12/01 2021/11/30 R 197 309,71 R 109,68
2021/12/01 2022/11/30 R 211 121,39 R 117,35
2022/12/01 2023/11/30 1799 R 225 899,89 R 125,57
2023/12/01 2024/11/30 R 241 712,88 R 134,36
2024/12/01 2025/11/30 R 258 632,78 R 143,76
2025/12/01 2026/11/30 R 276 737,08 R 153,82
Parking Rental
From To Basement Bays Rate Total
2019/12/01 2020/11/30 R 600,00 R 24 000,00
2020/12/01 2021/11/30 R 642,00 R 25 680,00
2021/12/01 2022/11/30 R 686,94 R 27 477,60
2022/12/01 2023/11/30 40 R 735,03 R 29 401,03
2023/12/01 2024/11/30 R 786,48 R 31 459,10
2024/12/01 2025/11/30 R 841,53 R 33 661,24
2025/12/01 2026/11/30 R 900,44 R 36 017,53
From To Open Bays Rate Total
2019/12/01 2020/11/30 R 250,00 R 5 500,00
2020/12/01 2021/11/30 R 267,50 R 5 885,00
2021/12/01 2022/11/30 R 286,23 R 6 296,95
2022/12/01 2023/11/30 22 R 306,26 R 6 737,74
2023/12/01 2024/11/30 R 327,70 R 7 209,38
2024/12/01 2025/11/30 R 350,64 R 7 714,03
2025/12/01 2026/11/30 R 375,18 R 8 254,02
From To Shaded Bays Rate Total
2019/12/01 2020/11/30 R 500,00 R 1 500,00
2020/12/01 2021/11/30 R 535,00 R 1 605,00
2021/12/01 2022/11/30 R 572,45 R 1 717,35
2022/12/01 2023/11/30 3 R 612,52 R 1 837,56
2023/12/01 2024/11/30 R 655,40 R 1 966,19
2024/12/01 2025/11/30 R 701,28 R 2 103,83
2025/12/01 2026/11/30 R 750,37 R 2 251,10
/AucorProperty www.aucorproperty.co.za 13Tenanted Office Building with Prime Position – Blackheath, Randburg
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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Additional Charges All consumption charges and, only increases, in rates and taxes and
property owner’s association levy are recoverable from the tenant.
Key Clauses 10 ‘The Tenant shall pay a deposit in the amount of R430 803.20 to the
Landlord…’.
12(1) ‘The Landlord shall provide the tenant with a tenant installation
allowance of R1 290 811.20… which shall be settled by way of set off against
rental payments to be made by the Tenant’.
12(2) ‘The Landlord shall install a backup generator to the building at the
cost of the Landlord which shall remain the property of the Landlord. The
Tenant shall be responsible for the diesel’ ensure that a backup generator.
12(3) ‘The Landlord shall ensure that the electricity and water will have
separate meters installed.’
12(4) ‘The Tenant shall have first right of refusal to purchase the Premises in
the event that the Landlord wishes to sell the Premises.’
Note: The five (5) basement storage units, together with eight (8) open parking bays and twenty-two (22)
shaded parking bays are currently vacant.
/AucorProperty www.aucorproperty.co.za 14Annual Projected Income - December 2019 to November 2020
Premises/Item Tenant Expiry Date Esc Monthly Annual
Contractual Rental Income (Excluding the recovery of consumption charges) R 215 401,60 R 2 584 819,20
Office Rental Debtsource (Pty) Ltd 30-Nov -26 7% R 184 401,60 R 2 212 819,20
Basement Parking Debtsource (Pty) Ltd 30-Nov -26 7% R 24 000 R 288 000,00
Shaded Parking Debtsource (Pty) Ltd 30-Nov -26 7% R 5 500 R 66 000,00
Open Parking Debtsource (Pty) Ltd 30-Nov -26 7% R 1 500 R 18 000,00
Potential Rental Income from Vacancies (Excluding the recovery of consumption charges) R 22 488 R 269 856
/AucorProperty
Basement Storage Vacant - - R 4 488 R 53 856
Shaded Parking Vacant - - R 13 500 R 162 000
Open Parking Vacant - - R 4 500 R 54 000
Approximate Costs (Non-Recoverable) R -45 250 R -543 000
Rates and Taxes R 32 000 R 384 000
Property Owner's Association Lev y R 13 250 R 159 000
Total Potential First-Year I ncome - December 2019 to Nov ember 2020 (excl recov eries of consumption charges) R 192 640 R 2 311 675
Notes/Assumptions
1. The above information is a combination of Seller supplied and Lease Agreement information.
Special Note - The rental information in this brochure is not intended to constitute specific advice nor to substitute for a due diligence exercise, and accordingly should not be relied
Contractual and Potential Income
upon to make a purchase decision. Prospective purchasers should make their own enquiries and investigation to confirm pertinent information and forecasts, and should further seek
appropriate independent professional advice in relation thereto from suitably qualified professionals to complete their own due diligence in relation to the Property.
Tenanted Office Building with Prime Position – Blackheath, Randburg
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Annual Projected Income
15Tenanted Office Building with Prime Position – Blackheath, Randburg
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