PROPERTY ON AUCTION PORTFOLIO DISPOSAL! - 5 Cottage Residence
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PROPERTY ON AUCTION
PORTFOLIO DISPOSAL!
5 Cottage Residence
104 TENTH STREET
LINDEN, JOHANNESBURG
Auction Date: Thursday 25th February 2021 @ 10:30am
Viewing : From 09:30am
Venue : On- Site, Online & Telephone bidding
Contact for further info:
Ross Diamond
Cell: 071 617 3686
Email: ross@soaauctioneers.co.za
GUIDELINES FOR THE AUCTION
Auction Date: THURSDAY 25th February 2021 @ 10:30am
Auction Venue: On-Site: 104 Tenth Str, Linden, Johannesburg
Auction: On site, Online & Telephone Bidding Available if Required
Registration: Bidders can register any time prior to the auction. Identity document as well as FICA
documents are required as well as the refundable registration fee of R15 000.00 to be paid into the trust
account. Proof of this payment will be required prior to bidders’ card can be issued.
If you intend bidding on behalf of an entity, please make sure you also supply us with the requisite
documents PRIOR to bidding at the auction as without the resolution you WILL be deemed to be transacting
in your personal capacity.
Upon signature of the registration documents and payment of the registration fee all buyers will have
acknowledged and accepted the Terms and Conditions set out in the Rules of Auction.
Deposit: 21.5% of the bid price.
Confirmation period: 7 working days, excluding the date of auction, Saturdays, Sundays and public
holidays.
Guarantees: Guarantees for the balance of the purchase price to be issued to the
conveyancer within 21 working days after confirmation of sale.
The bid price excludes the auctioneers fee of 10% plus vat which is payable over and above the bidding
price.
Example:
Bid Price: R 1 000 000.00
Auctioneers fee: R 100 000.00 (10% on bid price)
VAT on Buyer’s Premium: R 15,000.00
Total Purchase Price R 1 115 000.00
The auctioneer has the right to regulate the bidding and to bid on behalf of the seller at the auction up to the
reserve price as mandated by the seller.
A deposit of 21.5% is payable on fall of the hammer.
ADDRESS’ OF PROPERTY
Property Address: 104 10TH Street Linden, Johannesburg
Erf & Suburb & City: Remainder of ERF 173 Linden (Portion 0)
ERF Size: 1735m²
DESCRIPTION OF PROPERTY
The subject property has been redeveloped into 5 spacious cottages. The main house has been divided, like a
semi, into two portions. This was a very simple conversion by bricking up a door and therefore can just as easily
be restored back to a single house by removing only one wall if required. We refer to the house conversion as
cottage one and two respectively.
Cottage one is a 1.5 bedroom with 1.5 bathrooms which should bring in a rental of approx. R7500.00 per month.
In cottage two the bedroom section is slightly bigger and therefore is considered 2 bedrooms with 1 bathroom.
This section is tenanted at R7000.00 per month. This rental is slightly discounted as the tenant helps the current
owner look after the property, as such a caretaker but should bring in R7500.00 per month.
Cottages three, four and five are all 1 bedroom and 1 bathroom units. Before the seller cancelled the leases with
the tenants due to them selling the property the rentals were R5800.00, R5400.00 and R5200.00 respectively
per month. There are foundations laid for cottage 6 but the building of the actual dwelling has not commenced.
The finishes of each unit, especially the kitchens, are a mix between what was existing on the property and
more modern where the seller has added in such kitchens and some of the bathrooms. Each unit is very neat
and tidy and extremely comfortable for students or young married couples starting off a new life together.
There are two entrances to the property. This allows for ease of access for each tenant without any bother of
each other’s vehicles being in the way. Both these entrances have electric motor control gates. There is ample
parking on the property for all the tenants to have motor vehicles but there are only 3 car ports for under cover
parking, 2 double carports & one tandem one that can cover two vehicles. Each cottage leads out onto the
manicured garden.
Potential rental income summary
Cottage 1 R 7 500.00
Cottage 2 R 7 000.00 (if use caretaker discount)
Cottage 3 R 5 800.00
Cottage 4 R 5 400.00
Cottage 5 R 5 200.00
Cottage 6 needs development
Potential Gross Income R30 900.00 per month
One could return the main house back into a 3 bedroom home and occupy that property while renting out the 3
built cottages. This would give more than enough income to the owner to cover all the expenses and ultimately
“LIVE FOR FREE”. Unfortunately, there are no plans for the various cottage improvements.
LOCATION INFORMATION
The suburb of Linden is situated towards the north western suburbs of JHB CBD on the border of Randburg. It
is 8km from JHB CBD. Bordering suburbs include Northcliff, Blairgowrie, Victory Park, Greenside and Cresta.
Linden is well known for its diversity of attractions and even more popular for its restaurants and boutique
shopping and “arty” experiences. Popular shopping complexes, apart from the local stores, include Linden
Square and Marlboro gardens which are within walking distance of the subject property. The victory Park
Shopping Centre is only 700m away from the property. This is a major shopping centre with Pick and Pay,
Woollies, Mugg and Bean, Disc hem and a Virgin Gym and many more national stores.
There is a plethora of schools extremely close to the property. Linden is well known for its diversity, not only of
shopping experiences but schooling and religion as well. Holy Cross Primary School, De Laselle Holy Cross
School and Crossroads Special School are all only 300m away from the property. King David Victory Park is
1.8km away, Risdale Primary is only 3kms away and Greenside High is only 3.2kms away. For students, as this
property is prime for students, Wits is 8.4kms away while UJ is 7.4 kms away.
Public transport is also easy in Linden. There is a main taxi route on the main road within walking distance while
the Gautrain in Rosebank is 4kms away from the property. There are multiple bus stops around for the people
living in the area to catch a bus to Rosebank.
AERIAL PHOTOGRAPHY
SITE PHOTOGRAPHS
RATES AND TAXES ACCOUNT
PROPERTY PLANS
PROCESS ON THE AUCTION DAY
Registration is open 5 DAYS prior to the auction
In order to bid on a property, you need to complete and sign the registration form and pay the
registration fee of R15 000. Please ensure this is done timeously in order to complete the registration
process. Fica documents (proof of address and copy identity documents), will be required in order to
register
After registration one is issued with a bidders’ number which is required for the auctioneer to
recognise your bid.
The auctioneer will read out the rules and begin the auction. He will open the bidding to the floor and
take the first bid received.
There is no minimum or standing bid amount
Bid by raising your hand, nodding your head or making and indication to the auctioneer that he can
recognise as your bid.
SOA Auctioneers’ staff are available to assist you with bidding should you feel the need.
The bid price excludes the bidders’ premium and vat on such bidder premium.
Once the auction is complete the highest bidder will need to complete the sales agreement and pay
the 21.5% deposit immediately.
The sales agreement may not be altered in any way nor under any circumstances
The sales agreement must be completed and signed by the purchaser in his/her personal capacity or
as a representative for the legal entity you represent.
PROCESS POST AUCTION
The highest bid will be submitted to the seller for consideration
All offers are subject to a 7 day confirmation period.
On confirmation all sales are final
The balance of the purchase price, excluding vat, shall be paid to the conveyancer and SOA
Auctioneers by the purchaser by the way of electronic funds transfer (EFT) or secured by a written
guarantee from a registered bank or financial institution
Payment must be provided to the conveyancer within 21 business days of the signature date, free of
exchange.
Should you require any further information or clarity of the above please contact the M.D. of the
auction division.
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