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Please consider the environment before printing this Property |
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Legendary office jewel in the heart of Johannesburg
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for sale
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Location
Summary
- White-boxed offices suitable to be multi-tenanted or a possible residential conversion opportunity
- Several prominent amenities surrounding the property including general public transport and a Gautrain Station, courts, government offices and Ghandi Square
- Excellent exposure on to Anderson and Marshall Streets in the heart of Johannesburg’s CBD
- The property has recently been refurbished
Situation
UCB House is located within the historic mining and banking district of Johannesburg. This legendary jewel has white boxed offices and allows itself to be multi tenanted. The Building is within walking distance from government offices as well as the various legal courts of Gauteng.
The property is located at 74 – 82 Marshall Street with frontage to Marshall and Anderson Streets,
both main feeder roads in and out of the Marshall Town city precinct, located at the southern fringe of the Johannesburg CBD. On-site parking access is from Anderson Street.
The development is positioned mid-block with the end developments separately owned. Gandhi
Square is located three city blocks to the east. The building is located opposite the BHP Billiton
offices, close proximity to the Gautrain Station as well as to general public transport.
Description
The property is made up of an eight-storey office complex along with two adjoining six and seven-storey B/C grade office buildings with an internal parking garage served by a centrally positioned circular ramp feeding into parking at each office level. The buildings also have basement parking which is easily accessed from Anderson Street.
The buildings appear to have been developed around the early to the mid- 20th century
Both office complexes are constructed in a reinforced concrete frame with exterior plaster and
concrete moldings with heavy set windows and entrance doors. The 74-78 Marshall Street (west
side offices) elevation has a higher character with exterior inset columns and a balcony feature on the top floor.
Internal finishes in the occupied sections are ‘B’ grade incorporating some of the original granite wall renderings with modern finishes including suspended ceilings, floor coverings; recessed lighting and ducted air-conditioning. Restroom facilities and kitchenettes are provided on each level. The unoccupied sections appear to be mainly ‘C’ Grade.
The building is currently occupied by a single tenant, The Government Pension Administration
Agency, occupying 6% (667 sqm) of the total GLA. The remaining 94% (10,594 sqm) is vacant.
The property has recently been refurbished, the following is a high-level summary of the works
completed:
Fire Rationale:
- Fire escapes
- Fire door installations
- Screening to fire stairs
- Fire sprinklers & detectors
Electrical Rationale:
- Rehabilitation of electrical services
- New generator
- Emergency light installation
Mechanical:
- HVAC installation
Wet services:
- Rehabilitation of plumbing services
Civil & Structural:
- Parking resurfacing
- Floor slab rehabilitation
- Stormwater installations
Zoning and Title Deed Information
Title Deed Information
- Erf: 1167 & 1168 Marshalls Town
- Township/Farm: Marshalls Town
- Tenure: Freehold
- Registered Owner: Government Employees Pension Fund
- Title Deed Number: T6337/2009
- Local Authority: City of Johannesburg
- Extent: 3,123 sqm
Zoning Information
- Scheme: Johannesburg Town Planning Scheme 1979
- Zoning: Business 4
- F.A.R: As per scheme
- Coverage: As per scheme
- Height: 1-8 storeys excluding basements
- Parking: As per scheme
- Building Lines: 0 metres on all boundaries
Rentable Areas
| Use | Size (sqm) / Bays |
| Offices | 11,261 |
| Total | 11,261 |
| Parking | Bays |
| Basement | 279 |
| Total | 279 |
Tenancy and Covenant
Tenancy
Government Pension Administration Agency
- Area: 667 sqm
- Lease term: Commenced on 01 October 2018, expiring on 30 September 2023
- Current Rent: Current rent of R75,898 per month
- Basement Parking: Total of 19 bays at R19,046 per month
- Escalation: 8% per annum
The Metal and Engineering Bargain Council
- Parking: 15 basement parking bays
- Current Rent: Current rent of R12,000 per month (month-to-month)
Covenant
The Government Pension Administration Agency
The Government Pensions Administration Agency (GPAA) is a government component that reports to the Minister of Finance and administers funds and schemes on behalf of the Government Employees Pension Fund (GEPF), the largest pension fund in Africa. It administers the pension affairs of approximately 1,7 million government employees and pensioners, as well as the affairs of their spouses and dependents.
Forecasted Monthly Rates and Taxes
Projected from April 2023
| Rates and Taxes | R53,298 |
VAT
The Seller has been registered for VAT (Value Added Tax). It is intended that the sale will be treated as a transfer of a going concern, provided that the purchaser is registered for VAT and the requirements for going concern are met in terms of the VAT Act, No. 89 of 1991.
Sales Process
This property is being sold by way of a single stage open private treaty process.
Interested parties are requested to notify us of their interest to purchase the property in writing to the email addresses of the agents provided herein. To investigate the opportunity in greater detail interested parties will also be expected to submit and conclude the Seller’s Standard Non-Disclosure Agreement (“NDA”) – available under the Downloads tab.
The NDA must be completed if the purchasers want access to a comprehensive due diligence data room. In the data room bidders will gain access to:
• A comprehensive Open Private Treaty Process Letter (setting how offers must be submitted);
• Property specific due diligence information; and
• A template sale and purchase agreement.
Bids will be accessed on three main criteria:
• Price;
• Ability to perform / track record & proof of funds; and
• Conditionality (i.e. speed of performance).
Disclaimer
The website provides information about properties but does not guarantee its accuracy. Users access the site at their own risk and should seek professional advice before making any decisions based on the information provided. Property descriptions are general and do not constitute an offer or contract. All details are believed to be correct but should be verified by users. The company and its employees do not make any representations or warranties regarding the properties. Prices quoted are exclusive of taxes. The information on the website may contain errors, omissions, or may change without notice. Users should conduct their own investigations before making any investment decisions. The information provided should not be considered financial or investment advice. Any information given by the company or the vendor is for illustration purposes only and does not constitute a representation, condition, or warranty. Users are responsible for conducting their own due diligence to verify the accuracy of the information provided.
Contacts
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CBRE Excellerate
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Vendor's Solicitor Firm
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Disclaimer
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