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Discover Excellence: 7-Storey Commercial Marvel in the Vibrant Capital of the Free State
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for sale
Private Tender
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Location
Summary
- 6 Storey office building almost 100% occupied
- GLA: 6,129 m²
- Offices fully occupied by SAPS
- Opposite Hoffman Square
- Possible residential conversion
- Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately
- R5,5 million (including a projection for the vacant offices)
Situation
Bloemfontein, is the capital of Free State province and it is the judicial capital of South Africa. While being known for its scenic beauty, with natural and manmade attractions, such as King’s Park and the Franklin Game Reserve, it is also a major mining and agricultural hub.
Bloemfontein Central is accessible from the N8. The N8 highway also intersects with the N1 towards the north-west of the Bloemfontein CBD, linking Gauteng, Bloemfontein, and Cape Town, therefore allowing for high volumes of passing vehicular and pedestrian traffic.
ABSA United is located on Charlotte Maxeke Street, a major arterial road through the centre of the Bloemfontein Central. The property is conveniently located, with easy access to public transport and nearby services such as the Bloemfontein Train Station, Hoffman Square and various shopping malls. The CBD is also a prominent mixed-use area which offers a combination of high-rise office
buildings that accommodates tenants such as DPW and FET College. The prominent Hoffman Square is located north of the property.
The property enjoys easy access to the required amenities and main arterials which include Wes Burger Street, Oos Burger Street and Nelson Mandela Drive.
The immediate area surrounding the property is in line with the typical central business area character of major city centres, comprising a number of mixed commercial, residential and retail buildings.
Description
The property comprises a square shaped, north-west facing stand measuring 1,232m² which is situated at 64 Charlotte Maxeke Street and located on the corner of the aforementioned and Floreat
Avenue in the CBD of Bloemfontein.
This property is improved with a part seven storey mixed use building that comprises retail shops on the ground floor and offices on the upper floors. It offers a collective GLA of 6,129m².
The layout is similar across all floors and are accessed by means of concrete staircases and two central lifts.
Internal finishes of the offices are of a high standard – largely wooden veneer flooring with some area having carpets or ceramic tiles. There are a number of strong rooms and offices are neat and
well maintained.
A total of 37 basement parking bays are provided.
Zoning and Title Deed Information
Title Deed Information
Title Deed Number: T126/2016
Legal Description: Portion 1 of Erf 961 Bloemfontein
Registered Owner: Delta Property Fund Limited
Local Authority: Mangaung Metropolitan Municipality
Extent: 1,232 m²
Zoning Information
Zoning: Business
Primary Use: Offices
Height Restriction: 28 m
Coverage: No restrictions
Bulk: 6,0
Parking:
Shops up to and including 1,000 m² – 4 bays per 100 m² with a minimum of 6 parking spaces
Shops > 1,000 m² but =/< 15,000 m² – 6 bays per 100 m²
Shops > 15,000 m² – 5 bays per 100 m²
Building Lines:
3 m on Maitland Street
0 m on Floreat Street
Rentable Areas
Rentable Areas:
| Description | Size (Sqm) |
| Retail | 803 |
| Offices | 4,94 |
| Flats (2) | 300 |
| Storage | 86 |
| Total | 6,129 |
| Parking | Bays |
| Basement | 37 |
| Total | 37 |
Tenancy
Tenant: Bloemfontein
- SAPSArea: 5 027 m²
Tenant: Cell City
- Area: 44 m²
Tenant: ABSA Bank
- Area: 471 m²
Tenant: Dreamz for Us
- Area: 201 m²
Tenant: MTN Tower
- Area: Antennae
NOI
Net Operating Income
| First Year NOI | |
| Period July 2023 – June 2024 | |
| Gross Income (ZAR) | 9,676,973 |
| Gross Expenses | 4,130,257 |
| Net Operating Income (ZAR) | 5,546,716 |
*A full breakdown of the projected NOI is available upon signature of an NDA and access to the due | |
VAT
Seller has been registered for VAT (Value Added Tax) and therefore VAT is payable by the Purchaser.
Sales Process
This property is being sold by way of a Private Treaty process under a Sole Marketing Mandate with CBRE-X online.
Interested parties will have access to the Property Brochure and NDA on registration on the CBRE-X online website.
Should you wish to access the full Due Diligence information in the ClicktoPurchase (CTP) data room, we will require you to sign the Non-Disclosure Agreement (NDA), and provide information regarding the entity and individuals represented by that entity, that is expressing an interest in the property. This can be in the form of a link to your company website, your company profile or a brief resume for both the company and key individuals involved in the transaction.
On successful review of your registration, you will be granted access to the CTP data room. Besides all DD documentation, you will also have access to the sale agreement.
Should you wish to submit an offer on the property, you will be required to provide proof of funds or comfort from a financial institution that they would favourably consider an application from yourself for funding for the property in question. Interested parties are invited to submit their best unconditional offer as soon as possible.
Only interested parties that have submitted an NDA and provided the aforementioned information, will be invited to view the property in the company of the Agent or a representative of the Seller.
FICA and KYC verification will be required in order to register on (CTP).
In the instance where a binding offer acceptable to the Seller is presented, the Seller reserves the right to accept any offer but undertakes to instruct the Agent to inform all interested parties (those that have signed a NDA and accessed the DD information via CTP) that there is an offer under consideration at least 5 business days after receipt of that offer.
The agent will present all offers to the Sellers.
All offers need to be open for acceptance for a minimum period of 15 business days from date of submission.
The agent will communicate acceptance of their offer to the winning party and inform all other parties that have not been successful.
Offers will be assessed on, amongst others, the following criteria:
• The price offered.
• Ability to perform and provision of comfort letter or proof of funds for the transaction in question.
• Conditionality of the offer and timeline to conclude the deal.
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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Disclaimer
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