|
Please consider the environment before printing this Property |
|
Rare residential conversion opportunity in the heart of Johannesburg
|
for sale
Private Tender
|
Location
Summary
- Landmark heritage site in Johannesburg CBD
- National retailers occupy the ground floor
- 4 adjacent mixed-use buildings (GLA of 7,915 sqm)
- Excellent residential conversion opportunity
Situation
The iconic Chambers of Change comprises of 4 adjacent buildings along Pritchard Street, in the heart of the Johannesburg CBD. The buildings also front Eloff Street and Joubert Street, with excellent exposure, while enjoying high foot traffic and retail trading. The immediate area is characterised by high density residential, retail, and commercial properties.
The property is walking distance from Park Station and is easily accessible via public transport, the
Reya Vaya bus route and the nearby M1, M2 and M31 highways.
It is ideally situated within close proximity to Ghandi Square, Small Street and Carlton Centre.
Description
The site is improved with 4 multi-storey buildings, all with ground floor retail and vacant offices
above.
Each building enjoys income from National fashion retailers.
Cuthberts Chambers (1904), visible from the corner of Pritchard and Eloff Streets, is characterised
by its beautiful late Victorian external façade, wooden window frames and decorative cast-iron
balcony rails. The building is well-maintained and in good condition, it is serviced by two lifts and
features a spiral wooden staircase.
Dunvegan Chambers (1934), is a lovely heritage 10 floor high-rise building on the corner of Pritchard
and Joubert Street with high street retail opposite Shoprite & Edgars with lovely, neat offices above.
This is a spectacular building in the Transvaal style Art Deco with beautiful relief panels on the side
depicting the industry and progress on the Rand.
Hilson House (1929), has a lovely Victorian external façade, top-class retail with three floors of office
space above.
Royalty House (circa 1930’s), has a striking revamped Art Deco façade, top class retail with two
floors of stunning training/office space above.
The buildings previously served as advocates chambers, as the High Court is only a short walk
away.
The buildings were refurbished in the last two to five years. This would benefit an investor who
wishes to redevelop the properties. The 4 properties would allow the investor to take a phased
approach on a residential conversion.
The Foschini Group occupies the whole of the ground floor retail.
Zoning and Title Deed Information
Title Deed Information
- Title Deed Number: T44518/2017
- Legal Description: Erf 5359 Johannesburg
- Registered Owner: Delta Property Fund Limited
- Local Authority: City of Johannesburg Metropolitan Municipality
- Extent: 1,746 sqm
Zoning Information
- Zoning: Business 1, H1
- Primary Uses: Dwelling Units, Outbuildings, Residential Buildings, Institutions, Offices, Places of
- Instructions, Industrial Buildings, Noxious Industrial Buildings, Other Buildings.
- Height Restriction: 22.05m
- Coverage: 100%
- F.A.R: 7.2
- Parking: As Per Scheme
- Building Lines: 1.5m Along Street Boundary
Rentable Areas
| Use | Size (sqm) |
| Office | 5,917 |
| Retail | 1,959 |
| Storerooms | 39 |
| Total | 7,915 |
Tenancy
| Tenant | Leased Area |
| CUTHBERTS CHAMBERS | |
| Sportscene | 369 m² |
| Advantage Security and Cleaning Services | 26.45 m² |
| Bongani Dyani Attorneys | 41.74 m² |
| Lilithalethu Trading 41 | 95.66 m² |
| PE Will Kinako Trading | 24.67 m² |
| DUNVEGAN CHAMBERS | |
| Markham | 174 m² |
| HILSON HOUSE | |
| Totalsports | 366 m² |
| ROYALTY HOUSE | |
| Markham | 398 m² (R001) |
| Legends Training and Develpoment Academy | 412 m² |
Forecasted Monthly Rates and Taxes
| July 2023 | |
| Rates and Taxes | R106,936 |
(Projected GAI for The Foschini Group of approximately R3.3 million – Period July 2023 to June 2024)
VAT
The 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
|
CBRE Excellerate
|
||
|
|
||
Disclaimer
Legal Information – Disclaimer South Africa:
Whilst reasonable care is taken to ensure that the information contained on this website is accurate, The Company cannot guarantee its accuracy and we reserve the right to change the information on this website (including these terms and conditions) at any time without notice.
Any person who accesses this website or relies on this website or on the information contained in this website does so at his or her own risk.
Information, ideas and opinions expressed on this website should not be regarded as professional advice or the official opinion of the Company and you are encouraged to consult professional advice before taking any course of action related to information, ideas or opinions expressed on this website.
The website and its content (including but not limited to pictures of properties, text, graphics, advertisements, files, links, financial calculators, general property information, or other items) are provided on an “as is” and “as available” basis, without any representations or warranties of any kind (express or implied). The Company disclaims all representations and warranties, including those regarding the condition, quality, performance, accuracy, suitability, fitness for purpose, completeness, or freedom from viruses or other harmful mechanisms of the website content. The Company makes no representation or warranty that the website content will be accurate, up to date, uninterrupted, or error-free. The Company cannot be held liable for any inaccurate information published on the website, except where such liability arises from gross negligence or wilful misconduct.
Indemnity:
You agree to indemnify the Company against any loss, claim, or damage which may be suffered by yourself or any third party arising in any way from your use of this website, website content, and/or any linked third-party website.
Limitation of Liability:
The Company shall not be liable for any direct, indirect, incidental, special, or consequential loss or damages arising from your use of, or reliance upon, the website or the website content; or your inability to use the website or the website content, and/or unlawful activity on the website and/or linked third-party websites. The Company is not liable for any loss or damage suffered by you or any third party arising in any way from your use of this website, website content, and/or any linked third-party website. You acknowledge that you are solely responsible for the use to which you put this website and all the results and information you obtain from it, and that all warranties, conditions, undertakings, representations, and terms, whether expressed or implied, statutory, or otherwise, are excluded by the Company to the fullest extent permitted by law.
© 2024 Singer Vielle Ltd