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Metrofile – 3 Munich Road, Industrial Area, Cape Town
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for sale
Private Tender
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Location
Summary
- One of ten properties as part of the Metrofile Portfolio Disposal
- Minimised concentration risk due to disposal across South Africa
- This property includes and A-grade warehouses and offices in the heart of Airport Industria, Cape Town with a GLA of ± 2,031m²
- Superior tenant covenant
- Industrial strong class asset
- Best in-class industrial asset
Situation
The subject property is located in the Airport Industria Area, a well-established industrial neighborhood, positioned adjacent to Cape Town International Airport on its western side and approximately 15km east of Cape Town CBD.
The N2 freeway runs directly to the west of the area, providing convenient access. To the north of Airport Industria lies the King David golf course, which is currently undergoing development by Atterbury to expand its industrial properties.
Situated on the subject property is a large warehouse building. On the western side, across the N2 freeway, is the Gugulethu residential area known for its low-income, high-density housing. The location offers easy access to various amenities and services such as shops, emergency services, schools, banks, and medical facilities.
Description
The subject property features a spacious warehouse building. On each side of the warehouse, there are enclosed brick-built staircases attached to the exterior, providing access to the different levels of the racking system. Additionally, there is a covered area designated for loading and unloading goods, directly accessible to the warehouse.
The fire sprinkler system within the warehouse is supplied water from a pump housed within the building, with water storage facilitated by a large rectangular steel panel water tank.
Other enhancements on the property include a brick-paved access road and a perimeter security fence surrounding the premises.
Zoning and Title Deed Information
Zoning: General Industrial 1
Primary Use: Warehouse
FAR: 1.5
Coverage: 75%
Height Restriction: 18 meters or 6 storeys
Building Lines: 5m on street frontage and 3m on other boundaries
Parking Requirements: 1 bay per 100m² of gross floor area
Title Deed Number: T59001/2004
Legal Description: Erf 154636 Cape Town, Cape RD, Western Cape
Registered Owner: Record Storage & Management Cape (Pty) Ltd
Local Authority: City of Cape Town
Extent: 2,890m²
Rentable Areas
Description | Size (m²) |
Warehouse | 2,031 |
Total | 2031 |
Tenancy
The subject property is being offered on the basis of a new, market-related, triple net, 10-year lease agreement, with Metrofile, the current owner, continuing as the tenant. Metrofile is a reputable business listed on the Johannesburg Stock Exchange, ensuring a dependable and steady rental income for the investor.
The duration of the leaseback arrangement strengthens the investment thesis for the portfolio. The lease is set to commence on the date of transfer. This property is to be disposed as part of the portfolio.
Property Expenses and Operating Costs
| Property Expenses | Amount |
| Property Rates | R7,925.86 |
| Electricity | R7,000.00 |
| Refuse | R188.00 |
| Sewerage | R124.99 |
| Water | R3,302.47 |
| CID | R1,339.23 |
| Security | 3,132.39 |
| Cleaning | 3,132.39 |
| Insurance | 1,566.20 |
| Repairs & Maintenance | 7,830.98 |
| Total | R35,542.50 |
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 Tender process under a Sole Mandate with CBRE Excellerate.
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
CBRE Excellerate on its behalf and for the Owner of the Property, including the corporate structures holding the Property, whose agents they are, give notice that:
- This Investment Memorandum sets out a general outline only for guidance to potential purchasers, and does not constitute any part of an offer, invitation or contract.
- By reading part or all of the Investment Memorandum or by attending a meeting or engaging in a discussion at which the Investment Memorandum is partly or wholly delivered to you or discussed with you, you will be deemed to have (i) agreed to all of the terms of this notice and (ii) acknowledged that you understand the legal and potential regulatory sanctions attached to the misuse, disclosure or improper circulation of the Investment Memorandum. If this Investment Memorandum has been received in error, it must be returned to the Owner or the Advisor immediately without any copies thereof being made or retained or distributed.
- The Investment Memorandum contains confidential information pertaining to the Owner and its group companies and is only being made available, on a confidential basis, and subject to the provisions contained herein, for the exclusive use of the persons to whom it has been specifically delivered, for the sole purpose of providing information to assist the recipient in deciding whether it wishes to proceed with the further investigation of any transactions being discussed between the Advisor, Owner and recipient.
- The recipient hereof shall use the Investment Memorandum solely for the purpose of evaluating the potential transaction as set out in this Investment Memorandum and shall take all reasonable steps to protect the Investment Memorandum and keep it secure, adopting reasonable standards of care and safeguards, which care and safeguards shall not be less than the standard of care and safeguards that the recipient applies to its own confidential information.
- Neither this Investment Memorandum nor its contents nor the fact of its existence may be disclosed to any other person or used for any purpose, without the prior written consent of the Advisor or the Owner, which consent may be granted or withheld in the sole and absolute discretion of the Owner or Advisor. Upon request, you will promptly return or destroy this Investment Memorandum and all other information made available in connection with the potential transaction and will not retain or distribute any copies thereof
- Except as otherwise set out in the Investment Memorandum, the Investment Memorandum is based on information received from the Owner Of this Property. Neither CBRE Excellerate nor the Owner can be held liable for any change in the information. Nothing contained herein is, or may be relied upon as, a promise or representation or warranty, whether as to the past or the future.
- Whilst CBRE Excellerate and the Owner use reasonable endeavours to ensure that the information in this Investment Memorandum is materially correct, any potential purchasers or third parties should not rely on them as statements or representations of fact but must satisfy themselves by thorough due diligence including inspection, searches, inquiries, surveys or otherwise as to their accuracy. The Investment Memorandum does not purport to contain all of the information that may be required to evaluate the Property. CBRE Excellerate and the Owner as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from, inter alia, direct or indirect actions based upon the content of this Investment Memorandum, or any omissions herein. It should also be noted that any forecasts, projections, and forward-looking statements in the Investment Memorandum are dependent inter alia on the validity of the assumptions on which they are based and that no responsibility is accepted by either the Owner or CBRE Excellerate for the realisation thereof.
- No person in the employment of CBRE Excellerate has any authority to make any representation or warranty whatsoever in relation to this Property, including the corporate structures holding the Property.
Contacts
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CBRE Excellerate
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Vendor's Solicitor Firm
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