Legendary office jewel in the heart of Johannesburg

For Sale

Ex-UCB House | 74-78 Marshall Street

| Johannesburg

| 2001

18,000,000

Asking price

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

Location

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.

Contact Lead Agent

Fabio Nava

+27 (0) 82 585 2498

Fabio.Nava@cbreexcellerate.com

Your Investment Requirements

Make sure you hear about our new property investment sales first.

Let us know your current requirements and we will alert you as soon as suitable properties become available.

Update investment requirements

Make sure you hear about our new property sales first

We are part of the SV International Network

Have you considered purchasing property world-wide? View properties available from our international partners.

Downloads

Contacts

CBRE Excellerate

+27 (0) 11 911 8000