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Zoning and Title Deed Information
Title Deed Information
- Erf: 1129
- Township/Farm: Houghton Estate
- Tenure: Freehold
- Registered Owner: Government Employees Pension Fund
- Title Deed Number: T55796/2007
- Local Authority: City of Johannesburg
- Extent: 3,866 sqm
Zoning Information
- Scheme: Johannesburg Town Planning Scheme 1979
- Zoning: Business 4
- F.A.R: 0.6
- Coverage: 60%
- Height: 2 Storeys
- Parking: 4 Bays per 100 sqm of Gross Leasable Office Floor Area 6 Bays per 100 sqm of Gross
- Leasable Medical & Dental Consultation Floor Area
- Building Lines: 10m along West Street
Rentable Areas
| Use | Size (sqm) / Bays |
| Office | 2,320 |
| Total | 2,320 |
| Parking | Bays |
| Basement | 34 |
| Covered | 35 |
| Total | 69 |
Tenancy and Covenant
Tenancy
The property is currently fully let to 3 Sixty Health Pty Ltd, who have signed a 3-year lease with expiration in October 2023. The site was previously tenanted by Sechaba Medical Solutions Pty Ltd on a 5-year lease which expired October 2020.
The current lease can be summarised as follows:
Tenant: 3 Sixty Health (Pty) Ltd
- Area: 2,230 sqm
- Lease term: Commenced on 1 November 2022, expiring on 31 October 2023
- Rent: Current rent of R226,441 per month
- Escalation: 7% per annum
Covenant Analysis
3 Sixty Health Pty Ltd. 3 Sixty Health was founded in 1938 by black professionals (mostly doctors) with a view to establishing the first medical aid primarily targeted at previously disadvantaged black South Africans.
Today, the company is 100% black owned and is accredited by the council of medical aid schemes to offer both administration and managed care services.
Net Operating Income
FIRST YEAR NOI
| Period April 2023 – March 2024 | |
| Gross Income (ZAR) | R5,902,601 |
| Gross Expenses (ZAR) | R2,850,864 |
| Net Operating Income (ZAR) | R3,051,737 |
*A full breakdown of the projected NOI is available upon signature of an NDA, along with
tenancy Schedules and rent rolls and the balance of the due diligence information.
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.
