lenasia property auction block of 50 flats · 2019-08-19 · block of 50 flats - springs the...
TRANSCRIPT
LENASIA PROPERTY AUCTION
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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PROPERTY FOR SALE
WH Auctioneers Properties (PTY) Ltd
578 16th Road, Randjespark, Midrand
Tel: 0115745700
www.whauctions.com
Contact for further info:
Daniel Pelkowitz Mark Nossel Cell: 072 360 7510 Cell: 074 154 0777
Email: [email protected] Email: [email protected]
BLOCK OF 50 FLATS
1 Shop & Parking Garage
5 1st Avenue Springs l Springs
Erven 68 and 69 Springs
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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1. GENERAL
Property Address: 5 1st Avenue, Springs
Erf & Suburb & City: Erven 68 and 69, Springs, Gauteng
Building Name: Greystone Mansions
2. TITLE DEED INFORMATION
Deeds Office: Johannesburg
Title Deed No.: T48630/1990 and T15986/2010
Erf Sizes: Erf 68 – 483m2
Erf 69 – 1 115m2
Combined Erven Size: 1 598 m2
Zoning: Residential 4
Building Age: 71 Years (Built in 1946)
3. LOCALITY
Springs is a city on the East Rand in the Gauteng province of South Africa. It lies 50 km east of Johannesburg and
72 km southeast from Pretoria. Springs as a city is an economic hub in the East Rand with a diverse economy,
ranging from manufacturing, commerce, service, hospitality, mining and service providing companies.
Springs has a well-developed CBD with a number of high-rise office buildings such as the 18-storey Checktown
building housing the regional office of Telkom for Gauteng and head office for the trading section and Marketing
of Telkom, the 14-storey Nongai building that is undergoing restoration and the 13-storey Seedfam Towers and
also a 14-story Everest Apartment complex.
There are two major shopping malls in the Springs Downtown serving Springs, The Avenues and Palm Springs.
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 3
GPS Co-Ordinates: S - 26°24'99.87" E - 28°44'13.59"
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 4
Main Building
Parking Lot
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 5
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 6
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 7
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 8
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 9
4. DESCRIPTION OF IMPROVEMENTS
Erf 69 comprises a six-storey, residential building, comprising of 50 apartments and 8 underground parking bays.
Erf 68 comprises a parking garage consisting of 14 garage parking bays and a retail shop.
There is an operational lift within the building which is in working order and maintained.
The flats can be broken down as follows:
10 X Bachelor flats each measuring approximately 40m2
28 X One bedroom flats measuring approximately 60m2
12 X Two bedroom flats measuring approximately 80m2
There are rooms located on the roof however these are not rented out.
The bachelor flats measure approximately 40m2 and consist of a large bedroom area, a kitchen and a bathroom.
Both the kitchen and the bedroom have built in cupboards. The one bedroom flats measure approximately 60m2.
The units consist of a large living area, a kitchen and a bathroom. The unit also has built in cupboards. The two
bedroom flats measure approximately 80m2. Each two bedroom flat consists of kitchen, separate bathroom and
toilet, large living area, covered balcony (approximately 8m2) as well as security gates and burglar bars.
Each unit is fitted with a pre-pad electricity metre.
The units all have parquet and ceramic tile flooring throughout, plastered and painted internal walls and concrete
ceilings
Each flat has its own geyser.
The property also contains also caretaker’s accommodation, 2 storerooms as well as 2 communal toilets.
All fire equipment is in place and appears to be in working order and regularly serviced. The walls, stairwells,
bannisters and gutters have recently been painted and are in very good condition. Access to the property is
gained through two security gates.
Roof: Concrete
External Walls: Face brick and Plastered and Painted Brickwork
Internal Walls: Face brick, plastered and painted.
External Floors: Tiles/Concrete/Paved walkways
Internal floors: Tiled/Parquet Flooring
Condition: The building appears to be in a good condition requiring minor maintenance. Renovations to
flats have taken place as and when tenants vacate. There is no evidence of roof leaks or
structural damage. The entire roof was repaired and repainted with waterproof silver paint. The
units on the 5th floor were affected by roof leaks which were all repaired. The units will require
maintenance in terms of paintwork.
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 10
The building is kept very clean and neat and is serviced. All maintenance and upkeep is
managed by the owners directly. A structural survey of the building has not been undertaken
and will not form part of this report. All structural and maintenance information are as per
information provided by the owners upon visiting the site.
5. FINANCIAL INFORMATION
Block of Flats – Erf 69
As per the rent rolls and rental statements attached, tenants are billed monthly for rental, water, electricity and
parking. There are pre-paid electricity metres and tenants are billed for water and sewer on a monthly basis.
Tenants are billed a fixed monthly amount for water between R230 and R260 per month as well as a fixed charge
of R160 for Sewer.
Tenants are required to sign a lease and pay a one-month deposit upon signing the lease which is held by the
owners.
There are currently 16 vacant units. The main reason for this was a water leak on the top floor which has since
been fixed. The roof was completely re-waterproofed and painted with silver waterproof paint. Owners have
already started filling these vacancies.
There is an on-site caretaker that is paid an all-inclusive amount per month which includes a caretaker flat (see
schedule attached).
Parking bays charged R215/month per bay.
Rental increases of 6% were done from1 May 2019 and continue on an annual basis on the anniversary of the
leases.
Owners are responsible for maintenance, lift maintenance, rates and taxes and insurance.
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 11
6. RENT ROLLS
FLAT No.
Tenant Particulars Contractual Monthly Rental (Including Parking)
1 F. Phiriri R 4,457.20
2 E. Viriri R 4,253.00
3 Empty R 3,360.00
4 T.S. Thabiti R 3,575.00
5 S. Mahlanganise R 3,575.00
101 E. Reddy R 3,820.00
102 J le Roux R 420.00
103 Empty R 3,360.00
104 J.L. Nwafor R 3,360.00
105 A.H. Viljoen R 2,620.00
106 Empty R 3,360.00
107 E.A. Nicolson R 2,930.00
108 M.M. Moswete R 3,575.00
109 S.P. Onwo R 3,575.00
201 C. Steyn R 420.00
202 Empty R 3,360.00
203 J.M. Rossouw R 3,575.00
204 L.N. Sejane R 3,575.00
205 N.P. Vumazonke R 2,940.00
206 Empty R 3,360.00
207 R.L. Silwane R 3,145.00
208 U.Z. Mokoena R 3,575.00
209 Empty R 3,360.00
301 T.M. Panda R 3,820.00
302 G. Ngwane R 3,820.00
303 G.O. Etu R 3,575.00
304 P.T. Matshoba R 3,575.00
305 K. Khumalo R 3,575.00
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 12
306 Empty R 3,360.00
307 R.P. Gordon R 2,930.00
308 L.W. Hlalele R 3,360.00
309 T. Bloem R 3,360.00
401 J.W. Bophela R 4,035.00
402 N.B. Oss R 4,035.00
403 Empty R 3,360.00
404 B.K. Joel R 3,575.00
405 F. Mogakane R 3,575.00
406 M. Opperman R 3,145.00
407 Empty R 3,330.00
408 Empty R 3,330.00
409 G. Mukuru R 3,360.00
501 M. Svikiro R 4,239.00
502 A.B. Jamal R 4,133.00
503 Empty R 3,360.00
504 Empty R 3,360.00
505 Empty R 3,360.00
506 Empty R 3,360.00
507 Empty R 3,360.00
509 Empty R 3,360.00
S/Shop Super Chemicals R 3,300.00
TOTAL RENTAL R 168,502.20
Potential Gross Annual Income
R2 022 024
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 13
7. UNIT BREAKDOWN
Unit No Type Area m²
1 2 Bed 80
2 2 Bed 80
3 1 Bed 60
4 1 Bed 60
5 1 Bed 60
101 2 Bed 80
102 2 Bed 80
103 1 Bed 60
104 1 Bed 60
105 1 Bed 60
106 Bachelor 40
107 Bachelor 40
108 1 Bed 60
109 1 Bed 60
201 2 Bed 80
202 2 Bed 80
203 1 Bed 60
204 1 Bed 60
205 1 Bed 60
206 Bachelor 40
207 Bachelor 40
208 1 Bed 60
209 1 Bed 60
301 2 Bed 80
302 2 Bed 80
303 1 Bed 60
304 1 Bed 60
305 1 Bed 60
306 Bachelor 40
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 14
307 Bachelor 40
308 1 Bed 60
309 1 Bed 60
401 2 Bed 80
402 2 Bed 80
403 1 Bed 60
404 1 Bed 60
405 1 Bed 60
406 Bachelor 40
407 Bachelor 40
408 1 Bed 60
409 1 Bed 60
501 2 Bed 80
502 2 Bed 80
503 1 Bed 60
504 1 Bed 60
505 1 Bed 60
506 Bachelor 40
507 Bachelor 40
508 1 Bed 60
509 1 Bed 60
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 15
8. SITE PICTURES
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 16
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 17
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 18
9. MUNICIPAL ACCOUNTS
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 19
Block of 50 Flats - Springs
The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all
sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 20
10. RENTAL INVOICE