GLEN GABLES SHOPPING CENTRE & OFFICES … Gables Shopping Centre Company Disclaimer: The information...

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LIVE PROPERTY AUCTIONVENUE: DURBAN INTERNATIONAL CONVENTION CENTRE

DATE: TUESDAY, 29TH OCTOBER 2015

TIME: 12H00

GLEN GABLES SHOPPING CENTRE & OFFICES

(STAND 772, LYNNWOOD GLEN EXTENSION 3)

Glen Gables Shopping Centre

Company Disclaimer: The information included herewith is a summary of information from a number of sources, most of which have not been independently verified and does this summary not purport to be comprehensive. This summary has been provided only for the use of prospective bidders. It is supplied for whatever assistance it may provide in answering questions and should any potential buyer undertake their own due diligence prior to the purchasing of any property. SUCH INFORMATION AND OPINIONS ARE SUPPLIED WITHOUT WARRANTIES OR REPRESENTATIONS, EITHER EXPRESSLY OR TACITLY IMPLIED, WHATSOEVER. Prospective bidders are advised to avail themselves of the land uses and or restrictions if any, of the property and to consult whatever advisors they may feel appropriate. The property for sale will be auctioned “voetstoots”, as it now stands and subject to the terms and conditions and servitudes mentioned and referred to in the current and/or prior Title Deeds and neither GoIndustry DoveBid, nor the Substitute Trustees or their respective agents make any express or tacitly implied warranties of any kind. The description and conditions listed in this and other advertising materials are to be used as guidelines only and are not guaranteed. Acknowledgement: The Purchaser acknowledges that he/she has read this document and are aware of all the limitations, notifications and other information contained herein.

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TABLE OF CONTENTS

Property Summary ............................................................................................................................................. 1

Aerial Photograph .............................................................................................................................................. 4

Photo Gallery ..................................................................................................................................................... 6

Location ........................................................................................................................................................... 10

Procedures for Purchasing at Auction ............................................................................................................. 11

Registration ..................................................................................................................................................... 11

Bidding ............................................................................................................................................................. 12

Post Auction..................................................................................................................................................... 12

• SG Diagram

• Zoning Certificate

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Glen Gables Shopping Centre 1

PROPERTY SUMMARY

Property Address: Corner Lynnwood Road and January Masilela Drive General Louis Botha Drive), Lynnwood Glen

Locality: Glen Gables is very well located in an established middle to upper income residential suburb on the south western corner of Lynnwood Road and January Masilela Drive Lynnwood Glen. The main arterial routes being Lynnwood Road (M6) and January Masilela Drive (M33) which provide ease of vehicle access. Glen Gables is a Local Convenience shopping centre including two detached “B” grade office facilities.

Co-ordinates: 25˚46’3.584”S,28˚17’27.065”E

Property Description: Erf 772, Lynnwood Glen Extension 3

Fully described on Title Deed No: T104857/2013



Extent: 19 960m²

GLA: 6 474m²

Ownership: Accelerate Property Fund Limited

Restrictive conditions/servitudes: The erf is the subject of a number of servitudes including a pipeline servitude 6m wide in favour of South African Transport Services as per SG diagram 6890/1995 as well as a 2m wide servitude for municipal services as per SG diagram 6890/1995. There is also a storm water servitude in favour of the City Council of Pretoria. The servitudes are not considered to have a negative influence on the existing buildings and are accordingly not considered to be detrimental to the Market Value of the buildings.

Municipal Valuation: TBA

Use zone: “Special” for shops, offices, business buildings, and places of refreshment (excluding places of amusement)

Height: 2 storeys Floor area ratio: Not to exceed 0,4 (also Shops maximum

850m², places of refreshment maximum 500m²)

Parking: Shops 6 bays per 100m² of the GLA Offices 4 bays per 100m² of the GLA

Property Details: Consists of a retail centre and two freestanding double storey office buildings with lower ground covered vehicle parking and carport/open on-site vehicle parking. There is additional open on-site vehicle parking for the retail component.

The on-site vehicle parking bays for the two office blocks comprises 42 basement, 97 open and 68 shade cloth/carport



bays or a total of 207 bays. There are an additional 96 open parking bays exclusively for the retail, thus a total of 303 bays.

Property Notes: The Purchaser must comply with the conditions at their own cost to enable the transfer of the property.

The property is sold “voetstoots” as it currently stands and is subject to the terms and conditions and servitudes mentioned in the current and/or prior Title Deeds as well as to the conditions specified within the zoning certificate.

Main tenants: Lynnwood’s Housewifes Market, Roman’s Pizza, Wilsenach, Van Wyk, Goosen & Bekker, Eliance (Pty) Ltd and Telgo Trading.

Annual Gross Income (incl. recoveries): R9 971 253

(Period: November 2015 – October 2016)

Vacancy (% of area): 11.43%

*BUILDING PLANS, TITLE DEED AND PROJECTION INCOME AVAILABLE UPON REQUEST



AERIAL PHOTOGRAPH



PHOTO GALLERY



LOCATION



PROCEDURES FOR PURCHASING AT AUCTION

Thank you for your interest on this auction! If you are unfamiliar with buying real estate at auction, here is an easy to follow set of instructions on how to participate:

REGISTRATION

1. Upon arriving at the auction site seek out one of the members of the auction staff to find out where to register.

2. At the registration desk, you will be asked to fill out a registration form; you will receive your bid number for the auction.

3. Please remember to bring with, your ID book, a copy of your ID and Proof of Residence. Without these documents, you will not be allowed to bid at the auction.

4. This auction requires a refundable deposit; payable by bank guaranteed cheque or EFT.

THE REFUNDABLE DEPOSIT PAYABLE IN ORDER TO BID:

- East Lynne Shopping Centre, Eshowe Mall and Glen Gables Shopping Centre - R100 000.00

- 7 Main Road, Melville & 14 Main Road, Melville - R50 000.00

5. Please make yourself aware and fully understand all documentation relating to the sale of this property prior to any bidding. The documentation and information to be read and understood include the following: Rules of Auction, Agreement of Sale, and Auction Notes. All of these documents can be found at www.go-dove.com/southafrica, from the auctioneer's office and at the auction itself.

6. Buyers must please note that the registrations for an onsite auction close 15 minutes prior to the start of the auction.

7. Buyers must further note that no registration will be accepted/completed should the buyer fail to provide the Auctioneer with the completed registration forms together with the supporting documents prior to the auction.



BIDDING

Bidding is a very simple process that can be accomplished through one of the following ways. The most important rule is to listen closely to the auctioneer. When the auctioneer is calling out bids to the crowd, you can increase your bid by:

1. Raising your bid card in the air,

2. Shouting your bid out to the auctioneer verbally,

3. Having one of the auction staff place your bid for you, or

4. Communicating a signal to the auctioneer that has been arranged prior to the auction.

Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. Announcements made from the podium at the time of the sale take precedence over all printed materials. If you have any questions at the auction about the property, procedures, or anything else, do not hesitate to ask. We will be happy to assist in any way we can.

POST AUCTION

Upon completion of the auction when the auctioneer says "SOLD", the winning bidder will immediately be required to sign the Agreement of Sale and post the 10% deposit as well as the commission of 8% plus VAT. At this time, instructions regarding closing of the sale will be thoroughly explained to you and any questions will be answered. If you have any additional questions, please direct them to any of the auction staff members present or call our offices at +27 (21) 702 3206.

Things to Note:

1. All lots have a reserve price, if this price is not met on auction day, we will trade it out to the next highest bidder.

2. Whatever your bid amount is, a 8% buyers premium will be added and then VAT (If a SA Resident Company, please confirm details and conditions if a foreign company)

3. You may get further assistance/help at the following link:

http://www.go-dove.com/help/default.asp

GLEN GABLES SHOPPING CENTRE & OFFICES … Gables Shopping Centre Company Disclaimer: The information...

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