Apartment For Sale in Hoedspruit

Property description

There is 1,230 m2 lettable space on two floors. All the space is current fully let. There are 13 rentable units or offices. The asking price is at a Valuer's cap rate of 10.5. The purchase can be made as a property sale or a sale of shares. This is a VAT applicable transaction if the property is purchased. Insurance replacement value of building R32 million (including solar system). A 5-year projection of the rental roll is available, indicating a stable tenant list for several years. Rent roll available on request, annual escalation at 8%

Office sizes are as follows:

• Downstairs: 186 m², 123 m², 103 m², 70 m², 50 m², and 40 m²
• Upstairs: 210 m², 109 m², 75 m², 70 m², and 70 m²

Full time supervisor on site during working hours.

Each unit has its own electrical meter and we only recover consumption at ESKOM power rates.

Tenants mix includes, car rental, security company, doctor, consultants, gym, laundry, embroidery, and retail.

The property has the following features:

•Bush style design with thatch and neutral paint colour.
•9 KW solar supplementary feed in system with Eskom and supplies around 30% of power consumed by building
•The tenants have been in the building since 2016
•Secure perimeter with Palisade and Electric fencing and a time-controlled gate system
•Own borehole with water tank and pressure pump, used as back up.
•Paved yard with covered and open parking’s, with part of the parking area on municipal land - within the perimeter wall
•Shares in company for sale (loan with Investec would have to be agreed, balance ±R1 million) or can be sold out of the company. •Directors loan accounts ±R3.5 million

Outside of front of the building covered with 10-year warranty paint

New layer of thatch will be done in 2024 dry season - estimate R780,000 and is included in sale price.

Installed Solar of 29 KWA solar units generates R80,000 per annum in extra income for the owner based on current electricity billable rates during periods of load shedding, During Eskom periods, owner recoups electrical fees.

Hoedspruit has been a fast-growing town and a focal point for tourism and lifestyle properties. Commercial properties are in short supply, and there is demand for business premises. New developments in Hoedspruit include the Radisson.

DISCLAIMER
Century 21 Wildlife Properties have made every effort to obtain the information regarding these listings from sources deemed reliable. However, we cannot warrant the complete accuracy thereof, subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.