A seven-story office building with each floor 530m².
As well as a Ground floor and a Basement used for Parking.
GLA: 3,710m² (7 x 530) + Ground Floor 530m²
Land Size: 757m²
Zoned: Business 1
Business Purposes: Shops, Restaurants, Motor Dealers, Places of entertainment, Hotels, Conference Centres, Service Industries, Dwelling Units, Residential Buildings, Institutions, Clinics, Police Stations, Post Offices, Sport and Recreation Clubs, Medical Consulting rooms, Places of Public Worship, Places of Education, Places of Instruction, Social Halls, Plant Nurseries, Gymnasium, Auctioneers, Parking Bays, Parking Garages.
Summary: The Zoning one would seek for general business in the form of shopping centers or malls. This category is mostly unrestricted, which means that the developer or owner would be allowed to have almost any type of shop on the premises.
Access can be gained via the ground floor entrance walkway.
The Basement floor is used for parking and has 2 roll-up doors to get access to 18 parking bays.
The Ground floor has Security, a Coffee shop, 2 x lifts, and the entrance to the building
All Floors are occupied by various small tenants.
The Anchor tenant is Boston College who has taken up floors 2 and 3.
The rooftop could be utilised by having a type of restaurant with a magnificent view of Benoni.
This property is being let @ an average of R40/R45m². The building is of a standard construction specification and has been referred to by property professionals as "Grade B".
This property is Vat registered.
The Financials for the last year are available
Refer to Current Financials
The Landlord has a manager on site who deals with the renovations and property management.
Strengths? – Well located building, situated in the middle of the Benoni CBD. It is also close to all Transport facilities, Trains, buses, and taxis.
There is a lot of extra Municipal Parking 100m away
Weaknesses? – This will not suit any Businesses which require a lot of personal parking. Even though there are Municipal parking areas within a block away.
Opportunities? – Attracting more businesses that are aimed at students would fill the vacant spaces. Benoni CBD is going through a big transformation.
Threats? – Ensure a proper background check on tenants is done.
Conclusion as to why this is a good property to purchase:
This building is managed properly and has a very good income of above a 10% yield.
To build a new one 7 stories high would be much more expensive.