Three sites to be sold as single lot draw rent of R230 000 a month
Rawson Auctions Western Cape will on June 24 in an online disposal offer three prime commercial buildings in Worcester, all in “excellent condition”.
Tanya Jovanovski, regional franchisee for Rawson, says the properties – to be sold as a single lot – generate a gross rental income of R230 000 a month and will be leased back on a triple net lease basis to the purchaser, which means the tenant will be responsible for all costs relating to the leased assets.
“The future lease contract will have to be concluded with the existing owner, a well-established shopfitting manufacturer, who has agreed to enter into a five to seven-year lease, with the option to purchase the properties at a market-related price after the expiry of the lease.”
The properties are on three adjacent erven of 7 296m², 2 556m² and 885m². The main property houses the shopfitting factory, a large warehouse, offices, a boardroom, storage space and ample parking.
The second largest property is a distribution centre with a large truck parking and dispatch area, while the smallest plot is home to a church let to the Salvation Army.
“The seller is VAT-registered, which allows the erven to be sold as a ‘going concern’, and therefore zero-rated for VAT purposes,” says Jovanovski.
“The properties, on either side of 69 Porter Street, are in excellent condition, and well secured with perimeter fencing and walls.
“The location is Worcester Central, a large commercial hub west of Worcester Industrial, and there is easy access to the N1 via the R43. Cape Town is about 110km from Worcester on the N1.”
The reserve price for the three properties as a single lot is R23 million but all offers will be considered. Various finance and structuring options can be discussed with Cedric Greenwood (082 554 1887) who can provide full details regarding the business on site, as well as bidding and auction terms.
Pre-auction registration required to bid on the property requires ID and Fica documents to be emailed to tanya. firstname.lastname@example.org. Interested parties must submit offers on formal Rawson Auctions documentation available online or from Jovanovski at tanya. email@example.com, 082 411 9599 or 079 980 3457.