Fact Sheet – River Crescent - RIVER CRESCENT FACT SHEET Revised by sdsdfqw21

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									                                    PROPERTY GUIDE
                 LIFE STYLE RETAIL CENTRE
             RIVER CRESCENT SHOPPING CENTRE
                   WITBANK / eMALAHLENI
Two detached retail centres and zoned vacant stand to be sold separately or as a lot.

Described herein as :-
       1. Centre described as River Crescent Centre as detailed below and
       2. Centre described as River Crescent Arcade with Zoned Vacant Stand below




                                       VIEW BY APPOINTMENT

Auction:                            Date : 20 May 2010 @ 12h00
                                    The Inanda Club Sandton
Contact:                            Grant Stockdale – 082 850 5175


The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE
                                                 PROPERTY


Property Name: RIVER CRESCENT CENTRE and RIVER CRESCENT ARCADE
(WITH ADJOINING VACANT STAND)

Property Physical Address: MANDELA DRIVE



                                                INTRODUCTION

WITBANK / eMALAHLENI

Micro and Macro Overview
Witbank / eMalahleni is situated on the Highveld of Mpumalanga, South Africa, within
the eMalahleni Local Municipality. The name Witbank is Afrikaans for White Ridge
and is named after a white sandstone outcrop. In March 2006, Witbank became part
of the greater eMalahleni Metropolitan Municipality incorporating the towns of Ogies
and Kriel.

eMalahleni is the Nguni word for ‘the place of coal’. The immediate area has some
22 collieries within a 40 kilometer radius. These collieries provide several power
stations (Ogies and Duvha Power Stations) as well as large industries (Highveld
Steel) within close proximity.

The city is provincial home to many sporting disciplines and performing arts. The city
boasts a fully equipped, 500 seated civic theatre which forms part of the Witbank
Cultural Centre and includes a city and banquet hall. Tourist attractions include the
nature reserve, coal mine and power station tours, cultural experiences, adventure
sport, environmental activities and water sports on the Witbank Dam (largest
municipal dam in the southern hemisphere).

Economic Overview
The key drivers of the Witbank / eMalahleni economy are coal and power, however,
growth has given rise to a diversified economy that ranges from professional
services to entertainment. The Maputo corridor is further igniting anew regionally
driven commercial, retail, residential and industrial focus.

The Mpumalanga region of South Africa offers one of the most diverse and
innovative economies in Africa. The capital city is Nelspruit with industrial hubs of
Witbank, Middelburg and Secunda. Mpumalanga is one of the most productive
provinces in South Africa and contributes over 7% of the country’s GDP and has
shown growth consistently higher than the national average.

The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE
Mpumalanga is rich in coal reserves, and home to South Africa’s major coal-fired
power stations, three of which are the biggest in the southern hemisphere with a
fourth under advanced planning (KUSILE). Witbank is the biggest coal producer in
Africa and is the site of the country’s second oil-from-coal plant after Sasolburg. The
region produces 80% of the country’s coal and remains the largest production region
for forestry and agriculture.

 Mining, manufacturing and electricity contribute to 42% of the provinces GDP with
the remainder from Government Services, agriculture, forestry, tourism and related
private industries.

Future
Witbank / eMalahleni is currently in an economically aggressive phase with the new
massive projects such as KUSILE MINE, Anglo Largo Mine and ESCOM KUSILE
Power Station.

Kusile Power Station will be a six-unit, mine-mouth, coal fired power plant with about
4 818 MW of gross output. The project has an estimated costing of R100Billion with
the first 803 MW expected to enter commercial operation by end 2013, with the
subsequent five units being commissioned in eight month intervals. The last unit is
expected to provide the National Grid by 2017.

Anglo is currently ESCOM KUSILE’s preferred supply of coal through its
empowerment subsidiary Anglo Inyosi. The agreement is for the supply of over 17
million tons of coal per annum to Kusile over a 47 year period commencing in 2011,
Anglo is in the process of establishing a regional base in Witbank for the proposed
long term contact. This together with the Kusile development phase of 8 years has
created pent-up demand for industrial, commercial, retail and residential
accommodation.




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                      PROPERTY GUIDE
                                 PROPERTY DESCRIPTION
The Property comprises of three adjoining stands, improved by two semi-detached retail
centres and a Vacant stand of Retail / Commercial zoning.

The properties are detailed separately :-

1.
                                RIVER CRESCENT CENTRE
Erven Numbers                         :         Erf.211 Modelpark Extension 4 and Ptn. Of Ptn.285
                                                Zeekoewater No.311 JS
Gross Lettable Area                   :         16,722 m²




Description
The Centre comprises split level retail centre of 4 detached structures of modern retail design.
Finishes and fittings are of quality materials with workmanship of high standard.
The Centre is accessed from Mandela Drive and enjoys high exposure to passing traffic.

The River Crescent Mall is conveniently situated within Witbank, and close to all major
residential, commercial, industrial and other retail nodes. The centre offers an exiting mix of
tenants and allows shoppers quick access with an abundance of secure parking. River
Crescent has all the essentials needed to create the shopping destination of choice within
Witbank.
The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
     Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                  confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE
Tenants
The property is well occupied by both National and Multi National tenants and franchises.

Age Analysis
Initial Term
Renewal Term

   Tenant        2010     2011      2012       2013     2014      2015       2016       2017       2018       2019
Prime Grill
Vees Video
Romans
Pizza
Fabric King
K-Shi
Fashion
Trade Station
Sure Travel
Chatz
L Detz
Friendly
Mega
NedBank
ATM
Chip n Dip
Hyper Flora
Picardi Rebel
Bernina
Tekkie Town
HeadStrong
Oasis
CSC
CSC
Waltons
Hi Fi Corp
Ermar Elec.
Slate Shoppe
Post Office
MICA
Kusile
Mining
Finishing
Touch
Pool&Pet
Hyper
Vierra Car
Wash
Tile Africa
Brazen Head




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE
                                             CASH FLOW

Shop       Area        Start and      Esc.         Tenant            Rental         Operational         Total (R)
 No.       (m²)         Term           %                              (R)            Costs (R)         (Ex-VAT)
 1-3       760       11/06. 5+10       5       Prime Grill           30,654.70          9,209.65          39,864.35
  4        113        09/06. 3+3       8       Vees Video            11,387.80          2,088.47          13,476.27
  5        113        09/06. 5+5       8       Romans Pizza          11,387.80          2,188.47          13,576.27
  6        350        09/06. 5+5       9       Fabric King           20,396.71          6,382.60          26,779.31
 6a        170        11/07. 5+5       8       K-Shi Fashion         10,646.32          2,028.01          12,674.32
 6b        48.3       10/07. 4+1       9       Trade Station          6,312.38            815.35           7,127.73
 7,8        84        05/08. 5+5       9       Sure Travel           10,071.60          1,435.60          11,507.20
  9         38        09/07. 4+1       9       Chatz                  6,320.69            841.48           7,162.17
 10         27        11/07. 3+3       9       L Detz                 5,453.38            455.79           5,909.17
11-14      2531      11/06 10+10      6.5      Friendly Mega         57,017.54                            57,017.54

 15a        10        10/06. 3+         8      NedBank                1,925.00                              1,925.00
                                               ATM
 15         30        04/09. 3+3       10      Chip n Dip            4,125.00             613.00           4,738.00
 16         53        04/09. 3+3       10      Hyper Flora           6,413.00             906.30           7,319.30
17,18      224        02/07. 5+5       7       Picardi Rebel        15,484.55           3,864.10          19,348.65
 19         56        09/06. 5+5       9       Bernina               6,526.94           1,205.22           7,732.16
 20        448        06/06. 5+5       8       Tekkie Town          22,574.04           8,803.51          30,657.55
 21        113        03/09. 5+5       9       HeadStrong           10,539.05           1,907.55          12,446.60
 22        113        09/06. 3+3       9       Oasis                13,170.45           2,228.38          15,398.83
 23         55        02/09. 5+5       10      CSC                   4,018.08             635.92           4,654.00
V01        150        12/08. 5+5       10      CSC                   8,702.18           1,643.82          10,346.00
V02        1850      10/06. 5+10       6       Waltons              35,161.48          13,096.98          48,258.45
V3,4       1335      09/06. 7+10       6       Hi Fi Corp           45,145.46             200.00          45,345.46
 V5        100        02/09. 3+3       10      Ermar Elec.           8,250.00           1,655.00           9,905.00
 V6        153        02/09. 3+5       10      Slate Shoppe         14,305.50           2,616.30          16,921.80
 V7        168        02/07. 3+3       6       Post Office           9,051.72                              9,051.72
 V8        3923         07/07.         7       MICA                113,625.60          45,899.83         159,525.43
                        10+10
  V9       448        03/09. 5+5       10      Kusile Mining         46,502.50          7,609.50           54,112.00
 LG4       611        12/06. 5+5       8       Finishing             11,198.90         10,951.84           22,150.73
                                               Touch
  F1       450        12/08. 5+5       10      Pool&Pet              39,600.00           7,596.00          47,196.00
                                               Hyper
  F4                  01/10. 5+5        9      Vierra Car             8,500.00                              8,500.00
                                               Wash
  F2       1750       11/07. 5+5        6      Tile Africa           68,820.50         19,663.00           88,483.50
  F3       450          02/09.          8      Brazen Head           37,670.94          5,861.80           43,532.74
                        10+10
 Tel                                           Control                  165.00                                165.00

Totals   16721                                                     701,124.80         161,683.47         862,808.27




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE
                                     Cash Flow Summary
Gross Annual Income                                    R10,353,700.00

Rental Income                                 :        R8,413,500.00
Operational Costs (Recoveries)                :        R1,940,200.00

Less
Landlord Expenses                             :        R 485,000.00

Net Annual Income                             :        R9,868,700.00




Brazen Head                                            Tile Africa




Covered Walk-Way                                       Frontage – Mandela Avenue




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                      PROPERTY GUIDE
2.

RIVER CRESCENT ARCADE AND VACANT ZONED STAND
Erven Numbers                         :         2,436 and 2437 Modelpark Extension 26
Gross Lettable Area                   :         10,587 m²
Adjoining Vacant Stand                :         1.5 Hectares




General
Multi level retail centre of modern design. Finishes and fittings are of quality materials with
workmanship of high standard.
The Centre is accessed from Mandela Drive and enjoys high exposure to passing traffic.

The River Crescent Arcade is conveniently situated within Witbank, and close to all major
residential, commercial, industrial and other retail nodes. The centre offers an exiting mix of
tenants and allows shoppers quick access with an abundance of secure parking. River
Crescent has all the essentials needed to create the shopping destination of choice within
Witbank.



The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
     Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                  confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE
Tenants
The property is well occupied by both National and Multi National tenants and franchises.

Age Analysis
Current
Renewal Period
   Tenant      2010       2011      2012       2013     2014      2015       2016       2017        2018       2019
Planet
Fitness
Wetherlys
Lotter Pine
Mega World
Capellos
Self Storage
Osiers
Beds for
Africa
Rochester
Prop. Group


                                             CASH FLOW
 Shop      Area        Start and      Esc.         Tenant           Rental          Operational         Total (R)
  No.      (m²)         Term           %                             (R)             Costs (R)         (Ex-VAT)
   1       4260         11/09.         6       Planet Fitness      340,800.00                            340,800.00
                        10+10
  2        1649       11/08. 5+5        7      Wetherlys           105,865.80                              105,865.80
  3        751        11/08. 5+5        7      Osiers               48,214.20                               48,214.20
  4        255        04/09. 5+5        9      Beds for             23,625.75            4,332.45           27,958.20
                                               Africa
  5        1217       11/08. 5+5       8       Rochester             69,661.08         15,772.32            85,433.40
  6        450        06/10. 5+5       10      Lotters Pine          29,250.00          4,875.00            34,125.00
  7        345        06/10 3+5        10      Self Storage          17,250.00                              17,250.00
  8        557          11/09.         10      Prop. Group           52,915.00           8,912.00           61,827.00
  9a       550        06/10. 5+5       8       Mega World            44,000.00           5,250.00           49,250.00
  9        473        06/10. 5+5       8       Capello’s             35,405.00           4,800.00           40,205.00

Totals    10587                                                    766,986.83          43,941.77           810,928.60


                                     Cash Flow Summary
Gross Annual Income                                    R9,731,143.20

Rental Income                                 :        R9,203,841.96
Operational Costs (Recoveries)                :        R 527,301.24

Less
Landlord Expenses                             :        R 215,000.00

Net Annual Income                             :        R9,516,143.20
The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.
                                    PROPERTY GUIDE




The auctioneers have taken the greatest care to ensure the accuracy of information received and cannot be held
                                   responsible for any errors or omissions
   Terms: 21.4% bank guaranteed cheque deposit on fall of the hammer. Guarantees for the balance within 21 days of
                confirmation.Identity or Company number required to register. Bid prices exclude VAT.

								
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