LENASIA PROPERTY AUCTION

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

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PROPERTY FOR SALE

WH Auctioneers Properties (PTY) Ltd

578 16th Road, Randjespark, Midrand

Tel: 0115745700

www.whauctions.com

Contact for further info:

Daniel Pelkowitz Mark Nossel Cell: 072 360 7510 Cell: 074 154 0777

Email: danielp@whauctions.com Email: markn@whauctions.com

BLOCK OF 50 FLATS

1 Shop & Parking Garage

5 1st Avenue Springs l Springs

Erven 68 and 69 Springs

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

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1. GENERAL

Property Address: 5 1st Avenue, Springs

Erf & Suburb & City: Erven 68 and 69, Springs, Gauteng

Building Name: Greystone Mansions

2. TITLE DEED INFORMATION

Deeds Office: Johannesburg

Title Deed No.: T48630/1990 and T15986/2010

Erf Sizes: Erf 68 – 483m2

Erf 69 – 1 115m2

Combined Erven Size: 1 598 m2

Zoning: Residential 4

Building Age: 71 Years (Built in 1946)

3. LOCALITY

Springs is a city on the East Rand in the Gauteng province of South Africa. It lies 50 km east of Johannesburg and

72 km southeast from Pretoria. Springs as a city is an economic hub in the East Rand with a diverse economy,

ranging from manufacturing, commerce, service, hospitality, mining and service providing companies.

Springs has a well-developed CBD with a number of high-rise office buildings such as the 18-storey Checktown

building housing the regional office of Telkom for Gauteng and head office for the trading section and Marketing

of Telkom, the 14-storey Nongai building that is undergoing restoration and the 13-storey Seedfam Towers and

also a 14-story Everest Apartment complex.

There are two major shopping malls in the Springs Downtown serving Springs, The Avenues and Palm Springs.

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

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GPS Co-Ordinates: S - 26°24'99.87" E - 28°44'13.59"

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

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Main Building

Parking Lot

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 5

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 6

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 7

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 8

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 9

4. DESCRIPTION OF IMPROVEMENTS

Erf 69 comprises a six-storey, residential building, comprising of 50 apartments and 8 underground parking bays.

Erf 68 comprises a parking garage consisting of 14 garage parking bays and a retail shop.

There is an operational lift within the building which is in working order and maintained.

The flats can be broken down as follows:

10 X Bachelor flats each measuring approximately 40m2

28 X One bedroom flats measuring approximately 60m2

12 X Two bedroom flats measuring approximately 80m2

There are rooms located on the roof however these are not rented out.

The bachelor flats measure approximately 40m2 and consist of a large bedroom area, a kitchen and a bathroom.

Both the kitchen and the bedroom have built in cupboards. The one bedroom flats measure approximately 60m2.

The units consist of a large living area, a kitchen and a bathroom. The unit also has built in cupboards. The two

bedroom flats measure approximately 80m2. Each two bedroom flat consists of kitchen, separate bathroom and

toilet, large living area, covered balcony (approximately 8m2) as well as security gates and burglar bars.

Each unit is fitted with a pre-pad electricity metre.

The units all have parquet and ceramic tile flooring throughout, plastered and painted internal walls and concrete

ceilings

Each flat has its own geyser.

The property also contains also caretaker’s accommodation, 2 storerooms as well as 2 communal toilets.

All fire equipment is in place and appears to be in working order and regularly serviced. The walls, stairwells,

bannisters and gutters have recently been painted and are in very good condition. Access to the property is

gained through two security gates.

Roof: Concrete

External Walls: Face brick and Plastered and Painted Brickwork

Internal Walls: Face brick, plastered and painted.

External Floors: Tiles/Concrete/Paved walkways

Internal floors: Tiled/Parquet Flooring

Condition: The building appears to be in a good condition requiring minor maintenance. Renovations to

flats have taken place as and when tenants vacate. There is no evidence of roof leaks or

structural damage. The entire roof was repaired and repainted with waterproof silver paint. The

units on the 5th floor were affected by roof leaks which were all repaired. The units will require

maintenance in terms of paintwork.

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

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The building is kept very clean and neat and is serviced. All maintenance and upkeep is

managed by the owners directly. A structural survey of the building has not been undertaken

and will not form part of this report. All structural and maintenance information are as per

information provided by the owners upon visiting the site.

5. FINANCIAL INFORMATION

Block of Flats – Erf 69

As per the rent rolls and rental statements attached, tenants are billed monthly for rental, water, electricity and

parking. There are pre-paid electricity metres and tenants are billed for water and sewer on a monthly basis.

Tenants are billed a fixed monthly amount for water between R230 and R260 per month as well as a fixed charge

of R160 for Sewer.

Tenants are required to sign a lease and pay a one-month deposit upon signing the lease which is held by the

owners.

There are currently 16 vacant units. The main reason for this was a water leak on the top floor which has since

been fixed. The roof was completely re-waterproofed and painted with silver waterproof paint. Owners have

already started filling these vacancies.

There is an on-site caretaker that is paid an all-inclusive amount per month which includes a caretaker flat (see

schedule attached).

Parking bays charged R215/month per bay.

Rental increases of 6% were done from1 May 2019 and continue on an annual basis on the anniversary of the

leases.

Owners are responsible for maintenance, lift maintenance, rates and taxes and insurance.

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

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6. RENT ROLLS

FLAT No.

Tenant Particulars Contractual Monthly Rental (Including Parking)

1 F. Phiriri R 4,457.20

2 E. Viriri R 4,253.00

3 Empty R 3,360.00

4 T.S. Thabiti R 3,575.00

5 S. Mahlanganise R 3,575.00

101 E. Reddy R 3,820.00

102 J le Roux R 420.00

103 Empty R 3,360.00

104 J.L. Nwafor R 3,360.00

105 A.H. Viljoen R 2,620.00

106 Empty R 3,360.00

107 E.A. Nicolson R 2,930.00

108 M.M. Moswete R 3,575.00

109 S.P. Onwo R 3,575.00

201 C. Steyn R 420.00

202 Empty R 3,360.00

203 J.M. Rossouw R 3,575.00

204 L.N. Sejane R 3,575.00

205 N.P. Vumazonke R 2,940.00

206 Empty R 3,360.00

207 R.L. Silwane R 3,145.00

208 U.Z. Mokoena R 3,575.00

209 Empty R 3,360.00

301 T.M. Panda R 3,820.00

302 G. Ngwane R 3,820.00

303 G.O. Etu R 3,575.00

304 P.T. Matshoba R 3,575.00

305 K. Khumalo R 3,575.00

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 12

306 Empty R 3,360.00

307 R.P. Gordon R 2,930.00

308 L.W. Hlalele R 3,360.00

309 T. Bloem R 3,360.00

401 J.W. Bophela R 4,035.00

402 N.B. Oss R 4,035.00

403 Empty R 3,360.00

404 B.K. Joel R 3,575.00

405 F. Mogakane R 3,575.00

406 M. Opperman R 3,145.00

407 Empty R 3,330.00

408 Empty R 3,330.00

409 G. Mukuru R 3,360.00

501 M. Svikiro R 4,239.00

502 A.B. Jamal R 4,133.00

503 Empty R 3,360.00

504 Empty R 3,360.00

505 Empty R 3,360.00

506 Empty R 3,360.00

507 Empty R 3,360.00

509 Empty R 3,360.00

S/Shop Super Chemicals R 3,300.00

TOTAL RENTAL R 168,502.20

Potential Gross Annual Income

R2 022 024

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

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7. UNIT BREAKDOWN

Unit No Type Area m²

1 2 Bed 80

2 2 Bed 80

3 1 Bed 60

4 1 Bed 60

5 1 Bed 60

101 2 Bed 80

102 2 Bed 80

103 1 Bed 60

104 1 Bed 60

105 1 Bed 60

106 Bachelor 40

107 Bachelor 40

108 1 Bed 60

109 1 Bed 60

201 2 Bed 80

202 2 Bed 80

203 1 Bed 60

204 1 Bed 60

205 1 Bed 60

206 Bachelor 40

207 Bachelor 40

208 1 Bed 60

209 1 Bed 60

301 2 Bed 80

302 2 Bed 80

303 1 Bed 60

304 1 Bed 60

305 1 Bed 60

306 Bachelor 40

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 14

307 Bachelor 40

308 1 Bed 60

309 1 Bed 60

401 2 Bed 80

402 2 Bed 80

403 1 Bed 60

404 1 Bed 60

405 1 Bed 60

406 Bachelor 40

407 Bachelor 40

408 1 Bed 60

409 1 Bed 60

501 2 Bed 80

502 2 Bed 80

503 1 Bed 60

504 1 Bed 60

505 1 Bed 60

506 Bachelor 40

507 Bachelor 40

508 1 Bed 60

509 1 Bed 60

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 15

8. SITE PICTURES

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 16

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 17

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 18

9. MUNICIPAL ACCOUNTS

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 19

Block of 50 Flats - Springs

The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all

sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.

Page | 20

10. RENTAL INVOICE