Is a property valuation available?
Yes, the last valuation was done by Standard Bank two years ago and valued at R20m.
What Advertising/Marketing is carried out?
Advertising for the storage units is done in one of the local news papers.
Is the property being let by a letting agency?
No, the owner/ staff handles the Storage unit rentals.
Is a copy of all the lease agreements on the property available?
Each unit tenant has a contract in place
Is the business VAT Registered?
Are there up-to-date Management Accounts available?
What Balance Sheet and Income Statements are available?
What is the age analysis of the debtors book?
Tenants pay up front for unit rentals
Is Seller finance available and for what amount?
How could the income of the property be increased?
There is currently 120 storage units of various sizes. 70% of the units are occupied. Another 10 is being built at the moment. Other than the office, space a 1600sqm warehouse not being utilized at the moment, and can either be let as a warehouse/ workshop, OR additional storage units can be erected within the building. Existing units are being rented at between R300 and R600 per month. The current owner however is contemplating storing caravans within the 1600 sqm factory for owners.
What is the monthly rates and taxes payable to local authority?
What rental deposit has been secured from the tenants?
How involved is the Owner in running the business?
Not really, he has an admin lady that assists and a Manager that lives on site. These two people manage the storage units.
Do you require a licence?
What are the main assets of the business?
Commercial Building of 3000 sqm, consisting of 1600sqm warehouse/ workshop plus 400 sqm office space PLUS 120 storage units on a 5960 sqm property. Overall roof height of 6m Additional outbuildings included.
Are any items not included in the sale?
What is their overall condition?
The facility was used by the owner as a manufacturing plant and a storage facility. The owner is in the process of repoairing broken windows and painting of the building. Should a buyer want to use it sooner, the owner will speed up the revamp at his cost in order to facilitate the new owner.
Do any require repairing?
Yes, general building maintenance.
Which assets are on lease/HP and with whom?
There is a bond outstanding on the Building
Will Seller settle or Buyer to take over?
Seller will settle
Are they presently insured?
Signal Tower being rented at R6,300k per month. (Similar to a Vodacom tower that is erected on the property)
The building needs some paint, and some broken windows needs to be changed. However the owner is in the process of taking care of this.
Renting the rest of the property for either factory or storage use.
What is the reason for the sale?
The owner has relocated his business since February 8th into a bigger premises.
Why is this property a good investment?
A lot of potential with a good passive income.
What is the asking price?
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Annual Turnover Amount between R 500 thousand and R 6 million