Corner Allum and York Roads, Bedfordview
Sequelprops negotiated and procured the acquisition of a second asset for Cross Atlantic Properties 176 (Pty) Ltd, to add to the Barloworld Toyota property in Menlyn, Pretoria, which was bought in December 2011. Transfer of the latest property was registered in October 2013.
The acquisition comprises a further motor dealership, in this case one leased to Super Group Motor Group for its Honda Bedfordview dealership, which holds the distribution rights for the eastern suburbs of Johannesburg. The total lettable area of the property extends to some 4 100m2 and comprises showroom, sales and workshop facilities. The property is centrally located in the Eastgate node, which is home to dealerships all of the major motor brands, and in very close proximity to the regional Eastgate shopping centre and other commercial facilities.
The acquisition price was R37.25 million and the net commencing investment return to the fund was 10.25%, escalating at 7.5% per annum.