Corner Garsfontein Road and General Louis Botha Avenue, Menlyn, Pretoria

Sequel Property | Menlyn Pretoria Profile
Corner Garsfontein Road and General Louis Botha Drive, Menlyn, Pretoria
20/11/2015
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Corner Garsfontein Road and General Louis Botha Avenue, Menlyn, Pretoria


Through Samurai Sun Properties (Pty) Ltd, Sequelprops acquired a second General Motors dealership in 2011 which, in this case, is located in the high demand Menlyn area, in the east of Pretoria. This 7300m2 property is leased to a listed motor retailer on a long term net lease, having been constructed in 2009.

The dealership which occupies the property serves the rapidly growing eastern suburbs of Pretoria and is conveniently located in close proximity to Menlyn Shopping Centre and the established office node immediately adjacent thereto. Access off the N1 highway via the Atterbury and Garsfontein Road off-ramps is complemented by the prominent arterial roads that serve this strategic node.

The investment company was a private equity joint venture between the shareholders of Sequelprops, who collectively held 10% of the equity and a charitable foundation, which owned the remaining 90% of the company. The Squelprops shareholders realised the investment in 2014.

The investment was transferred to Samurai Sun Properties on 1 February 2011 and was acquired for R70.5 million, at an initial yield of 9.4%. The company employed debt of 70% of the property value, with a substantial portion of the borrowings fixed for a period of five years.

Samurai Sun disposed of the property for R115,35 million in May 2014