Corner Garsfontein Road and General Louis Botha Avenue, Menlyn, Pretoria
Following the acquisition by Samurai Sun Properties (Pty) Ltd of the General Motors dealership in Menlyn in early 2011, Sequelprops negotiated the acquisition of an undivided 9/10th share in the adjacent property, which is home to the Pretoria East Toyota dealership. This acquisition was made through a company known as Cross Atlantic Properties 176 (Pty) Ltd and it placed the entire corner of this high demand node under the management and control of Sequelprops.
The Toyota property, which is some 6 700m2 in extent, was constructed in 2009 and is leased to a listed motor retailer on a long term net lease. The design and construction of the property is to the manufacturer’s most recent specifications and the facility is ideally positioned to meet the needs of the dealership’s clients in the eastern suburbs of Pretoria. The property is at the heart of a high profile motor node and is in close proximity to Menlyn Shopping Centre and the expanding office node adjacent thereto.
The investment was transferred in November 2011 and was acquired for R73.75 million, at an initial yield of 9.25%. The company employed debt of 80% of the property value.
Cross Atlantic Properties disposed of the property for R111,7 million in early 2015.