Corner William Nicol Road North and Constantia Boulevard, Constantia Kloof
Oryx Properties Limited acquired a further property through the initiatives of Sequelprops, which is also subject to the management agreement that has been concluded between the two parties. This acquisition comprises a motor dealership of some 4 296m2 and is the major sales outlet for the Ford and Mazda brands on the West Rand, Gauteng. The property is ideally situated on William Nicol North, close to the 14th Avenue offramp from the N1, which connects the western suburbs of Johannesburg to Ontdekkers Road and the Florida/Roodepoort node.
The tenant is a major private motor dealership and has held the distributor rights to these brands on the West Rand for many years. This property was developed in 2007 for the specific needs of the tenant and provides all the facilities that one associates with modern motor showroom and service facilities.
Oryx acquired this property in June 2012. The acquisition price was R50 million and the net commencing investment return to the fund is some 9.5%, escalating at 9% per annum.
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.