2. In addition Ptn 9 and 12, despite being owned by third parties, will fall under the general banner of the Upper Grayston Office Park and share common fencing, security systems and a common architecture.
ZONING
These properties are zoned for offices, retail and associated commercial rights with a floor space ratio of 0.5, a three storey height restriction and parking requirements of 4 bays per 100m2. In addition the properties have been granted a 0.15 bulk for residential usage.
THE BUILDING & PHASING
° The first phase of the office park will be initiated on the Re of 10 and Re of 11 and Ptn 1 of 11 (some 6500m2) in the western portion of the park which will incorporate the grand entrance to the office park and the beginning of the spine boulevard which will extend throughout the centre of the office park.
° The Phase 1 component will consist of 2 buildings being Building A, 2700m2 and Building B, being 1620m2The second phase consists of two 3135m2 buildings which are designed to create an urban square on the boulevard.
° The boulevard will give a structure to the office park and is intended to create an imposing avenue with vistas off a fountain monument off which minor roads will sprout.
° The Third Phase will be a further 3000m2 office building, which will complete the boulevard
° The buildings themselves will be 3 storeys in height over basements. The architecture will be modern but timeless with floor to ceiling windows and a high percentage of balconies. Other major façade elements will be sandstone, steel and brick with a single pitch roof.
° The entire development will consist of some 14500m2 of developed offices and a residential component of some 4000m2.
° A retail service/café environment will be created on Anne Street between Building A and the existing post office/restaurants in the area. External customers will utilize the off street parking on Anne Street and will not be able to access the internal environment of the park.
° The residential component of 24 sectional title units will be developed in the eastern portion of the site.
° Parking will be provided on the basis of 4.5 to 5 bays per 100m2 of office space. Each individual building can either be utilized by a single user or alternatively the design is significantly flexible to cater for a smaller user down to 200m2
° Each suite will have its own exclusive toilet and kitchen facilities.
° The units are available for ownership on a sectional title basis and can be amalgamated if necessary to provide the size required by the prospective purchaser.
° Each unit will be allocated a minimum number of parking bays.
° Each unit or property will come complete with toilets and kitchens, acoustic ceilings, lay in fluorescent lighting, plastered walls, screeded floors and electrical cluster points containing clean power, dirty power, Telkom and networking points. These will be provided on the basis of 1 point for every 15m2 of office area.
° In addition, an allowance of R900 per square metre based on the office area will be available to the purchaser and transfer. The owner of each unit will be responsible for his own fit out of the premises utilizing this allowance. The developers will however undertake the installation on behalf the owner, upon request.
° Each unit’s electricity will be separately metered.
UPPER GRAYSTON BODY CORPORATE
The Upper Grayston Phase II sectional title scheme will have a body corporate of elected owners who will administer the Phase II office scheme themselves. An Owner's Association representing the entire park will administer the security, landscaping, maintenance and other issues common to the office park and ensure the harmonious relationship between the various body corporates represented in the office park.
THE DEVELOPMENT TEAM
The development will be undertaken by Brydens Commercial Properties, together with Vestacor, Chemi Projects and True North Developments, all of whom are active developers in the Johannesburg region with excellent track records.
A full professional team will be employed on the contract as follows:
Architects : Bromag
Project Managers: True North
Quantity Surveyor: Russell Irons & Associates
Electrical Engineer: VBI Projects
Structural Engineer: WG Projects
Landscape Architect: To be advised
DEVELOPMENT PERIOD
The second phase will be complete in the third quarter of 2008.
PRICE
The building, including the full specification is priced at R16, 000.00 per m2. The prospective purchaser is also obliged to purchase a pro-rated ratio of basement/shadenet and, or open bays.
OPERATING COSTS
An estimate of the operating costs of R21.00 per m2 is shown below
SECTIONAL TITLE OWNERSHIP
° Sectional title ownership is an accepted form of property tenure in South Africa against which banks are more than prepared to grant bond finance.
° Whereas in freehold title the owner owns the land, under sectional title scheme the owner would have exclusive use of the purchased area, being the internal area of office as defined by the four walls surrounding the property. As for other defined areas such as parking bays, garages storerooms and the like.
° The common area i.e. gardens, common boulevards etc are held by each owner in an undivided share.
° Upon registration of the sectional title scheme the body corporate is automatically instated, and has the ability to enter into contractual relationships, security providers, landscape gardeners and the like.
° It is our experience that the running of the body corporate in an office environment is undertaken in a highly professional business manner with major benefits accruing to the owners such as the diluting of the operating costs such as security, garden maintenance and the like.
SUSPENSIVE CONDITIONS
The offer herewith is subject to the following suspensive conditions:
a. The site development plan being approved by the relevant authorities.
b. 50% of the sales being achieved.
CONCLUSION
The Upper Grayston Office Park has in concept terms drawn substantially from the highly successful Melrose Arch development, and will provide an extremely impressive business address for potential owners. The site itself is excellently located with regard to retail facilities, Sandton CBD and access to the highway system.
Furthermore the development is attractively priced to allow the investor to participate in substantial further asset creation.
UPPER GRAYSTON OFFICE PARK – PHASE 1 (4320m2)
OPERATING COST ESTIMATE/ PROJECTED BODY CORPORATE LEVY
|
Assessment rates | R 8.50 |
|
Other Municipal charges | R 0.32 |
|
Garden maintenance | R 0.90 |
|
Window Cleaning | R 0.24 |
|
Cleaning (external common areas) | R 0.65 |
|
Insurance | R 0.80 |
|
Security (based on 24-hours) | R 5.30 |
|
Administration fees | R 2.10 |
|
Electricity and water | as consumed |
|
Airconditioning maintenance | owner's responsibility |
|
Audit Fee | R 0.12 |
|
Pest Control | R 0.20 |
|
Meter reading | R 0.17 |
|
Lift Maintenance | R 1.20 |
|
Maintenance Sinking Fund | R 0.50 |
|
TOTAL | R21.00 |
|
Note: The addition of later phases will dilute the initial levies substantially. |
