1 306 m² Commercial space in Vanderbijlpark CW6

DESCRIPTION OF IMMOVABLE PROPERTY

The hotel is laid out in a Z configuration over four floors (excluding the basement). The nett floor areas (excluding passages, staircases, wall footprints and cupboards and walkways in the bedrooms) are as follows:

Basement 44m2

Ground floor 1,306m2

First floor 568 m2

Second floor 568m2

Third floor (only over the east wing) 184m2

The combined nett total area as defined above amounts to 2,670m2

Allowance is made for 21 covered parking bays and 42 open parking bays which are all tarred.

The site boundary is fully walled, and open spaces are well landscaped.

CURRENT USE AND EXISTING ACCOMMODATION OFFERED

The premises is currently in use as a hotel and has been in use as a hotel for a continuous period spanning more than forty years.

As a summary of the existing bedroom accommodation and spaces the following salient information is recorded as follows:

The spaces on the ground floor makes no provision for bedrooms currently, however, the nett area of this floor is 1,306m2. This area excludes the footprint of walls and the covered stoeps at the back of the hotel.

A fully equipped kitchen, dining room, restaurant and ladies bar and an additional bar is included on this floor. There are also two conference rooms and a meeting room on the ground floor.

The spaces on the first floor includes 10 single bedrooms and 22 double bedrooms and the nett area of all the spaces on this floor is 568m2. This area excludes the footprint of walls, passages and the footprints of the cupboards and the walkways in the bedrooms.

The spaces on the second floor includes 10 single bedrooms and 22 double bedrooms and the net area of all the spaces on this floor is 568m2. This area excludes the footprint of walls, passages and the footprints of the cupboards and the walkways in the bedrooms.

The space on the third floor is one big open space which is divided into 11 accommodation cubicles by wooden partitions. The nett area of all the spaces is 184m2. There is a shower and toilet facility at the south end of the floor. This space is currently used for staff accommodation.

The total floor space of the hotel amounts to a nett area of 2,670m2. this total floor space/area excludes the footprint of walls, passages, stairways to the first, second and third floor and cupboards and walkways in the bedrooms.

The total building area is estimated to be 3,200m2. This area includes a 20% increase above the nett areas amounting to 2,670m2.

Inspection of the property will testify to the level of good maintenance and finishes throughout the building.

DISCUSSION OF EXISTING BEDROOMS

The existing bedrooms on the first and second floor are varied in area. Some are a lot more spacious than others.

The potential is conservatively estimated to be able to provide accommodation for 129 students, accommodated in 21 single bedrooms and 54 double bedrooms.

Single bedrooms vary from 11,7m2 upwards and this floor area excludes the area of the built-in cupboard as well as the walkway to the en-suite bathroom. Almost every single bedroom has an en-suite bathroom containing a toilet, wash hand basin and shower.

Double rooms vary from 15,9m2 upwards to 23,8m2 and this floor area excludes the area of the built-in cupboard as well as the walkway to the en-suite bathroom. Every double room has an en-suite bathroom containing a toilet, wash hand basin and shower/bath.POTENTIAL FUTURE USE

The potential future use of this premises may well depend on market forces and the specific needs for accommodation and/or spaces by institutions requiring additional facilities.

The institutions may need accommodation for students which may include accommodation for married students.

The size of the existing bedrooms is also spacious enough to provide accommodation for senior or post graduate students.

Institutions may even have other uses that can be combined with the accommodation component such as lecture halls, onsite training facilities and conference functions (supported by the existing kitchen, conference and function rooms).

This premises is already fully functional and the alterations and additions that may be required can be speedily and easily incorporated to suit the needs of the institution. It may also be that the institution prefers to incorporate any alternations and additions over a period.

The Accommodation List annexure also indicates that to alter the existing premises to incorporate the requirements of the Higher Education Act, 1997 (Act No. 101 of 1997) The Policy on the Minimum Norms and Standards for Student Housing at Public Universities, is not a challenge.

Inspection will reveal that the required spaces as per the Act have already been provided for in abundance.

An estimated area of 839m2 is required to fulfil the requirements of the Act to house 129 students. Closer inspection will indicate that the required space is already fulfilled by utilizing just the first floor and part of the second floor or just part of the ground floor. It shall also be noted that the area of the ground floor alone amounts to 1,306m2 which would leave a surplus of 468m2 of additional space after the 839m2 for the requirements has been deducted. Stated differently, the surplus area of 468m2 may be utilized at the discretion of the institution and may even allow for renovation of spaces for more bedrooms on the ground floor.

EXISTING SPECIAL FEATURES

This valuable property also has special features over and above the desirous location and generous space in various categories as documented in the Accommodation List in the annexures.

The additional special features include but are not limited to the following:

Air conditioning in the bedrooms and function rooms

Three phase electrical power

Swimming pool

Liquor Licence

Borehole with plenty of water

Impressive entrance and reception area

Centralized boiler installation for hot water

Emergency generator (150kVA) with automatic switch over

LED light fittings and other power consumptions arrangements

Existing furniture, fittings and curtains

Generous sized mature landscaped garden

Low water flow shower heads

The possibility availability of the existing owner/management to assist with management after the conclusion of the sale to ensure a smooth transition to the new owner

The possible availability of the existing staff to continue employment with the new owner after the conclusion of the sale to ensure a smooth transition to the new owner