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PROPERTY Information PackExpert Knowledge

Local Service. Global Reach.

ERF 733, RUSTDAL,WESTERN CAPE

CNR JEREPIKO & VAN RIEBEEK STR,SAXENBURG PARK 2

LIVE PROPERTY AUCTIONVENUE: THE VENUE, MELROSE ARCH, JOHANNESBURG

DATE: TUESDAY, 23 FEBRUARY 2016TIME: 12H00

Version 5 - 01 February 2016

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NOTICE TO BIDDERS

The information included herewith is a summary of informationfrom a number of sources, most of which have not beenindependently verified. This summary has been provided only forthe use of prospective bidders. It is supplied for whateverassistance it may provide in answering questions.

Within this pack, you will find pertinent information regarding theproperty being auctioned. Furthermore, there are step by stepinstructions on how to register at the end of this document. Alladditional information and other properties can be found on ourwebsite at www.go-dove.com/southafrica.

Welcome to GoIndustry DoveBid SA Property Auctions!

Furthermore, all pending registrants may have to complete aparticipation form which can be found on the events page / auctionpage on our website. Should you have any questions regarding theapproval of registrants, please contact our offices for assistance on0861 463 683.

Please Note: In order to take part in this auction, a R25 000refundable deposit is required prior to your bidding status beingapproved.

The property for sale will be auctioned “voetstoots”, as it nowstands and subject to the terms and conditions and servitudesmentioned and referred to in the current and/or prior Title Deedsand neither GoIndustry DoveBid, nor the Substitute Trustees ortheir respective agents make any express or tacitly impliedwarranties of any kind. The description and conditions listed in thisand other advertising materials are to be used as guidelines onlyand are not guaranteed.

Prospective bidders are advised to avail themselves of the landuses and or restrictions if any, of the property and to consultwhatever advisors they may feel appropriate.

SUCH INFORMATION AND OPINIONS ARE SUPPLIED WITHOUT WARRANTIES OR REPRESENTATIONS, EITHER EXPRESSLY OR TACITLY IMPLIED, WHATSOEVER.

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PROCEDURES FOR PURCHASING AT AUCTION Thank you for your interest on this auction! If you are unfamiliar with buying real estate at auction, here is an easy to follow set of instructions on how to participate: REGISTRATION: PLEASE FURTHER NOTE THAT THE COMPLETED REGISTRATION FORM TOGETHER WITH THE SUPPORTING DOCUMENTS MUST REACH US 48 HOURS PRIOR TO THE AUCTION IN ORDER TO PERFORM THE NECESSARY CREDIT CHECKS.

• Please remember to attach, a copy of your ID and Proof of Residence. Without these documents, you will not be allowed to bid at the auction.

• This auction requires a R25 000.00 refundable deposit; payable by bank guaranteed cheque or EFT.

• Please make yourself aware and fully understand all documentation relating to the sale of this property prior to any bidding. The documentation and information to be read and understood include the following: Rules of Auction, Agreement of Sale, and Auction Notes. All of these documents can be found at www.go-dove.com/southafrica, from the auctioneer's office and at the auction itself.

BIDDING: Bidding is a very simple process that can be accomplished through one of the following ways. The most important rule is to listen closely to the auctioneer. When the auctioneer is calling out bids to the crowd, you can increase your bid by:

• Raising your bid card in the air, • Shouting your bid out to the auctioneer verbally, • Having one of the auction staff place your bid for you, or • Communicating a signal to the auctioneer that has been arranged prior to the

auction. Conduct of the auction and increments of bidding are at the direction and discretion of the auctioneer. Announcements made from the podium at the time of the sale take precedence over all printed materials. If you have any questions at the auction about the property, procedures, or anything else, do not hesitate to ask. We will be happy to assist in any way we can. POST AUCTION: Upon completion of the auction when the auctioneer says "SOLD", the winning bidder will immediately be required to sign the Agreement of Sale and post the 10% deposit as well as the commission of 5% plus VAT. At this time, instructions regarding closing of the sale will be thoroughly explained to you and any questions will be answered. If you have any additional questions, please direct them to any of the auction staff members present or call our offices at +27 (21) 702 3206. Things to Note:

• All prices achieved on auction are subject to confirmation until close of business, 26 February 2016.

• Whatever your bid amount is, a 5% buyers premium will be added and then VAT (If a SA Resident Company, please confirm details and conditions if a foreign company)

• You may get further assistance/help at the following link: http://www.go-dove.com/help/default.asp

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PROPERTY SUMMARY

MODERN AND SECURE OFFICE AND STORAGE FACILITY Property Address: Corner Jerepiko Street and Van Riebeeck Street, Saxenburg Park 2,

Cape Town Co-ordinates: 33°57'48.83"S 18°42'16.35"E Property Description Extent Ownership Title Deed Erf 733, Rustdal ±5111 m² (Erf) Delta Property Fund Ltd T19817/2013 Zoning: Height Restriction: Coverage: FAR: Street Setback:

General Business 1 15m 100% 1,5 (therefore 7666,5m²) 0,0m up to 10m; 4,5m over 10m and up to 25m

Municipal Value (2012 VR):

R 6 400 124.00

GLA:

Offices – 941m² Storage (including Guard House) – 800m² Excess yard – 4003m² Total GLA - 5744m²

Rates (per annum):

R86 615.76

Tenant: Fidelity Cash Solutions (Pty) Ltd Monthly rental schedules:

PERIOD AMOUNT VAT AMOUNT TOTAL 01/03/2015 - 29/02/2016 R194 677.00 R27 254.78 R221 931.78 01/03/2016 - 28/02/2017 R210 251.16 R29 435.16 R239 686.32 01/03/2017 - 28/02/2018 R227 071.25 R31 789.98 R258 861.23

*Signed lease agreement available upon request Property Details: The property falls on Erf 733 Rustdal, under the City of Cape Town

Municipality. The site is L-shaped and the ground is predominantly level. Erf 733 Rustdal is located at the corner of Jeripiko Street and Van Riebeeck Street in the suburb of Rustdal (more commonly known as Saxenburg Industrial Park 2). The property is therefore well positioned, just off the Stellenbosch Arterial which links to the R300 and in turn links to the N1 and N2. The property is situated on Vonfel Road, just off Zindandel Street (a crescent road leading through the industrial park). The surrounding suburbs include Kuilsriver and Blackheath, which are a combination of industrial and residential type areas. Saxenburg Park 2 itself caters for the light industrial market as well as small to medium sized storage and distribution companies. The improvements comprise an L-shaped partly double storey main building containing a rounded single storey section between two double storey segments. The accommodation in the main building consists of offices (open plan and small offices) as well as loading bays (8 x garages), four ablution facilities and four kitchens. There is also a separate building at the entrance to the property which houses a guard room, storeroom and ablution facilities.

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The exterior of the main building is both face brick and painted face brick with aluminium windows. Roofing construction is cement tiles on the double storey segments and concrete on the single storey section. Improvements have concrete floors with tiled and carpeted floor coverings, fluorescent, sodium and down lighting, plastered and grid lay-in ceiling tiles and offices have stand-alone air conditioner. There is palisade fencing surrounding the property. In addition there is a large paved parking area as well as a large paved delivery area. The property includes 27 demarcated parking bays, a large carport and two large first floor patios, one with a covered braai area.

Special Conditions under Title Deed T19817/2013: Upon inspection of Title Deed T82718/2011, it was deemed that the

following special condition was found to be necessary for consideration by any purchaser.

- In terms of Act 49(5)(a)(i) of the South African National Roads Agency Limited and National Road Act 1998 (Act 7 of 1998), no structure or other thing (that attached to the land) shall be erected without the written approval of the South African Roads Agency Limited within a distance of 10m from the boundary of the national road.

* BUILDING PLANS UPON REQUEST

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PHOTOGRAPHS

Property Entrance Gate Central Yard Area

Entrance Guard House, Store and Ablutions Offices and Garages

Additional Yard Area (South-West Corner) Eastern Yard/Parking Area

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LOCALITY MAPS

Property - Erf 733 Rustdal, City of Cape Town, Western Cape Province.

Tenant - Protea Coin

Lease Starting Date - 01/07/2012

Lease End Date - 30/09/2017

Valuation Date - 27-Feb-15

Discounting Period allowed for - 3 years

R 129 7058.00%

Estimated expenditure escalation 0.00%

TOTAL : 7.07%

ROUNDED: 7.07%

5

0.0058917

Comment:

Year Month Discount

period

Total Rental Total Rental Less

expenditure.

Net Rental

Income

Discount

Factor

Discounted

Rental

Mar-15 1 0 R 129 705 R 129 705 R 0 R 129 705 1.000000 R 129 705 0Apr-15 2 1 R 129 705 R 129 705 R 0 R 129 705 0.994143 R 128 945 1May-15 3 2 R 129 705 R 129 705 R 0 R 129 705 0.988320 R 128 190 2Jun-15 4 3 R 129 705 R 129 705 R 0 R 129 705 0.982531 R 127 439 3Jul-15 5 4 R 140 081 R 140 081 R 0 R 140 081 0.976776 R 136 828 4Aug-15 6 5 R 140 081 R 140 081 R 0 R 140 081 0.971055 R 136 027 5Sep-15 7 6 R 140 081 R 140 081 R 0 R 140 081 0.965368 R 135 230 6Oct-15 8 7 R 140 081 R 140 081 R 0 R 140 081 0.959713 R 134 438 7Nov-15 9 8 R 140 081 R 140 081 R 0 R 140 081 0.954092 R 133 651 8Dec-15 10 9 R 140 081 R 140 081 R 0 R 140 081 0.948504 R 132 868 9Jan-16 11 10 R 140 081 R 140 081 R 0 R 140 081 0.942948 R 132 090 10Feb-16 12 11 R 140 081 R 140 081 R 0 R 140 081 0.937425 R 131 316 11Mar-16 1 12 R 140 081 R 140 081 R 0 R 140 081 0.931935 R 130 547 12Apr-16 2 13 R 140 081 R 140 081 R 0 R 140 081 0.926476 R 129 782 13May-16 3 14 R 140 081 R 140 081 R 0 R 140 081 0.921050 R 129 022 14Jun-16 4 15 R 140 081 R 140 081 R 0 R 140 081 0.915655 R 128 266 15Jul-16 5 16 R 151 288 R 151 288 R 0 R 151 288 0.910292 R 137 716 16Aug-16 6 17 R 151 288 R 151 288 R 0 R 151 288 0.904960 R 136 910 17Sep-16 7 18 R 151 288 R 151 288 R 0 R 151 288 0.899660 R 136 108 18Oct-16 8 19 R 151 288 R 151 288 R 0 R 151 288 0.894390 R 135 310 19Nov-16 9 20 R 151 288 R 151 288 R 0 R 151 288 0.889152 R 134 518 20Dec-16 10 21 R 151 288 R 151 288 R 0 R 151 288 0.883944 R 133 730 21Jan-17 11 22 R 151 288 R 151 288 R 0 R 151 288 0.878766 R 132 947 22Feb-17 12 23 R 151 288 R 151 288 R 0 R 151 288 0.873619 R 132 168 23Mar-17 1 24 R 151 288 R 151 288 R 0 R 151 288 0.868502 R 131 394 24Apr-17 2 25 R 151 288 R 151 288 R 0 R 151 288 0.863415 R 130 624 25May-17 3 26 R 151 288 R 151 288 R 0 R 151 288 0.858358 R 129 859 26Jun-17 4 27 R 151 288 R 151 288 R 0 R 151 288 0.853331 R 129 099 27Jul-17 5 28 R 163 391 R 163 391 R 0 R 163 391 0.848333 R 138 610 28Aug-17 6 29 R 163 391 R 163 391 R 0 R 163 391 0.843364 R 137 798 29Apr-17 6 30 R 163 391 R 163 391 R 0 R 163 391 0.838424 R 136 991 30

REVERSION

01-Apr-17 1 30 R 163 391 R 163 391 R 0 R 163 391 0.838424 R 136 991

Discounted value (Discounted over 3 years with no reversion before expiry): R 4 118 125

Discounted terminal value of the property : R 0

Discounted value of lease, excluding terminal value of building: R 4 118 125

R 4 100 000

No exepnses, no escalation, pure income

Net present value of lease, excl. terminal value of building (Rounded):

Net Monthly Rental Income as per lease Rental escalation as per lease agreement

Discount Rate :

Escalation month

Discount Factor

Discounting of lease

Property - Erf 733 Rustdal, City of Cape Town, Western Cape Province.

Tenant - Protea Coin

Lease Starting Date - 01/07/2012

Lease End Date - 30/09/2017

Valuation Date - 27-Feb-15

Discounting Period allowed for - 5 years

R 243 3818.00%

Estimated expenditure escalation 8.00%

- 3 to 5 Yr RSA Govt bond rate Nov-15 7.08%- Less monthly payments -0.20%- Add: Property risk 3.50%- Add: Regional factor Periphery area W Cape 1.00%- Add: Sector factor Industrial area specialised buildings 2.00%- Add: Tenant factor Blue chip lease, 3 yrs remaining 0.50%

TOTAL : 13.88%

ROUNDED: 14.25% 10.0%5 months from valuation date

0.0118750 0.0083333

Comment:

Year Month Discount

period

Total Rental Total Rental Less

expenditure.

Net Rental

Income

Discount

Factor

Discounted

Rental

Mar-15 1 0 R 243 381 R 243 381 R 13 402 R 229 979 1.000000 R 229 979 0Apr-15 2 1 R 243 381 R 243 381 R 13 402 R 229 979 0.988264 R 227 280 1May-15 3 2 R 243 381 R 243 381 R 13 402 R 229 979 0.976666 R 224 613 2Jun-15 4 3 R 243 381 R 243 381 R 13 402 R 229 979 0.965205 R 221 977 3Jul-15 5 4 R 262 852 R 262 852 R 14 474 R 248 378 0.953877 R 236 922 4Aug-15 6 5 R 262 852 R 262 852 R 14 474 R 248 378 0.942683 R 234 142 5Sep-15 7 6 R 262 852 R 262 852 R 14 474 R 248 378 0.931620 R 231 394 6Oct-15 8 7 R 262 852 R 262 852 R 14 474 R 248 378 0.920687 R 228 678 7Nov-15 9 8 R 262 852 R 262 852 R 14 474 R 248 378 0.909882 R 225 994 8Dec-15 10 9 R 262 852 R 262 852 R 14 474 R 248 378 0.899204 R 223 342 9Jan-16 11 10 R 262 852 R 262 852 R 14 474 R 248 378 0.888651 R 220 721 10Feb-16 12 11 R 262 852 R 262 852 R 14 474 R 248 378 0.878222 R 218 131 11Mar-16 1 12 R 262 852 R 262 852 R 14 474 R 248 378 0.867916 R 215 571 12Apr-16 2 13 R 262 852 R 262 852 R 14 474 R 248 378 0.857730 R 213 041 13May-16 3 14 R 262 852 R 262 852 R 14 474 R 248 378 0.847664 R 210 541 14Jun-16 4 15 R 262 852 R 262 852 R 14 474 R 248 378 0.837716 R 208 070 15Jul-16 5 16 R 283 880 R 283 880 R 15 632 R 268 248 0.827885 R 222 079 16Aug-16 6 17 R 283 880 R 283 880 R 15 632 R 268 248 0.818169 R 219 472 17Sep-16 7 18 R 283 880 R 283 880 R 15 632 R 268 248 0.808568 R 216 897 18Oct-16 8 19 R 283 880 R 283 880 R 15 632 R 268 248 0.799079 R 214 351 19Nov-16 9 20 R 283 880 R 283 880 R 15 632 R 268 248 0.789701 R 211 836 20Dec-16 10 21 R 707 938 R 707 938 R 15 632 R 692 306 0.780433 R 540 299 21Jan-17 11 22 R 707 938 R 707 938 R 15 632 R 692 306 0.771274 R 533 958 22Feb-17 12 23 R 707 938 R 707 938 R 15 632 R 692 306 0.762223 R 527 692 23Mar-17 1 24 R 707 938 R 707 938 R 15 632 R 692 306 0.753278 R 521 499 24Apr-17 2 25 R 707 938 R 707 938 R 15 632 R 692 306 0.744438 R 515 379 25May-17 3 26 R 707 938 R 707 938 R 15 632 R 692 306 0.735701 R 509 331 26Jun-17 4 27 R 707 938 R 707 938 R 15 632 R 692 306 0.727067 R 503 353 27Jul-17 5 28 R 764 573 R 764 573 R 16 882 R 747 691 0.718535 R 537 242 28Aug-17 6 29 R 764 573 R 764 573 R 16 882 R 747 691 0.710102 R 530 937 29Sep-17 7 30 R 764 573 R 764 573 R 16 882 R 747 691 0.701769 R 524 706 30

Net Monthly Rental Income as per lease Rental escalation as per lease agreement

Discount Rate :

Escalation month

Discount Factor

Lease is a fully repairing, maintaining lease.

Oct-17 8 31 R 78 768 R 78 768 R 16 882 R 61 886 0.693533 R 42 920 31Nov-17 9 32 R 78 768 R 78 768 R 16 882 R 61 886 0.685394 R 42 416 32Dec-17 10 33 R 78 768 R 78 768 R 16 882 R 61 886 0.677350 R 41 918 33Jan-18 11 34 R 78 768 R 78 768 R 16 882 R 61 886 0.669401 R 41 426 34Feb-18 12 35 R 78 768 R 78 768 R 16 882 R 61 886 0.661545 R 40 940 35Mar-18 1 36 R 78 768 R 78 768 R 16 882 R 61 886 0.653782 R 40 460 36Apr-18 2 37 R 78 768 R 78 768 R 16 882 R 61 886 0.646109 R 39 985 37May-18 3 38 R 78 768 R 78 768 R 16 882 R 61 886 0.638527 R 39 516 38Jun-18 4 39 R 78 768 R 78 768 R 16 882 R 61 886 0.631033 R 39 052 39Jul-18 5 40 R 85 069 R 85 069 R 18 233 R 66 837 0.623628 R 41 681 40Aug-18 6 41 R 85 069 R 85 069 R 18 233 R 66 837 0.616309 R 41 192 41Sep-18 7 42 R 85 069 R 85 069 R 18 233 R 66 837 0.609076 R 40 709 42Oct-18 8 43 R 85 069 R 85 069 R 18 233 R 66 837 0.601928 R 40 231 43Nov-18 9 44 R 85 069 R 85 069 R 18 233 R 66 837 0.594864 R 39 759 44Dec-18 10 45 R 85 069 R 85 069 R 18 233 R 66 837 0.587883 R 39 292 45Jan-19 11 46 R 85 069 R 85 069 R 18 233 R 66 837 0.580984 R 38 831 46Feb-19 12 47 R 85 069 R 85 069 R 18 233 R 66 837 0.574166 R 38 375 47Mar-19 1 48 R 85 069 R 85 069 R 18 233 R 66 837 0.567428 R 37 925 48Apr-19 2 49 R 85 069 R 85 069 R 18 233 R 66 837 0.560768 R 37 480 49May-19 3 50 R 85 069 R 85 069 R 18 233 R 66 837 0.554187 R 37 040 50Jun-19 4 51 R 85 069 R 85 069 R 18 233 R 66 837 0.547684 R 36 605 51Jul-19 5 52 R 91 875 R 91 875 R 19 691 R 72 184 0.541256 R 39 070 52Aug-19 6 53 R 91 875 R 91 875 R 19 691 R 72 184 0.534904 R 38 611 53Sep-19 7 54 R 91 875 R 91 875 R 19 691 R 72 184 0.528627 R 38 158 54Oct-19 8 55 R 91 875 R 91 875 R 19 691 R 72 184 0.522423 R 37 710 55Nov-19 9 56 R 91 875 R 91 875 R 19 691 R 72 184 0.516292 R 37 268 56Dec-19 10 57 R 91 875 R 91 875 R 19 691 R 72 184 0.510233 R 36 830 57Jan-20 11 58 R 91 875 R 91 875 R 19 691 R 72 184 0.504245 R 36 398 58Feb-20 12 59 R 91 875 R 91 875 R 19 691 R 72 184 0.498328 R 35 971 59Mar-20 1 60 R 91 875 R 91 875 R 19 691 R 72 184 0.492479 R 35 549 60

REVERSION

01-Mar-20 1 60 R 91 875 R 91 875 R 19 691 R 72 184 0.492479 R 35 549

Discounted value (Discounted over 5 years with reversion before expiry): R 11 072 749

Estimated Terminal value calculation :

Estimated Gross Market related income on reversion R 91 875Gross annual income R 1 102 500Less vacancy allowance R 0Less estimated annual exp R 236 296 21.43%

Nett annual income R 866 204Capitalisation rate 10.00%Capitalised value 60 R 8 662 038 0.607789

Discounted terminal value of the property : R 5 264 688

Discounted value of lease, including terminal value of building: R 16 337 437

R 16 300 000Disc. value of lease, incl. terminal value of building (Rounded):

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