The Vogue Residential Development in Cape Town, South Africa
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Investment Opportunity<br />
DEVELOPMENT APPROVALS<br />
• 543 standard bays<br />
• 33,348m² Bulk<br />
• ± 38,600m² Sectional Title Area<br />
• 37 floors<br />
• 135 meters (Highest residential development <strong>in</strong> <strong>Cape</strong> <strong>Town</strong>)<br />
• Land Use Management approval<br />
• Heritage Western <strong>Cape</strong> approval<br />
• Demolition approval<br />
• BDM approval with<strong>in</strong> 6 months<br />
• 34-month construction period<br />
DEVELOPMENT FEATURES<br />
• Last rema<strong>in</strong><strong>in</strong>g site location of this stature<br />
• 543 standard bays<br />
• 10 park<strong>in</strong>g levels<br />
• Mixed-use<br />
• 8 High speed vertical lifts<br />
• Retail – up to 2,000m² GLA <strong>in</strong>clud<strong>in</strong>g mezzan<strong>in</strong>e level<br />
• Office – up to 10,650m²<br />
• Hotel – up to 216 keys (Radisson, Marriott, IHG, Hilton, Accor, Four Seasons <strong>in</strong>terested)<br />
• <strong>Residential</strong> – up to 365 units<br />
• 2 pool enterta<strong>in</strong>ment decks<br />
• Skyl<strong>in</strong>e brand logo advertis<strong>in</strong>g<br />
COSTS<br />
EXPECTED RETURN<br />
Ask<strong>in</strong>g Land Price<br />
Total <strong>Development</strong><br />
Retail<br />
Office<br />
Hotel<br />
<strong>Residential</strong><br />
*Depend<strong>in</strong>g on use and equity deployed<br />
R170 million<br />
Rang<strong>in</strong>g from R1,3b to R1,5b<br />
± R25,000 / GLA m²<br />
± R 30,000 / GLA m²<br />
± R2,1 million / key<br />
± R40,000 / STA m²<br />
9% 1 st year yield<br />
9% 1 st year yield<br />
Income guarantee<br />
20% ROI
Investment Opportunity<br />
LAND SALE AGREEMENT PROPOSAL<br />
OPTION 1<br />
R170 MILLION<br />
• Instalment sale agreement <strong>in</strong> terms of Alienation of Land Act 68/1981<br />
• 10% non-refundable deposit (<strong>in</strong>stalment) paid by the Purchaser as a go<strong>in</strong>g concern 0% rated<br />
with the deposit to be paid <strong>in</strong>to an <strong>in</strong>terest-bear<strong>in</strong>g trust account <strong>in</strong> the favour of the<br />
Purchaser.<br />
• Seller to issue lease term<strong>in</strong>ations with<strong>in</strong> 5 bus<strong>in</strong>ess days of receipt of the deposit<br />
• <strong>The</strong> Seller shall co-operate with the Purchaser by sign<strong>in</strong>g any applications as may be<br />
necessary regard<strong>in</strong>g municipal plann<strong>in</strong>g requirements<br />
• On the vacat<strong>in</strong>g of the premise by the lessee/s, the rema<strong>in</strong><strong>in</strong>g 90% of the full purchase price to<br />
be paid which will automatically <strong>in</strong>itiate transfer process<br />
• In the event that the Purchaser is able to term<strong>in</strong>ate the lease/s prior to the 12-month period,<br />
an adjustment clause is to be <strong>in</strong>cluded based on the applicable <strong>in</strong>terest saved by the Seller<br />
which will be deducted off the f<strong>in</strong>al purchase price<br />
OPTION 2<br />
R160 MILLION<br />
• Straight sale agreement<br />
• Voetstoots<br />
• 12 months’ written notice for the tenant to vacate
Property Management<br />
Property Brok<strong>in</strong>g<br />
Occupier Services<br />
Property Research<br />
Advisory Services<br />
Valuations<br />
<strong>Residential</strong><br />
Contact Us<br />
Johannesburg +27 11 656 2162<br />
<strong>Cape</strong> <strong>Town</strong> +27 21 418 1550<br />
Rob Sedgwick<br />
Director<br />
E: rob.sedgwick@rennieknightfrank.co.za<br />
C: +27 82 558 9832<br />
Locally Expert - Globally Aligned<br />
rennieproperty.co.za
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