Al Mabroor Property Income Project Sanlam building Vereeniging

sanlam_building

 

Introduction

The Sanlam building in Vereeniging is the first property approved by the Darul Iftaa for potential Al Mabroor investors needing monthly income. The purchase price for the property will be R 5 500 000. The current rental income on the property will provide investors with 10% income in year 1. Al Mabroor will obtain an independent valuation on the property to verify the purchase price.

 

How to invest

Complete the application form. Deposit the investment amount in the trust account details provided on the application form. The minimum investment amount is R 100 000. Provide all the necessary FICA documentation. The first 20 investors interested in the project will form a common law partnership that will own the property outright.

Visit our how to invest page.

 

Property details

This property is situated at 20 Athlone Drive in the suburb of Three Rivers, Vereeniging with excellent exposure onto General Hertzog Road, which is the busy through road to Vereeniging CBD. It is a well-developed residential area that has been targeted for new business development.

The property is located +- 8 km east of Vereeniging CBD and amenities such as shops, medical facilities, schools, public transport and restaurants are available within close proximity. Highways are easily accessible to reach neighbouring towns.

The subject property is a double storey office building constructed of plastered and painted walls under a tiled roof, which comprises of a double volume entrance area with stairwell, 15 open-plan and / or individual offices on the ground floor, board room, conference room, kitchen with melamine units and four-plate hob, two x male and two x female WC’s. The first floor comprises of 14 open-plan and/or individual offices, communication room, kitchenette with melamine units and male and female WC’s.

All offices are air-conditioned. Attached to the building is a thatched roofed entertainment room with built-in bar and braai. There is +- 450 square meters of carports covered with shade netting providing covered parking for 40 vehicles.

 

Rental details

Tenant: Sanlam

Monthly Income

Sanlam: 984 m²

@

R 59.65

=

R 58 696

Gross Annual Income

R 704 352

Estimated annual expenditure:

R 142 200

Rates and taxes

R 90 000

Maintenance estimate

R 15 000

Property management fees

R 30 000

Security

R 7 200

Net annual income

R 562 152

 

Investors in the partnership will therefore receive at least 10% income per annum paid monthly. Investors will also share in the capital growth on the property over time.

Full disclosure on the property will be made in terms of Notice 459 of 2006 issued by the Department of Trade and Industry. This Disclosure will follow in due course.