Web Ref No CPRT-8175

Property Description
This is a sectional title industrial unit located in Silvertondale, Pretoria, operating as an auto body repair facility. It includes a ground-level workshop, office, reception area, kitchen, walk-in safe, and staff facilities. The second floor consists of an additional workshop space of approximately 260 m². The building is in fair condition with minor renovations required, including a ceiling height adjustment on the ground floor and improvements to parking space.

Valuation Methodology
This valuation employs both the Direct Sales Comparison and Income Capitalization methods.

Direct Sales Comparison: Analyzes recent transactions of comparable industrial properties in the vicinity. Adjustments account for size, location, and features.

Income Capitalization Method: Evaluates rental income potential for similar properties in the area, with estimated monthly expenses of R10,000 and market rentals approximated at R48/m². Capitalization rates for industrial buildings in Pretoria range from 10.2% to 10.8%.

Market Analysis & Valuation Conclusion
Based on comparable sales and the calculated rental income, the property’s fair market value as of 1 July 2022 is assessed between R2,000,000 and R2,200,000, concluding at R2,100,000. This valuation reflects current market trends, required renovations, and property limitations.

Forced Sale Value: It is noted that an auction scenario may yield a lower value due to market conditions and sale urgency.