FOR SALE - CHANNEL LIFE TOWER - PRIME LOCATION
RETAIL STREET FRONT (old Sterns)
The ground floor consists of retail space
1st floor up to the 9th floor consists of offices and a Penthouse
Sector: Office
GLA (m2): 4,956
Occupancy (%): 86.7
DESCRIPTION AREA m2 Retail 547.46m2 Offices 4,411.15m2
Total 4,958.61m2
Major tenants: USAid, Nedloans, Namibia Standards Institution, Development Bank of Namibia
The property has been improved with a multi storey building of concrete frame construction with brick walls plastered and painted, incorporating mainly aluminium framed windows (but steel framed to part) with air conditioning grills below. It has a flat roof covered with bituminous felt and painted, accommodating a refurbished flat and plant rooms.
At ground level are shops fronting Post Street Mall with a central shallow passage, with retail, leading to the office foyer which accesses the upper floors via two passenger lifts and a narrow staircase.
The office floors vary in size. Above the ground floor is a mezzanine area, comprising two wings, above which is a second mezzanine level which is used as offices and a large patio area. Above are nine floors of offices and at roof level, accessed by stairs, a flat.
The offices are similar in finish with carpeted or ceramic tiled or timber laminate floors under suspended tile ceilings incorporating sprinklers and surface mounted boxed fluorescent tube lighting or low voltage spots. Most have glass or dry wall partitioning, mainly papered, with louvered blinds to the windows. There is peripheral power and the premises are air conditioned by console units. The lower mezzanine has split units.
The offices located on the 9th floor of a higher standard to the balance of the building, being very well presented.
Below ground are two basement parking levels with entry below Post Street Mall with access off Mandume Ndemufayo Avenue.
The net income calculated in the first year of the cash flow amounts to N$9,680,793.00 - calculated as follows:-
Total Rental N$ 9,640,898.00
Plus Contractual Recoveries N$ 2,253,280.00
Other Recoveries N$ 2,144,853.00
Total Income N$14,039,031.00
Less: Expenses N$ 4,358,237.00
Net Annual Income N$ 9,680,793.00
