SOLD – Freehold Service Station in Durban

BEFORE RESPONDING TO THIS ADVERT PLEASE BE INFORMED THAT NEITHER CYRUS NOR THE SELLER WILL ENTERTAIN, RESPOND or COMMUNICATE FURTHER WITH YOU IN RESPECT TO THIS ADVERT UNLESS YOU COMPLY WITH or EXCEED THE REQUIREMENTS AS INDICATED HEREUNDER. This modern newly built Service Station is situated on a busy road in a suburban area of Durban. Fuel Sales are presently +- 150.000 lpm and the Shop Sales are +- R 530.000pm. There are 7 x Tenants leasing out the basement area paying a combined Rental of R 176 350 pm. The Total Nett Profit per month is +- R 270.000pm and is growing every month. The Selling Price for the Entire Entity (Land, Buildings, and Business) is R 24.5 million which includes Equipment worth +- R 2.9 million. The Total Funding Requirement need to acquire this Entity is +- R 26.3 million of which you must have at least+ – R 15.0 million Cash readily available and be able to Raise Finance for the Balance of +- R 11.3 million. Please Note NO DETAILS, INFORMATION OR DOCUMENTATION will be provided to you unless you MEET this requirement as will be required by the Seller, the Oil Company as well as most Financial Institutions.      

Interested in this Business

NO information financial or otherwise on any of our listings will be made available to prospective buyers unless they fully comply with the following;

1. Cyrus Brokers mandated with the sale of this opportunity was specifically requested by the Seller not to divulge any information pertaining to what is being sold under this listing prior to obtaining proof of funds from your financial institution (bank), auditor, or lawyer;
2. Due to the popularity of this listing, the overwhelming responses and the daily avalanche of emails and voice messages thereto, you will be required to register as a buyer, complete our Non-Disclosure Agreement and provide us with “proof of funds” from your bank or financial institution for you to be privy to any information financial or otherwise;
3. Upon receipt of your Non-Disclosure Agreement and proof of funds, you must be prepared to visit us, we want to meet you in person, where after all information will be conveyed without delay.

Confidentiality Information and Viewing

The Seller/Owner desires to maintain the confidentiality of information financial or otherwise of their business and does not want their competitors, employees, suppliers, customers, and others to know they are selling their business. It is thus extremely important that the business is protected from this at all times and can only be viewed by appointment through Cyrus Brokers.

Disclaimer

All information has been provided by the seller and needs to be re-verified by the seller. Cyrus Brokers makes no representation of its accuracy and does not certify or make any warranties of any of the information provided and has not verified any information. It is strongly advised that you and/or your accountant review all information and do your due diligence before the closing. Information is subject to change without notice.

Commission

A property practitioner is not entitled to a commission unless he/she is registered and possesses a valid FFC

The following juristic and natural persons are defined by section 1 of the Act as property practitioners, Agents, Business Brokers, Consultants, Advisers, Agency, Accountants, Attorneys, Auctioneers, Bridging Financer, Bond Brokers, Developers, Homeowners Associations, Managing Agents, and Time Shares, (note, without limiting to same).

The Property Practitioners Act came into effect on the 1st of February 2022. Sections 47 and 48 of the Act compel property practitioners including its Directors, Members or Trustees, and all employees who act as property practitioners to obtain and hold a valid Fidelity Fund Certificate (FFC) which must be applied for from the PPRA.

Section 48 of the Act effectively bars a property practitioner from rendering services as a property practitioner if he/she does not possess a valid FFC and Section 56 dictates that a property practitioner is not entitled to commission unless he/she is registered and possesses a valid FFC.

Furthermore, Section 48(4) stipulates that a property practitioner who receives a commission in the absence of the certificate as mentioned above will be required to pay back the commission immediately upon receipt of a written request. Conveyancers are prohibited from paying commissions or monies unless a property practitioner produces a certified copy of their FFC.

The consequence of operating without a fidelity fund certificate is that a property practitioner can be found guilty of an offense in terms of section 48(5) of the Act.

If there is any doubt as to whether or not juristic and natural persons are defined by section 1 of the Act as property practitioners have a valid fidelity fund certificate, do not hesitate to contact the Property Practitioners Regulatory Authority (https://theppra.org.za/) or your Attorney to confirm and verify the registration status.