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Property sole mandate

Magnificent Farm

Aug 1, 2022

Price:

R

Area:

Dullstroom

Reference:

ZF270

Land Size:

904ha

House Size:

This superb farm is a rare find. Few Dullstroom properties in the area can compete. The farm is 904 hectares in size with extraordinary views, easy access, and an excellent location a mere 8 kilometers from Dullstroom Village. The accommodation includes a luxurious six bedroom lodge and a three bedroom cottage situated 500 meters apart ensuring privacy. There are six large, very well constructed trout dams and a weir, all of which are registered. The property is game fenced and well stocked with black wildebeest, zebra, springbok, red hartebeest, blesbok, rhebok, and a host of other small indigenous species.
The single property is made up of five separate title deeds. There is an extensive area of indigenous bush with a spectacular waterfall nestled amongst the surrounding vegetation. There are six main water courses but many springs and wetland areas.
The acquisition opportunity for Amberley is for either an outright purchase of the property, or preferably the acquisition of the property owning company (with various tax advantageous structures). Alternatively there is the opportunity to acquire a percentage of the ownership. These options are outlined later in this document.
Location
The farm is to the northeast of Dullstroom, approximately eight kilometers out of town with a very good concrete access road directly off the R540.

Accommodation
Main Lodge
The six bedroom, double storey lodge is set deep into the Estate and overlooks three of the dams. There is a large area of manicured lawn in the front of the lodge with a swimming pool. It is face brick under slate tiles with timber window and door frames. The floors are tiled with underfloor heating. Quality finishes and fittings throughout.

Ground Floor:
- The large front door sets the tone for the whole house that exudes space and expansive windows that maximize the wonderful views;
- The entrance hall is double volume featuring floor to ceiling windows. Separate guest toilet;
- Spacious open plan lounge, dining and kitchen area with a double size fireplace and large windows offering panoramic views;
- There is the most exquisite mahogany bar that houses two under counter bar fridges, has under counter shelving, cupboards, and a wine rack;
- The dining area houses a 12 seater mahogany dining room table and has a feature stone wall;
- A mahogany roll-top hifi unit is custom built adjacent to the bar;
- Sliding doors lead off the tiled covered veranda with a built in gas/wood burning braai;
- The kitchen has granite work surfaces and a breakfast bar. Four plate stove and double eye level ovens with extractor fan and prep sink;
- Ample beautiful solid timber kitchen cupboards with built in double door fridge. The scullery area has a double sink, dishwasher and washing machine;
- Laundry area with second washing machine and tumble drier;
- Separate walk-in strong room with shelves. Walk-in storeroom/pantry with shelves;
- Separate T.V room off the kitchen with double sliding doors and closed combustion fireplace;
- All the bedrooms have views over the farm;
- First bedroom is en suite with bath only. Built in cupboards;
- Second bedroom is similar but the en suite bathroom has a shower only;
- Third and fourth bedrooms are also similar but share a bathroom that has a bath and shower;
- Spacious storage cupboards in the passage;

Upstairs
- Attractive spiral metal stairs leads from the entrance hall;
- Wood paneled library with fireplace;
- Main bedroom with floor to ceiling windows offer extraordinary views towards the
dams and pine forest;
- Spacious bathroom with large jacuzzi bath, shower and double vanity basins;
- Dressing area with ample cupboards and built in dressing table;
- Sixth bedroom shares a bathroom with the main bedroom and has ample built in cupboards.

Extras
- Paved driveway, entrance and backyard;
- Single carport;
- Staff rooms with two bedrooms, a bathroom and a living area;
- Outside room that houses the generator and serves as a storeroom;
- Swimming pool in front of the house

Cottage:
Similar style architecture with face brick under tiles. Paved driveway, entrance and backyard with a double garage and a storeroom.

- Lounge dining area is tiled, has a fireplace and sliding doors to the braai area;
- Kitchen has granite work surfaces and ample kitchen cupboards. Double sink, four plate electric stove and oven. Door out to back entertainment area. Outside basin;
- Main bedroom is carpeted and has an en suite with shower and bath. Built in cupboards and dressing table;
- Second and third bedrooms are both carpeted, have built in cupboards;
- Second bathroom with bath only;
- Storage cupboards in the passage.

Stables:
- Four stone stables with concrete floors and a lockable storeroom;
- Post and rail circular schooling ring;
- Carport and vegetable garden.

Outbuildings:
- Informal carport, shed in the gum forest;
- Interesting remains of an original house with roof.

Waters:
- The six dams have been extremely well built with engineer designed walls, outflows that have been reinforced with a stone finish and the dam walls have established kikuyu lawn. They range in size from 0.5 hectare to 1 hectare;
- The water courses in the lower stretches of the farm offer wonderful grazing for the animals and protection during the cooler months.

Game
The farm hosts a very healthy and productive game population which includes zebra (burchell’s), black wildebeest, red wildebeest, springbok, blesbok, grey rhebok, mountain rhebok and grey duiker.
In addition, there are rare endemic Steenbok and other endemic game such as Bushpig, Aardvark, Springhare, various species of rabbit, porcupine, water mongoose, pangolin, small-spotted genet, honey badger, cape clawless otter, black-backed jackal and most recently a brown hyena has been spotted on the property.
Game capture and sale have been conducted on the property in two of the last three years, yielding a significant income.
The farm has never been used for hunting and the large game are relatively approachable and create an incredible experience when walking or driving across the estate.

Brief Background
The estate was purchased for R 25 m in 2006 and initially funded by 10 investors eager to build and develop the estate. Hence the process of obtaining rights to sell full title stands the on the farm was initiated.
All environmental and town planning approvals have been obtained for some 30 farm stands of an average of 25 hectares, and 2 village sites of 20 houses each. These environmental approvals and particularly water rights took several years to be approved and the leisure property boom (which ended in the 2008 sub-prime crunch) was missed.
All survey work has been completed and the last remaining step would be to open a township register - if and when the decision were made - to go to market.
The original project promoters bought out other minority investors several years ago and the project is now owned by four promoters. There is no external debt.

Current position
Current funding of the Estate
Income is currently earned from the rental of the six bedroom house to visitors to Dullstroom. It is a popular destination for weekends and mid-week stays. Booking systems and management are in place. Occupancy is some 85% of all lettable weekends.
Game capture on a three year cycle has been both a requirement for the management of the veld as well as being a meaningful contributor to the running costs of the estate. Game captures over the 21 and 22 years has produced some R600 000 of revenues.
The sale of surplus pine, wattle and gum too has produced several hundred thousand rand over the same period.

Purchase - Option One
An outright sale of the property would allow an investor to pursue the option of developing the property as per the original vision of the current shareholders, with an upmarket, low density (farm style) development of up to 30 x 25ha (approx.) farm stands and two villages of 20 homes each.
This option would involve the buying of the shares in the company, negating transfer fees. Additionally there is an assessed loss in the company.
Purchase - Option Two
The current shareholders are willing to sell a percentage of the shares (from a meaningful minority through to a controlling majority) to an investment partner. A minimum transaction of 25% shareholding would be considered. The current thinking of the shareholders is that each of the shareholders would build a home on the farm and thus retain the exclusivity of the farm but with shared expenses for the running of the farm, without pursuing the development rights previously attained.

No. of Bedrooms: 6

No. of Baths: 4

Carport:

Garages:

Pool: Yes

PROPERTY LEVY: R

PROPERTY RATES: R620

 

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Call our office:  013 254 0219 / 013 254 0376

Email:  enquiry@zestpropertygroup.co.za

Office Hours:  9am – 5pm Mon – Fri. 9am – 3.30pm on Saturdays. 9am – 2pm on Sundays / Public Holidays

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