No. 789456
Valuation Report
Rosebank Office Tower
15 Oxford Road, Johannesburg, South Africa
Reference
VAL-2026-001
Valuation date
31 May 2026
Report date
12 June 2026
Basis of value
Market Value
Currency
ZAR
Status
approved
Client
Northstar Capital
Lead valuer
A. Mokoena
Reviewer
K. Naidoo
Letter of transmittal
12 June 2026
M. Daniels
Head of Real Estate
Northstar Capital
8 Sandhurst Crescent
Dear M.,
Re: Valuation of Rosebank Office Tower
In accordance with your instruction dated 31 May 2026, we have inspected the above property and have prepared this valuation report stating our opinion of the market value as at 31 May 2026, for the purpose of annual financial reporting (ifrs 13 fair value).
The valuation has been prepared in accordance with IVS 2025, RICS RED BOOK 2025, SACPVP. The opinion of value is set out in the executive summary that follows, and is supported by the analysis, methodology and evidence detailed in the body of this report.
We trust the report meets your requirements. Please do not hesitate to contact the undersigned should you require further clarification.
Yours faithfully,
A. Mokoena
MRICS, Professional Valuer (SACPVP)
Acme Valuers Ltd
1. Executive summary
| Property | Rosebank Office Tower |
| Address | 15 Oxford Road, Rosebank, Johannesburg, South Africa |
| Category | Commercial — office |
| Tenure | freehold |
| Valuation date | 31 May 2026 |
| Basis of value | market value |
| Purpose | Annual financial reporting (IFRS 13 fair value) |
| Client | Northstar Capital |
Indicated values by method
| Comparable | ZAR 224,724,000 |
| Income capitalisation | ZAR 367,341,000 |
| GRC / replacement | ZAR 519,020,000 |
Forced Sale Value
ZAR 190,650,000
Market Value
ZAR 232,500,000
Sum Insured
ZAR 519,020,000
2. Scope of work & terms of reference
Valuation of 100% freehold interest in the Rosebank Office Tower for inclusion in the annual financial statements at fair value.
Sources of information
Tenancy schedule (April 2026), audited financial statements (FY2025), title deed T123456/2018, building plans, EDGE certification report, photographs taken during inspection.
Restrictions on publication
This report may be reproduced in the audited annual financial statements of Northstar Capital Property Fund. No other publication or third-party reliance is permitted.
Conflicts of interest
The valuer confirms that no conflicts of interest exist in respect of this engagement.
3. Property description
| Property name | Rosebank Office Tower |
| Address | 15 Oxford Road, Rosebank, Johannesburg, South Africa |
| Category | Commercial — office |
| Tenure | freehold |
| Title deed number | T123456/2018 |
| Erf number | Erf 1234, Rosebank Ext 12 |
| Year built | 2014 |
| Land area | 6,200 m² |
| GLA | 18,420 m² |
| Lettable area | 17,800 m² |
| Building grade | A |
| Parking bays | 420 |
| Parking ratio | 2.30 bays / 100 m² |
| Occupancy rate | 92.5% |
| WAULT | 4.20 years |
| Anchor tenant | Acumen Advisory |
| Tenants on roll | 18 |
| ESG rating | EDGE Advanced |
| Energy performance | A |
4. Locality & market commentary
The subject is located in Rosebank, Johannesburg, South Africa. EDGE Advanced certified. No flooding or contamination concerns. Energy performance EPC A.
Tenure & title commentary
Title deed T123456/2018; freehold; no encumbrances disclosed. Subject to standard servitudes for municipal services.
Highest and best use (IVS 104 §140)
Continued use as multi-tenant Grade A office accommodation. Highest and best use is consistent with current use.
5. Methodology
The following valuation approaches were applied: the Comparable Sales / Market approach, the Income Capitalisation approach and the Depreciated Replacement Cost (DRC / GRC) approach. The approaches are reconciled in section 9 to arrive at the opinion of value.
Comparable / market approach
Sales of properties similar to the subject are analysed for unit rates per m². Each comparable is adjusted for differences in location, size, time, condition, tenure, quality and any special factors to derive an adjusted rate that is comparable to the subject. Adjusted rates are weighted by the valuer's assessment of relevance to arrive at an indicated unit rate, applied to the subject's area.
Income capitalisation approach
The current rental income is analysed against market rents to determine sustainable gross income. Vacancy and operating expenses are deducted to arrive at net operating income, which is capitalised at a market-supported rate to indicate value.
DCF approach
Cash flows are projected over a defined hold period and discounted at a risk-adjusted discount rate. The terminal value at the end of the hold is derived from a market exit yield. The sum of the present values represents the indicated value.
Depreciated replacement cost (DRC / GRC)
The cost to replace the building improvements is calculated using current rates, less allowances for physical, functional and economic obsolescence, plus the underlying land value. Used as a cross-check and for insurance reinstatement valuations.
6. Comparables schedule
Pinned comparables analysed against the subject. Each comparable's adjusted unit rate reflects the valuer's deltas for location, size, time, condition, tenure, quality and other factors. The weighted-average adjusted rate informs the indicated value.
| # | Address | Date | Size (m²) | Price | Base rate | Adj % | Adj rate | Wt | Source | Verified |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oxford Parks Phase 2 Rosebank, Johannesburg | 10 April 2026 | 19,200 | ZAR 18,900,000 | ZAR 985/m² | 0.0% | ZAR 985/m² | 3 | Broker / agent | Doc verified |
| 2 | Parktown Square Parktown, Johannesburg | 18 March 2026 | 16,100 | ZAR 14,200,000 | ZAR 882/m² | +16.0% | ZAR 1,023/m² | 2 | Deeds Office (SA) | Deeds verified |
| 3 | Sandton Suites Block C Sandton, Johannesburg | 25 February 2026 | 17,800 | ZAR 22,500,000 | ZAR 1,264/m² | -3.0% | ZAR 1,226/m² | 2 | Broker / agent | Self-declared |
| Weighted-average adjusted rate | ZAR 1,065/m² | |||||||||
6.1 Adjustment rationale
- Oxford Parks Phase 2. +2% location (better north-side frontage), −3% size (slightly smaller), +1% time (one month older). (Closest in size, sector and locality.)
- Parktown Square. +4% location, +3% time, +6% condition (subject is in materially better condition), +3% quality. (Older Grade B asset; secondary support only.)
- Sandton Suites Block C. −2% location (Sandton commands a premium), +4% time, −3% condition (newer build), −3% quality. (Prime A submarket; downward-adjusted for quality.)
7. Income capitalisation
| Analysis date | 31 May 2026 |
| Gross potential income (annual) | ZAR 41,200,000 |
| Vacancy & bad debt | 7.5% |
| Operating expenses | ZAR 9,640,000 |
| Net operating income | ZAR 28,469,000 |
| Capitalisation rate | 7.75% |
| Indicated value | ZAR 367,341,000 |
Occupancy
92.5%
WAULT
1.79 years
Tenants
12
7.1 Rent roll
| Tenant | Asset type | Area | Lease start | Lease end | Gross monthly | Market rate |
|---|---|---|---|---|---|---|
| Acumen Advisory | Office | 4,280 m² | 01 January 2023 | 31 December 2027 | ZAR 752,000 | ZAR 175 |
| Capricorn Insurance | Office | 2,100 m² | 01 April 2024 | 31 March 2029 | ZAR 378,000 | ZAR 180 |
| Veritas Tech | Office | 1,850 m² | 01 July 2025 | 30 June 2028 | ZAR 351,500 | ZAR 190 |
| Hollar Audit | Office | 1,620 m² | 01 September 2022 | 31 August 2027 | ZAR 275,400 | ZAR 170 |
| Mosaic Legal | Office | 1,240 m² | 01 January 2024 | 31 December 2028 | ZAR 235,600 | ZAR 195 |
| Pinnacle Architects | Office | 980 m² | 01 June 2023 | 31 May 2026 | ZAR 156,800 | ZAR 165 |
| Beacon HR | Office | 820 m² | 01 November 2024 | 31 October 2027 | ZAR 147,600 | ZAR 185 |
| Solace Wealth | Office | 640 m² | 01 March 2025 | 28 February 2030 | ZAR 121,600 | ZAR 200 |
| Café Mercato | Retail | 240 m² | 01 April 2022 | 31 March 2027 | ZAR 72,000 | ZAR 320 |
| Press & Bean Coffee | Retail | 120 m² | 01 August 2024 | 31 July 2027 | ZAR 42,000 | ZAR 360 |
| Naledi Pharmacy | Retail | 220 m² | 01 February 2023 | 31 January 2028 | ZAR 61,600 | ZAR 290 |
| Vacant suite (Level 7) | Office | 1,310 m² | 01 January 2026 | 31 December 2026 | — | ZAR 175 |
8. Depreciated replacement cost (GRC)
Building-element schedule used for insurance reinstatement. Professional fees applied at 12.0%; VAT at 15.0%.
| Element | Area | Unit rate | Amount |
|---|---|---|---|
| Office (Grade A core & shell) (Concrete - Flat) | 18,420 m² | ZAR 22,500 | ZAR 414,450,000 |
| Parking deck (Concrete - Flat) | 9,800 m² | ZAR 9,500 | ZAR 93,100,000 |
| Boundary, paving and services (External) | 6,200 m² | ZAR 1,850 | ZAR 11,470,000 |
| Total replacement cost | ZAR 519,020,000 | ||
9. Reconciliation & opinion of value
Primary reliance is placed on the Income Capitalisation approach as it best reflects the subject's investment characteristics. The Comparable Sales approach (ZAR 224.7m on 18,420 m² GLA) supports the adopted rate. The GRC / replacement-cost approach is used as an insurance cross-check only.
Primary method adopted: income capitalisation.
Market Value
ZAR 232,500,000
10. Risk register
| Risk | Severity | Commentary |
|---|---|---|
| Environmental factors | Medium | EDGE Advanced certified. No flooding or contamination concerns. Energy performance EPC A. |
11. Assumptions
General assumptions
- Information supplied. Client-supplied tenancy schedule and operating expense data are assumed complete and accurate as at the valuation date.
- No adverse title restrictions. The property is assumed to be free of undisclosed adverse restrictions, encroachments or servitudes.
- Compliance with statutory requirements. All required municipal approvals, occupancy certificates and fire compliance certificates are assumed to be in place.
Special assumptions
- EDGE certification renewal. It is a special assumption that the EDGE Advanced certification will be renewed on its expiry date in 2027.
12. Limitations & confidentiality
The opinion of value reflects market conditions at the valuation date. The valuer has not undertaken structural, geotechnical or environmental investigations and assumes no responsibility for matters that would be disclosed by such investigations. Areas have been quoted as supplied by the client and have not been independently verified by survey.
This report is confidential to the addressee for the purpose stated. No responsibility is accepted to any third party who may rely on this report without our express written consent. The report may not be reproduced, quoted from or referred to in whole or in part without the prior written consent of Acme Valuers Ltd.
Professional indemnity: The signing valuer's firm carries PI insurance with Hollard Professional Indemnity to a limit of ZAR 50,000,000.
13. Certificate of value
The valuer has acted independently of the parties to the transaction and has no interest, direct or indirect, in the property valued. This valuation has been performed in accordance with International Valuation Standards (IVS) and the RICS Valuation – Global Standards (Red Book). The signatory firm is a member of SACPVP · RICS · REIV.
Lead valuer· signed 10 June 2026
A. Mokoena
MRICS, Professional Valuer (SACPVP)
Reg. No. PV-1234/4
Reviewing valuer· signed 12 June 2026
K. Naidoo
FRICS, Professional Associate Valuer
Reg. No. PV-0567/2
Certificate hash (SHA-256): 540e154da10f4f22c48112aa10dc5fe5d7a26388cf5eff40c2045069b65b25a6
14. Appendices
- Appendix A — Photographs of the subject property (3 on file)
- Appendix B — Title deed extract / proof of ownership
- Appendix C — Approved building plans (where available)
- Appendix D — Tenancy schedule / rent roll (extracted in section 7)
- Appendix E — Letter of instruction & signed terms of engagement
- Appendix F — Comparable evidence working file (CSV / spreadsheet)
Appendix A — Photographs
