Commercial and industrial properties continued to draw bids with listed funds, investors and developers seeking out good quality properties in prime location across the country.
Lot 3, a mall and development land in Brakpan on Johannesburg’s East Rand went to the highest bidder for R40 million. The eight-hectare land is fully zoned for business use and has all services already installed with the Environmental Impact Assessment and Site Development Plans in place and duly approved. The new owner will have the option of continuing an existing 5-year lease with Savemore Cash & Carry, which offers a net annual income of about R4.4 million.
Lot 09 was auctioned for R7 million. The massive 1.2 hectares industrial facility is situated in Benrose, Johannesburg and offers excellent access to the M2 freeway. The three story multi use facility consists of offices, warehousing, factory and store rooms, and basement parking. With no reserve price attached to it, Lot 6, a vacant land with exposure to the N17 was auctioned for R800,000. The 1.6 hectares property is zoned for business and agriculture.
Joff van Reenen, Director and Lead Auctioneer at The High Street Auction Co said, “The auctions are a bellweather and surely point to the growing appetite for small to medium sized industrial properties as well as retail centres.” “Auctions offer high liquidity in any market cycle so it is not surprising to see packed auction rooms like we saw this afternoon.” “Today’s auction confirmed another trend,” van Reenen added. Residential property also attracts a fair deal of interest from the market,” he says.
Van Reenen’s observations are confirmed by the sale of three residential properties in Gauteng and the Western Cape. The two apartments in Braamfontein, Johannesburg and a three-bedroom duplex in Sandbaai saw some spirited bidding and were auctioned for just under R1.7 million combined. The High Street Auction Co’s next multi property auction will be held on 30 July 2015 at Summer Place, 69 Melville, Hyde Park, Johannesburg.