“Such properties in sought after commercial hubs and metropolitan areas like Johannesburg and Cape Town are considered prime investment nodes, home to a number of high profile, landmark properties.
“Which is why they are sought after and generally tightly held by owners. Properties of such quality and with real intention to sell don’t often reach this platform and in most circumstances, seldom find their way to the open market. This makes our forthcoming auction on Wednesday 23 November all the more relevant and in all likelihood the most exciting auction in the past two years, as we have a number of notable and iconic properties available for acquisition.”
These include Absa House on St Georges Mall in Cape Town, in the heart of the Mother City’s thriving CBD; Nedbank Corner on Jorrisen and Biccard Street and Anchor House on the corner of Biccard and Juta Street – both in Braamfontein in Johannesburg; and The Mills and the historic Silos which are both situated in Newtown in Johannesburg CBD.
Measuring almost 10 000sqm, Absa house is in a prime location with sweeping views from the upper floors and parking for 38 vehicles. Says Raad: “This property is ideal for corporate offices or as is the prevailing trend in the heart of Cape Town’s highly successful live, work, play central city, eminently suitable for a magnificent residential conversion. The building is in good condition and will attract tremendous interest in an area where quality buildings have almost proven to be a rand hedge, with property growth in values increasing year on year.
“The well-known and iconic buildings in Braamfontein and Newtown in Johannesburg CBD are also expected to be an attraction for all residential, student and commercial property developers. Prominently positioned, Nedbank Corner stands out in Braamfontein as a meaningful investment opportunity offering good retail and commercial potential. Incorporating 65 parking bays, the property has substantial, blue-chip tenants which include Nedbank.”
Raad says Anchor House is also highly visible and suitable for almost any property investor with a vision and plan. The property will be almost completely vacant and presents an opportunity for a student conversion in a high demand area for this kind of accommodation.
Undergoing urban renewal and regeneration over the years, Braamfontein is considered a hip and happening location reflecting an increase in demand for commercial space. “The rentals are lower and with the rejuvenation of the CBD and upgrading and reinvestment into buildings, we anticipate a growing appetite among commercial tenants.
“In addition, the increase in demand for student accommodation close to the university has had positive spin-offs for retail and other market activity in Braamftontein. Older blocks are being converted to residential student apartments at every opportunity as the demand for housing far exceeds the supply, with Wits short of 8 000 beds.”
The Braamfontein properties are currently owned by a private fund which focuses on residential and has decided to sell a number of their commercial buildings.
“The Newtown landscape has changed drastically over the years and could soon become the Maboneng of Johannesburg West. Wedged between the CBD and Fordsburg, The Mills is over 5 000sqm in size and an incredible property suitable for trendy offices, restaurants and/or residential accommodation. The building is home to the DA party and with a little vision and TLC could become one of the most interesting redevelopments in Johannesburg.
“Finally the Silos, also in Newtown, was once a grand residential conversion concept which unfortunately never got off the ground. Of significance is the meaningful income of R1.3 million per annum which this property generates via a massive advertising billboard which is seen from afar. We expect developers, media and advertising industry players to all be gunning to acquire a slice of Johannesburg’s advertising skyline.”
The Newtown Silos site is an integral part of the former Crago Flour Mill site which is a relic of late–nineteenth century and early twentieth century flour milling. During this time milling was characterised by large city mills, positioned to gain ready access to railway transport for the supply of grain and delivery to markets.
The entire site including railway sidings, silos, storage area, machinery and signage illustrates the evolution of wheat handling methods and the revolutionary change, spurred on by new design and construction techniques, from bagged to bulk grain handling during the 1920’s and 1930’s.