Plenty of bidding, but prices disappoint

Posted On Friday, 28 November 2008 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Some interesting properties including three game lodges come under hammer but auctioneer doubts sellers will find bids acceptable.

Property-Housing-ResidentialBIDLINE’s last property auction of the year attracted good bidding, but not all prices met expectation.

“The market is depressed and as a result some prices were not what we had hoped for. But there was a lot of bidding,” CEO James Dall said. “I don’t what bids will be accepted by the sellers, but about half the bids should be acceptable.”

The main attraction at the Inanda Club on Wednesday were three game lodges and a safari tented camp in Hluhluwe which fetched a top bid of R71,5m from an overseas buyer.

The lodges — part of the Zulu Nyala Group — are the Zulu Nyala Game Lodge, Zulu Nyala Nyati & Ndlovu Lodges and the Heritage Safari Lodge and tented safari camp. “There was a huge response to the lodges, but we expected a higher price,” Dall said.

Interestingly, a number of resort hotels and conference centres featured on the vendor’s roll.

Auctioneer Chico da Silva

An incomplete four-storey office block in Sunninghill attracted keen bidding. The structure with basement and four floors covers a total of 6577m². The property, with a “business four” zoning fetched R24,75m.

A modern warehouse and office building with a GLA of 1230m² in Kyalami Business Park received a top bid of R5,8m.

The land is subdivisible.

First of the resort hotels to come under the hammer was Elephant Springs in Bela Bela. The hotel with 45 rooms and four conference rooms fetched R17,5m. Avuxeni Resort Hotel in Modimolle which offers a 600 seat conference centre and 54 self-catering chalets on 150ha natural bushveld went for R6,25m. Also in Modimolle, the Protea Hotel Shangri La with 49 en suite hotel rooms and three conference centres attained a knockdown price of R10,5m.

A four-storey retail and office block with a penthouse in Boksburg, with a GLA of 2919m², fetched R2,7m, and three residential blocks off Church Street in Pretoria, R24m.

In City & Suburban a four-storey building was offered with vacant occupation. The building, suitable for light industries and/or commercial purposes, has a 1,5-ton goods lift. It fetched R2,5m.

Bidding was brisk for 32ha of development land in Kempton Park. The land, bordering on CR Swart Road, has been earmarked for commercial and “residential two” zoning. It fetched R3,5m.

An office complex on Gallagher Street in Midrand with GLA of 2311m² was sold with and without lease, and received bids of R12m and R10,5m respectively.

Last modified on Wednesday, 18 June 2014 15:50

Most Popular

Residential sectional title sales again on the rise

May 27, 2021
Andrew_Golding_Golding_PropertyGroup
Over the past 15 years, the sectional title market in South Africa has become entrenched…

Ongoing property market uncertainty makes the right finance partner key to extracting value

May 26, 2021
Claire Denny
Results from the listed property sector in 2020 showed property values reducing by an…

Pick n Pay and Fortress co-invest in a super distribution centre development

May 26, 2021
Fortress_Pick_n_Pay
Fortress REIT announced that their biggest logistics development to date was signed with…

Exemplar REITail declares final dividend of 49.07 cps and announces 100% distribution

May 25, 2021
Mall of Thembisa
Rural and township retail specialists, Exemplar REITail, have declared a final dividend…

East Rand Mall will soon deliver the first phase of its major taxi rank upgrade

May 26, 2021
Phase 1 upgrade to the taxi rank at EastRand Mall
The first-phase upgrade of East Rand Mall taxi rank in the retail heart of Boksburg,…

Please publish modules in offcanvas position.