Restaurant site on the block

Posted On Friday, 22 May 2009 02:00 Published by eProp Commercial Property News
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Claremart Auction Group will soon sell the building that houses one of Cape Town’s most frequented seaside restaurants.

Property-Housing-ResidentialCEO Jonathan Smiedt says the landmark site — which includes the Sandbar, located on the Camps Bay promenade — will be auctioned next Tuesday at noon.

The site on Victoria Road’s platinum strip is home to the first restaurant as you enter Camps Bay from the direction of Clifton, and has ocean and beach views.

Situated at 31 Victoria Road, in what is known as “Westside” Camps Bay, the property offers great potential and opportunities for investors and developers. “This is literally the last remaining redevelopment opportunity on Victoria Road, which has seen an entire facelift in recent years,” says Smiedt, who expects a good turnout at the auction.

“Apart from this building, all other properties along this strip have been developed.

“This never-to-be repeated opportunity should not be missed.”

Smiedt believes the one percentage-point interest rate decrease earlier this month will have a great psychological effect on South Africans, and that a more positive market sentiment will draw the bidders and those interested in property in general.

“It’s not the 1% drop that is going to resuscitate the market, it’s the Reserve Bank’s ongoing — and a global — policy of lowering interest rates which will swing market sentiment.

“We are already seeing this in attendances at our auctions,” says Smiedt.

“So when crowds gather to witness the fall of the hammer of the Sandbar, I am confident there will be buyers with cash in their pockets.”

A neighbour to the Grand Café and close to Caprice, the site offers one of the best locations on the Camps Bay strip, which is attracting interest from local and international investors.

Popular with tourists and locals, the Sandbar is a landmark in Cape Town with a loyal patronage.

Apart from housing the Sandbar on street level, the building also offers four apartments with two bedrooms each, and a separate caretaker’s cottage.

“Camps Bay is the most highly sought-after area for holiday accommodation in SA,” says Auction Group director Mike Baigel.

“Any apartment on the Victoria Road strip will sell itself and offer superb returns.

“This is simply the easiest investment decision any developer can make.”

The site of the Grand Café recently fetched R40m at auction. In light of that fact, the auctioneers are expecting keen interest in this much larger redevelopment opportunity.

The property has general business zoning in place, an erf of 476m² and a building area of 583m²

There are leases in effect that expire in July 2011. The property was on show on May 5, 12 and 19 (all Tuesdays) from noon to 2pm.

Source: I-Net Bridge

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