Mariston Hotel sells for R54m

Posted On Friday, 26 June 2009 02:00 Published by
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The 32-storey hotel, with a gross lettable area of 26 093m² and 566 self catering units earning a rental income of R30m a year, is geared for student accommodation.

Property-Housing-ResidentialThe Mariston was undoubtedly the star attraction at the auction, but bidders were slow to respond to auctioneer Eddie Winterstein’s call for an opening bid, seemingly reluctant to make the first offer. An initial offer of R30m broke the ice and the price was quickly pushed up to the hammer price of R54m.

The 32-storey hotel, with a gross lettable area of 26093m² and 566 self catering units earning a rental income of R30m a year, is geared for student accommodation. The hotel was remodelled recently, when four new lifts were installed, and has been sectionalised.

Another big-ticket number was what was described as “a massive factory in Alrode”. The factory, on a 20000m² stand, has 14000m² under roof, a three floor office block and a foundry.

The auction kicked off with the offer of three upmarket guesthouses on Calypso Beach, Langebaan, Cape. Each guesthouse has four family units with two bathrooms, and attracted hammer prices of R5m, R4,5m and R6,5m.

Another guesthouse with seven guest suites in Bryanston fetched R6m.

Bidding was more subdued for the beachfront property in Vilanculos, in Mozambique, and a final bid of R3m was registered. Three stands of between 1400m² and 2000m² in the Ekubo Coastal Estate, near Leisure Bay, were other attractive coastal properties for sale. Two properties sold for R225000 each and one for R275000.

Properties consisting of a retail building and a cottage in Yeoville and Bellevue featured in the catalogue.

A single-storey building with a lettable area of 1107m² and a gross rental income of R444000 a year at 49 Dunbar Street fetched R3m; a building of 2010m² at 83 Bezuidenhout Street R2,75m; and the building at 105 Becker Street R750000.

Development land had mixed fortunes. In Sonneglans Extension, 8562m² of vacant land with hotel potential, and 8,1ha of proposed residential development land in Boksburg, were unsold. There was demand for 3975m² of residential land in Morningside Manor, which attracted a final bid of R3m.

More unusual was a complex with frontage on the Vaal River. The complex, with a large main house, three cottages, a jetty, six garages and an entertainment facilities, attained a knockdown price of R8,5m.

A final bid of R6,75m was registered for a three-storey building with a gross lettable area of 2725m² accommodating blue-chip tenants in central Roodepoort, and a nine-unit apartment complex in Weltevreden Park attained a hammer price of R3,9m.

In Vanderbijlpark, a retail outlet of 900m² and a gross income of R480000 a year fetched R2,95m, and a retail and residential block on President Street, Johannesburg, fetched R2m.

Fully let shops and apartments in a neat building on Mark and Adolf Schneider streets, Krugersdorp, attracted a hammer price of R2,1m.

There was more interest in a filling station with convenience store on a 3000m² stand in Vulcania, Brakpan. The filling station, which sells 200000/l of fuel a month, fetched R4,6m.

Five retail shops in Industria, offering R35000 a month, fetched R800000, and R2,7m was paid for a warehouse and retail component with a lettable area of 1860m² in Kempton Park.

Last modified on Wednesday, 18 June 2014 18:29

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