Shopping centre fetches R31m

Posted On Friday, 07 May 2010 02:00 Published by eProp Commercial Property News
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A bid price of R31,1m has been received for a retail centre in Pongola, KwaZulu Natal, at an auction held by Bidline in Durban.

Property-Housing-Residential

“The auction was well attended and the bidding competitive. In short, it was a fantastic result,” Nick Pretorius of Bidline said.

At the Bidline monthly property auction in Sandton on Wednesday, there was strong demand for the Troyemark building, on the corner of Troye and Market streets in central Johannesburg, which fetched a top bid of R4,75m.

“Market Street is still a great trading street and is close to the Ellis Park precinct. Also, the building is well managed and maintained and there are no squatters in the building,” auctioneer Colin Sidelsky said. “Also, there is still time to convert the building into rooms for residential purposes and benefit from the World Cup.”

After an opening bid of R1m, the hammer came down on a bid of R4,75m, described by Pretorius as a fair price.

Next on the block was development land in Forest Town, described as a “hot property” in what Sidelsky said was one of the best suburbs of Johannesburg, and in which President Jacob Zuma has a residence.

The 2022m² plot, with a residential 3 zoning, has rights to build 10 three storey units.

Two warehouses and an administration block with a gross lettable area of 5.

Also in Germiston, a commercial building and vacant stand on Victoria Street, offered with vacant occupation, was knocked down for R1,5m. The building has a gross lettable area of 1600m² and comes with large freezer.

“It was a little lower than we expected,” Pretorius said, “but it is purpose-built for a butchery, cold storage or bakery, and so many can make use of it as it stands.”

The bargain of the day was a 1301m² residential development with a residential 4 zoning in Kempton Park, described by Sidelsky as one of the fastest-growing towns in SA.

The plot attained a hammer price of R700000.

More was paid for 46936m² of development land with an agricultural zoning in Kyalami.

The property, near the Kyalami racetrack and opposite Waterfall Residential Estate, fetched R1,25m.

“It is doubtful whether the seller will accept this price,” Pretorius said.

Last modified on Wednesday, 18 June 2014 13:48

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