KZN multiple auction

Posted On Wednesday, 20 October 2010 02:00 Published by eProp Commercial Property News
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Despite the existing uncertainty in some markets, a certain relaxation in bidders’ behaviour is being experienced, resulting not only in crowded auction venues, but also in dynamic bidding and showing that confidence in the property market is definitely improving.

Property-Housing-ResidentialComments Auction Alliance’s Rainer Stenzhorn, ''What is noticeable is that the entrepreneurial players have evidently kept themselves liquid and are now in a position to seize any key opportunities that become available.

They are adopting the approach that opportunity is out there and quality stock that offers real-term growth should not be overlooked. South Africa in general is faring better than offshore investments as local companies continue to perform and maintain real value.

“What we will experience in our Multiple Commercial & Platinum Auction in Kwa-Zulu Natal on October 26 is that two prominent retail shopping centres will dominate the floor.

These will be followed by some city-based office blocks and block of flats, industrial warehouses and secure long-lease properties, which should attract new private investors.

“The success of this auction depends on investors’ taste and pockets, but without any question the two prominent shopping malls will draw buyers from around the country.”

The Eshowe Mall in Eshowe in Northern KZN is situated on a 1.54ha portion of land and consists of 11739m2 of lettable area.

The property offers a potential annual income of R6.7million, generated by 44 shops such as Pick n Pay, Clicks, Spur, Sheet Street, Cashbuild and other national and local retailers.
 
The second choice in the upper price range is the well known suburban “Delcairn Shopping Mall” in Kloof. Delcairn offers a front line position on the M13 freeway and consists of 38 tenants, with a GLA of 4037m2 on a footprint of 9072m2, generating a gross annual income of about R5.7million.

"What we are seeing in the commercial front is that quality stock will remain in demand regardless of short-term market jitters.

buyers are investors looking for longer term value and capital growth, not necessarily instantaneous returns.

This is where the opportunity sits," says Stenzhorn and points to a third investment property at the auction, a 100% occupied office block on Victoria Embankment in Durban; specialising in the harbour based import and export trade.

The Platinum Division of Auction Alliance is proud to announce the auction sale of a crown jewel property located within the most prestigious area of Zimbali Estate, with uninterrupted views of the ocean.

In summary there will be a mix of 23 commercial and four high value residential properties on the auction block and the expected turnover value is in the region of R216million.

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