By Janice Roberts

The Media 24 Building in the heart of the Sandton CBD has been sold by Auction Alliance for R67 million.

"With properties of this size and location being extremely hard to come by, it attracted the attention of investors countrywide. Demand was so extensive, that it was sold even before reaching the auction floor," says Gareth Currie of Auction Alliance.

The property will be occupied by the new owners, a blue-chip company, along with Media 24 who occupied the entire first floor.

Situated at six Protea Place, the property was situated within the centre of Sandton's established commercial node. In its immediate area was a selection of the country's biggest corporate headquarters, as well as a variety of premium hotels, shops and restaurants.

The property was amongst the earliest corporate buildings in the area, and comprises two lower levels of basement parking, a ground floor, and three floors of offices above. The property extended over a GBA of 5,320 square metres and approximately 3,000 square metres of additional bulk is available.

"The new buyer will be investing between R10 million and R15 million to upgrade the building to A-Grade status, which will further enhance the property's value and investment appeal, and ensure that the property will remain a key feature of the Sandton central node," added Currie.

Source: I-Net Bridge