21ha land tract in Roodepoort auctioned for R85m

Posted On Monday, 10 October 2011 02:00 Published by eProp Commercial Property News
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A 21ha property in Roodepoort, Johannesburg has been sold for R85m following the high profile liquidation of the controversial property moguls, the Theodosiou Brothers, says Auction Alliance.

Rael Levitt Auction AllianceA 21ha property in Roodepoort, Johannesburg has been sold for R85 million following the high profile liquidation of the controversial property moguls, the Theodosiou Brothers, Auction Alliance said on Friday.

The brothers Tony, Dimitri and Sedrick, achieved notoriety for building shopping malls without the required council permission and went into liquidation in 2008.

Rael Levitt, CEO of Auction Alliance who conducted the auction, said: "This is the highest value we have ever achieved for a tract of land on auction. Considering the volatility currently characterising the property market, this is an outstanding sale. We are not at liberty to disclose the name of the buyer."

Earlier this year, Auction Alliance sold Belair Mall and Lonehill Shopping Centres, also belonging to the Theodosiou brothers, outside of auction.

The property occupied a prime location with high exposure on the corner of 14th Avenue and Davidson Street in Weltevreden Park, Roodepoort, and was located directly adjacent to the MTN Head Offices.

Due to the nature of the liquidation, zoning on the property was not completed.

"The property is a massive redevelopment opportunity for a developer looking to expand in that node," Levitt said.

Last modified on Monday, 11 November 2013 12:23

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