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Southern Cape Multiple auction draws the crowds

Posted On Thursday, 13 October 2011 02:00 Published by eProp Commercial Property News
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With over 100 people in attendance at the Fancourt Hotel and Golf Resort in George, as well as 211 people watching the sale on the internet, where it was webcast live in real time.

Rael LevitAuction Alliance now conducts multiple auctions in 5 leading South African cities.

“Historically, we have conducted all the largest auctions in both value and volume in the Southern Cape. From the sale of golf courses, hotels and major commercial and residential developments, Auction Alliance has always had an extensive footprint in the area.

Long gone are the days when the Southern Cape was reserved for local transactions only”, says Auction Alliance CEO Rael Levitt.

A prime example of Auction Alliance’s success in the region is the recent sale of an entire hotel portfolio belonging to the Hartkorp Group, which fetched R47.78 million on the fall of the hammer.

The auction garnered significant attention from both local and international investors, with buyers and sellers participating from Johannesburg, Pretoria, Cape Town, the United Kingdom, Singapore, Germany, Dubai and Belgium.

“That was the most interesting part of the auction, to see buyers participating through the internet from around the world, affirming the Garden Route’s status as a premier tourist and investment destination”.

A total of 17 lots were brought under the auctioneer’s gavel, 12 of which were insolvencies or bank sales. Some of the notable properties which were auctioned include, a 3 bedroom apartment in Mossel Bay with beautiful sea views, development land in the prestigious Oubaai Golf Estate, a single storey home overlooking the Knysna River, a 2 bedroom apartment in Plettenburg Bay with ocean views, a spacious 4 bedroom family home in Knysna and 4 industrial units in Wright Business Park in George.

The highest lot achieved R1, 75 million for a 3 bedroom apartment in Plettenburg Bay, and the most hotly contested item was a 3 bedroom apartment boasting beautiful sea views in Mossel Bay went for R1, 55 million.

“The Southern Cape is a vital part of the South African real estate economy, and our regular multiple auctions will be a key feature on the Auction Alliance calendar for years to come”.

The next Southern Cape Multiple auction will be held on Tuesday 15 November at 12pm at the Fancourt Hotel and Golf Resort in George.

Last modified on Monday, 09 June 2014 12:28

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