During Auction Alliance’s September multiple auction event, two A-Grade office blocks in the heart of the Sandton CBD, offering a first rate development opportunity, were sold for R48.5 million. With A Gross Lettable Area (GLA) of 2530sqm this represents a bulk value of over R19,000/sqm.
The two well-maintained double storey buildings feature similar layouts, and include basement parking, an open parking area and garden areas. The total land size of the properties is 4106m².
The properties are situated at 161 Rivonia Road, occupying a prime location in the Sandton business district, within close proximity to the busy Grayston and Rivonia Road intersection. The properties are situated within reach of the Gautrain, JSE Securities Exchange, several major banks, hotels and retail facilities.
“The property’s high exposure location within the country’s main financial hub, together with the limited availability of development opportunities in the area, heightens its appeal as a first-rate investment”, he adds.
