The auctioning off on Wednesday of the Gauteng buildings by Sanlam had been hailed as an opportunity for smaller investors to buy into an anticipated downtown property boom.

The Kine Centre was clinched by an eight-member consortium from Pretoria led by Nazeer Noormohamed, for R11-million, in fierce competition with a Sri Lankan tea magnate.

The consortium also snapped up the five-storey former Sanlam Building in central Roodepoort for R1.25-million, and the old OK Bazaars building in Vanderbijlpark for R1.4-million.

The Sri Lankan also forced an unnamed Zimbabwean businessman acting on behalf of a Joburg-based group to up his price of R6.4-million for the 31-storey Trust Bank Building to R7-million.

The businessman was upbeat about his acquisition after the auction. Joburgs property sector is every bit as good as Londons, he said.

The 10-storey Geldenhuys Building in Braamfontein went to a bidder for R3-million, while the 14-storey Randburg Metro building was sold for R2.5-million.

The Kine Centre was valued at R200-million, and the Trust Bank Building at R180-million.