Sechaba Property Investments which is owned by Sizwe Medical Fund, is selling this property as it is no longer a core asset to their portfolio.
Auctions of this kind extract maximum value from a property in a very short time, and are considered a preferred method of selling and buying property in South Africa.
Being sold to the highest bidder, the ±4500m² newly refurbished Struktura building is situated on a prominent and busy corner of 539 Church and Hamilton Streets in Arcadia Pretoria, with huge vehicle traffic and passing trade.
This fully let property, consisting of office space and a retail outlet, generates a current gross income revenue of approximately R4.9million pa with an escalation of 9% pa applicable to the anchor tenant. A recent survey revealed there's a low vacancy rate in the area with increasing rental rates. This means that landlords are able to tap into a large tenant market.
"Which makes this a sound investment opportunity," says Stephen Meyer, CEO of The High Street Auction Co. The Department of Public Works and Vodacom Cellular Communication have signed secure lease agreements until the latter part of 2019, and Roman Pizza up to the end of 2016.
Located in the popular business node of Arcadia, across the road from MacDonalds and two blocks away from the world-renowned Sheraton Pretoria Hotel, tenants and visitors to the Struktura building have easy access to the attractive conference and meeting facilities, as well as corporate entertainment and the Gautrain.
The top floor offers a luxury office with a main reception area, restrooms and a kitchen. Each floor provides central air-conditioning, cubicles and an open-plan type office, as well as kitchen and restroom facilities.
The ground floor offers a main reception area with a guarded access controlled entrance, with ample and secure parking in the basement and ground level.
The Absa's Quarterly Housing Review stated prices in Pretoria's city centre have appreciated year-on-year by 11.4% and buyers' interest is increasing.
Meyer says "it is a buyer's market at present", meaning that investors have access to sound property investments at bargain prices.
Other properties going under the hammer on auction day include: Bloemnel Shopping Centre in Vryheid KZN; an industrial storage facility in Selby; liquidation sale in New Doornfontein opposite Ellis Park Station; another commercial property in Doornfontein; a pristine factory/warehouse in Laser Park; a student residence in New Doornfontein; and a double storey family home in Parkmore with an opening bid of R1.5million.
