Cape Property Portfolio fetches R57m on Auction

Posted On Monday, 11 March 2013 11:44 Published by Commercial Property Auctions
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A large portion of a national property portfolio went under the hammer last week in a highly successful auction where 5 properties situated in CBDs across the Western, Southern and Eastern Cape were sold and confirmed on the floor.

Aucor AuctionThe portion of the portfolio that went on auction, primarily tenanted by Old Mutual, were owned by a consortium of private businessmen. The auction was conducted by Aucor Property and took place on 06 March in Cape Town.

Comments Debbie Sherman of Aucor Property, ''The reason that these properties were taken to auction is that they formed part of non-core assets within the portfolio. We received widespread interest in the properties prior to auction but we never expected such heated bidding on site. These results, along with other auctions we have conducted thus far in 2013, show that there is renewed confidence in property auctions. We foresee this to continue growing over coming months.''

The properties on offer were a mix of apartments, office, retail and commercial space. Included in the collection was 40 Bird Street in Stellenbosch comprising five residential apartments as well as office and retail space, office space in the Worcester CBD, a property situated on the corner of Church & Matzikama Streets in the Vredendal CBD comprising an office block, an apartment, retail space and three lockup garages, retail and office space in George and a large Durbanville office of 1875m².

A total of over R57 million was achieved for the five properties with the Durbanville property being sold for R14.25 million, the residential and office space in Stellenbosch going under the hammer for a staggering R23 million, the Worcester property for R7.25 million, the office and retail space in Vredendal being sold for R4.5 million and George property going under the hammer for R8.1 million.

''The bottom line is that good properties continue to achieve good prices, and we are all very pleased with the results. Our Johannesburg auctions have been very busy over recent months and it is fantastic to now see this activity in Cape Town as well,'' concludes Sherman.

Last modified on Sunday, 09 June 2013 21:38

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