Germiston properties snapped up on Auction

Posted On Monday, 08 July 2013 15:22 Published by Commercial Property News
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An industrial park in Roodekop, which fetched R14m, and a 66-room hotel in Germiston were among the properties on offer at Auction Inc’s multi property sale.

The industrial park on Berry Street, Roodekop, Germiston accommodates 14 tenants, with multiple warehouses and offices with a gross lettable area of 7,976m² on a 20,632m² erf. The property , which has main road exposure, has an income of R2.85m a year. After a opening bid of R10m, bidding closed at R14m.

The 66 room hotel in the centre of the commercial hub of Germiston was sold with a large retail component which brings in an income of R3m a year. A gambling licence can be obtained by the buyer. It sold for R12.5m. Of interest too was a fully operational hotel with a retail component on the corner of Northreef and Atlas roads in Elandsfontein, near Oliver Tambo airport. The facebrick hotel, on an erf of 1.4ha, built in the typical post Second World War style, fetched R8.5m. The 25-room hotel and five shops earn an income of R50,000 a month.

An apartment block on Victoria Street in Germiston with 71 fully-let rooms and a ground floor retail component received a hammer price of R6m.

The building has an income of more than R1m a year. Twenty-three fully-let one and two bedroom units and five retail shops in a recently renovated building in Edenvale received a top bid of R5m. The property earns R900,000 a year.

A factory-warehouse with office space in Wadeville Ext 5, with a total area of 2,052m² and ample yard space, fetched R4.5m.

In Silverton, an industrial property described by auctioneer Eddie Winterstein as the Rolls-Royce of the properties at the auction, fetched R10m after an opening bid of R6m.

The building with national tenants was sold with a number of five-year triple net leases in place. It covers 2,000m² and has a net income of R1,32m a year. Residential land in Witpoortjie, Roodepoort which has been approved for 205 units was knocked down for R3,2m.

Residential land on Cowley Road, Bryanston, described as the perfect location, fetched R3.1m. The land, 4,013m² in extent, can accommodate 12 clusters.

An A-grade two storey and double-volume warehouse with a retail area as well as storerooms and offices in Alberton came under the hammer. The building on the corner of Hendrik Potgieter and 4th avenues did not receive the necessary bid of R5.1m. Demand was not strong for two apartment blocks in Jeppestown. An eight unit building with a net income of R250,000 a year only attracted a bid of R1.2m and a block with four two-bedroom flats with a net income of R180,000 a year fetched R850,000.

There was more interest in a retail block in central Germiston, adjacent to the railway station. The property , sold with vacant occupation, fetched R1.1m.

In a default sale, eight flats in two blocks at 70 and 72 Mentz Road in Booysens was offered as a late entry. The blocks earning R26,000 a month were knocked down for R1.35m.

Last modified on Monday, 08 July 2013 15:47

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