Fast paced bidding nets R48m at High Street Auctions event

Posted On Friday, 16 August 2013 16:07 Published by Commercial Property News
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The full-house auction held today, Thursday 15 August at Summer Place, Hyde Park, achieved bidding in excess of R 48 million for 13 properties. 

Spar Centre on Central Avenue, EastleighThis illustrates continued interest and confidence in High Street Auctions growing auction platform.

“In a volatile economic climate, the property sector is holding its own, as it remains a sound investment. We are seeing an increase in commercial property going on auction and anticipate this will continue to grow, along with the auction platform”, says High Street Auctions Joint Managing Director, James Dall.

On Thursday 15 August 2013, the following properties received great interest:

  1. Osizweni Shopping Centre, Kwa-Zulu Natal located in one of the largest townships in this province with over 80 000 residents. The centre consists of two developed buildings with 18 retail shops and generates over R 2 million per annum.
    This fantastic opportunity went for an impressive R 17 000 000 million.
  2. Superbly located apartment on High Level Road, Green Point, Cape Town, went under the hammer for R 2 800 000 million. It’s nestled in a sought after and secure suburb and has a magnificent wrap-round balcony with panoramic views, featuring three bedrooms and bathrooms, a double lock up garage and fully furnished.
  3. Two luxurious apartments in Simbithi Eco Estate, Ballito, Kwa-Zulu Natal fetched R 4 600 000 million combined, one with a knock-out bid. These three and four bedroom apartments, known as Sabuti are ideally located on a magnificent golf course.
  4. Corporate disposal of The Spar Centre on Central Avenue, Eastleigh, Edenvale. It’s a multi-tenanted retail strip with six shops and anchor tenant, SPAR. Phenomenal interest was shown prior to the auction and went for R 6 150 000 million.
  5. A stunning private residence with remarkable views of Northcliff received a hammer price of R 2 350 000. This deceased estate features three bedrooms, two bathrooms, double garage, swimming pool, manicured gardens and staff accommodation.

High Street Auctions Joint Managing Director, Lance Chalwin-Milton shares, “With the growing interest in the auction platform I wouldn’t be surprised if this is paralleled with an increase in joint venture consortiums being formed in order to capitalise on the property market. It makes sense to pool resources with a long-term view, as it increases an individual’s net worth and provides an income through the rentals”.

The next auction on Wednesday 18 September begins at 12pm and takes place at Summer Place, 69 Melville Road, Hyde Park. Well-known Lead Auctioneer and Director of High Street Auctions, Joff van Reenen, will conduct the auction.

For more information on the upcoming auction as well as a list of featured properties contact Nick Pretorius on This email address is being protected from spambots. You need JavaScript enabled to view it. or 082 669 7738 or visit www.highstreetauctions.com

Last modified on Friday, 16 August 2013 16:46

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