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Prominent commercial property in Umhlanga sold for record R35m on auction

Posted On Tuesday, 08 October 2013 06:39 Published by eProp Commercial Property News
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The highlight of In2Assets commercial auction held on the 25thof September comprised a versatile Commercial building situated at 24 Meridian Drive, Umhlanga New Town Centre. 

24 Meridian Drive, Umhlanga

The Property forms part of the assets owned by a Company under Liquidation. According to Rainer Stenzhorn of in2assets, the Property was marketed for a period over 5 weeks and attracted phenomenal interest from Property Investors around the country.

Almost 200 guests attended the capacity filled auction room including various Bidders from both Johannesburg and Cape Town. “We have not experienced so much demand for such a sought after Property over a long period of time which is testimony of the high demand by Investors for well-located Properties “comments Stenzhorn.

The Property first submitted to auction with existing lease agreements fetched a final bid of R 26 Million and immediately thereafter without any Lease agreements chasing the final bid up to R 35 Million after fierce bidding from a competitive crowd.

The existing tenants comprised a Church, a night Club and a Call Centre who now have to re-negotiate new Lease agreements with the successful Bidder being a Private Company with local Shareholders.

The final bid received exceeded our own expectations by far says Stenzhorn.Presently there is so much demand for Investment Property that they cannot properly supply in the demand comments Stenzhorn. “The competitive nature of the auction platform has once again proven that the highest possible price is achieved and we seriously doubt whether the Property would have achieved such a record price other than by auction and a true and real reflection of the Market Value of Property in this specific area, “says Stenzhorn

Last modified on Thursday, 29 May 2014 17:08

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