Commercial and Industrial property auction achieves record prices

Posted On Monday, 03 February 2014 17:00 Published by
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Following a highly successful auction season with properties over R 480 million sold in 2013, In2assets has started their first auction in the New Year with a big knock on the block.

Goodwood 1An exciting mix of six Commercial and Industrial properties in and around Durban attracted great interest from Investors responding to marketing strategies which already commenced prior to the festive season.

Amongst a Prominent Commercial property with national tenants in the Durban CBD was a business park in New Germany, a mixed used block of flats and retail in Isipingo, a 13.000 m2 industrial development site in Umbogintwini, an upmarket office suite in Umhlanga and a well sought after industrial property in Westmead; says Hein Hattingh MD of In2assets.

Combined bids received on the auction floor resulted in a turnover of close to R 63 million. The property in Ubogintwini achieved a highest bid of R13,145,200.00 and the Industrial property in Westmead for R 14,203,500.00 which were both confirmed and sold on the fall of the hammer. The Office suite in Gateway as well as the mixed use commercial property in Isipingo was confirmed within 24 hours after the auction and negotiations for two more properties are still in progress.

Appetite for Industrial and Commercial Property has substantially increased during 2013 and according to Hattingh the tendency is reminiscent of the era prior to the drastic downturn in the economy experienced from 2008 onwards. Auctions once again seem to be the first choice and preferred method of sale of Commercial & Industrial properties.

In2assets have already published its Annual Auction Calendar for upcoming auctions in both Gauteng and KwaZulu Natal.

Last modified on Monday, 03 February 2014 17:39

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