Surge in interest of properties on auction fetched over R250m

Posted On Tuesday, 24 June 2014 13:43 Published by
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Today's multi-property auction reflects the increasing trend of buying and selling properties on auction.

Aucor Auction Bedfordview

Discerning bidders can acquire properties at bargain prices and sellers are able to achieve true market value. Generally the prices fetched at auction reflect supply and demand economics" states James Dall, High Street Auctions Joint Managing Director.

"Great marketing, robust business processes, property expertise and our award winning auctioneer are our key elements for success on this exciting trading platform." Says Dall.

"It is reassuring that the property industry has improved transparency,strict adherence to the Consumer Protection Act and other regulations which provides buyers and sellers of property with peace of mind." continues Dall.

The property auction industry will be thrust into the limelight next month when the iconic South African landmark, Kyalami race track, goes under the hammer on 24 July 2014 amid significant local and international attention.

The 19 June 2014 High Street Auctions event, held at Summer Place in Hyde Park included the following properties:

  • A fully let retail centre with fuel station in the growing town of Burgersfort, Limpopo, was met with competitive bidding and knocked down for R 29.5 million, including the site license. The property is ideally situated on a main road with long established tenants, including AutoZone. The current GAI is ± R 3.1 million.
  • The fully let prime retail strip in Tzaneen, Limpopo Province went for R 15.55 million. The centre includes long term leases with established national tenants including Morkels, Geen & Richards and Beares. The GAI is ± R 1.5 million.
  • In an excellent location, this landmark property and business, boasting a warehouse and showrooms, situated on Bram Fischer Drive, Linden, Gauteng, was knocked down for R 16.5 million. The total GLA is ±4000 m2 and includes the adjoining business stand.
  • The luxury guest house, Silverwood Manor, plus two adjacent stands, in the heart of Bryanston was sold for R 27 million. Featuring 32 magnificent rooms, conference or wedding facilities, manicured gardens plus excellent security.
  • Prime investment in large office block on Kingfisher Street, Roodepoort, reached R 17.1 million.There is an established long term tenant with a new five year triple net lease. Ideally situated close to Westgate Mall, the building is in excellent condition, is well maintained, has ample parking and good security.
  • The pristine commercial building in Melim Motor Park, Krugersdorp, fetched R 12.2 million. Located in a popular industrial node, there are long leases in place with blue chip tenants and a GAI of ± R 2.1 million.
  • An immaculate office block in Bedfordview, a listed property fund instruction, reached R 25 million. The building is available for immediate occupancy and offers phenomenal N3 highway exposure, good security with access control and 274 parking bays.

"It is vital to take into consideration the supply and demand dynamics when buying or selling property. There is always internal movement within the industry and property experts can guide clients on whether commercial, industrial or residential is at a peak or trough," explains Lance Chalwin-Milton, Joint Managing Director.

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