In2Assets auction records R51.3m in deals at Durban Country Club

Posted On Thursday, 04 September 2014 15:06 Published by
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National property company In2Assets conducted its 49th auction at the Durban Country Club last week, moving 10 properties and fetching a cumulative R 51.3 million in deals.

Ballito Buzz

Buyers packed out a venue at the club to bid on properties including an office complex in Durban's prestigious Riverhorse Valley, a retail and commercial block in Ballito, and an industrial building in Rossburgh, Durban south.

The biggest ticket item was Section 1 of Hippo Office Park in Riverhorse Valley, a 3267m2 complex with great N2 frontage, owned by Rewardsco and fetched R33 million.
The retail and office complex in Ballito, a 1603m2 building over five levels, was sold for R 12 million to a Durban Investor.

Rainer Stenzhorn, who handles national marketing and sales at In2Assets said the company's auctions were attracting growing interest from investors.

"These are buyers with money and a keen eye for good properties. "They come to our auctions because we offer fresh properties and we have sellers who want to sell to serious buyers with money. "We do a professional valuation of the properties before auctions and have all the salient information that buyers require."

The industrial property in South Coast Road, Rossburgh, south Durban, has two road frontages and comprises an assortment of buildings with five tenants, bringing in a sizeable annual rental was sold for R 6.1 million, following short negotiations between seller and buyer on the floor.

Stenzhorn said the auction was well attended. "We had 19 pre-qualified buyers registered at the auction, which is actually less than average, but bidding was fierce and competitive. More buyers and sellers are coming around to the idea of auction because it is a quick, clean sale that is open and transparent and conclusive.

"We get good buyers because we put a lot of effort into marketing and it pays off." In order to bid, buyers have to lodge a R50 000 refundable deposit and are pre-screened. In2Assets holds monthly commercial property auctions around the country. The next Durban auction is on the 23rd of September and in Johannesburg on the 30th of September.

In2assets was formed two years ago in KZN by key staff after the collapse of Auction Alliance. It has since expanded nationally and now employs more than 28 staff in Durban, Johannesburg, Cape Town and Port Elizabeth.

The law firm Strauss Daly is a strategic partner in the company and In2assets staff and directors include lawyers, auctioneers, marketing specialists and property valuers. The company's 49 auctions have secured more than R910 million in sales revenue since it launched.

For more information contact Rainer Stenzhorn or Managing Director Hein Hattingh on 0861 444 769 or visitwww.in2assets.com.

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