New Bellville office park to be sold on auction

Posted On Sunday, 15 June 2003 02:00 Published by eProp Commercial Property News
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It is extremely rare that nearly an entire office development in the heart of Bellville is up for sale by public auction says Johathan Smiedt of ClareMart Auctioneers.

 

Johathan Smiedt A new sectional title office park in Bellville, Petrusa Park, is selling 11 of its 15 units on Wednesday. Jonathan Smiedt, chief executive of ClareMart Auctioneers, says it is extremely rare that nearly an entire office development in the heart of Bellville is up for sale by public auction.

"It is the first time that a development of this value is going on auction in Bellville. We have seen immense interest from potential buyers who want to acquire small units for office use," said Smiedt. He predicts that bidders will be individuals and companies who will want to pick the units up on an owner- occupant basis.

Smiedt says buyers are attracted, firstly, to the location of the development. Situated on Bill Bezuidenhout Drive, one of the main roads feeding into the Bellville CBD, the units are exposed to major passing trade. New tenants will find themselves in the centre of Bellville's shopping precinct with retailers and restaurants within walking distance.

Smiedt says properties on this side of Bill Bezuidenhout Drive are offering better value compared with existing developments in Durban Road. But the area has seen both residential and commercial developments mushrooming, resulting in an increased number of tenants across the board. The 11 Tuscan-styled units have floorspace ranging from 90m2 to 140m2 with all of the units offering exclusive use of their respective parking bays.

The layout of the development is such that the units form independent "mini-developments", giving tenants a sense of being secluded from their neighbours.

The developers, Bellmall Properties, opted for the auction route because it's a "good method of sale". The auctioneers will decide on the day whether the Petrusa Park units will be submitted for sale collectively or individually. Bidding starts at 1pm on Wednesday, June 18. The property may be viewed on June 17 between noon and 3pm.

Last modified on Tuesday, 10 June 2014 14:58

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