Irish consortium buys CBD building

A TURN-OF-THE-CENTURY building on the corner of Adderley and Longmarket streets was sold on auction to an Irish consortium on Thursday.

Auction Allaince says the new owner posted the highest bid at R2.95 million.

The buyers were tight-lipped about their plans, but it is speculated that the building may follow that area's residential redevelopment trend.

This sale comes hot on the heels of the disposal by the same auction company of a Thibault Square building for R5m.