Two sectional title shops in Umhlanga’s town centre are set to become the first Kwa-Zulu Natal commercial properties to be auctioned online.

The same team that brought SA the successful commercial and industrial property portal, www.eProp.co.za, is using these prime investment properties to bring their online auction service to KZN. This innovative new service offers investors a convenient way to bid for commercial investment properties online.

The two shops are situated in Chartwell Centre in the heart of Umhlanga. According to Frank Reardon, eProp’s managing director, the units of 89sqm and 84sqm, represent a solid income generating investment opportunity with 3 and 4 year leases in place, respectively.

“The online auction is the ideal way to arrive at a market related price for both buyer and seller and opens up the sale to potential investors country-wide with minimum cost and hassle factor,” he adds.

“While the online auction method is brand new, it appears to be gaining acceptance very fast judging from the response to our first auction of a Randburg property, the sale of which is currently being finalized. Umhlanga has always been a high demand destination, coupled with positive plans for the redevelopment of a new-town in the upmarket resort, we believe that this auction will also attract very good interest.”

Bidding for the units is open to all registered bidders who can register online at www.propertyauctions.co.za .”Both sellers and buyers are legally bound by the outcome of the auction, unlike traditional property auctions which can tend to favour the seller,” comments Reardon. The auction opens for bidding this week (1 August, 2005).

Reardon comments that that there has generally been a very positive reaction from potential buyers and sellers since the announcement of the opening of PropertyAuctions.co.za. “Mobilising our existing online community of property investors and practitioners allows us to deliver this service to sellers in a cost effective way. “ 

The site is partly a response to the high fees commanded by conventional auctions, sometimes up to 15% of the sales price. Online sellers need only pay a small registration and listing fee plus 1% commission payable on a successful sale. While buyers simply pay a small annual registration fee and no commission on purchases.

“It also keeps auctions straightforward, favoring neither buyer nor seller who operates in a less pressurized environment than a traditional auction.”

Reardon believes that the mode of auction will achieve better prices for all involved. More information on the Umhlanga properties may be found at www.propertyauctions.co.za

Enquiries contact Frank Reardon 0832849119.
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