Hijacked owner dumps property

Posted On Friday, 14 October 2005 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

George Palmer, one of Johannesburg's first big investors in inner-city residential property, is about to sell most of his portfolio.

Taffy AdlerThis is after flat hijackers last month assassinated two of his property managers. 

Johannesburg Housing Co (JHC), a non-profit social housing organisation, is believed to be buying 1 400 flats owned by Palmer's company, Connaught, for R90m.

CEO Taffy Adler says: "We are currently negotiating." 

The purchase, if it goes through, will make JHC the largest residential property owner in the city - and probably the country - with 4 000 units, most of them newly built around the fringes of the central business district.

The next-biggest owner is Ithemba Trust, with about 2 500 flats.  At less than R65 000/flat, the purchase may seem a bargain.

But Palmer, who started buying properties in the mid-1990s, kept them in less than pristine condition.

Tenant unhappiness with the condition of their homes was one of the main reasons Palmer's properties were targeted by hijackers.

JHC will probably have to spend more than R10m upgrading the flats.

The assassinations have at last galvanised inner-city police into action.

They have formed a task team dedicated to dealing with property hijackings.

Park Mews, the Connaught block from which hijackers killed Palmer's property managers, has since been taken back by a combined force of police, metro police and inner-city task force ("Red Ants") - and the invaders have been ejected.  



Last modified on Saturday, 17 May 2014 12:09

Most Popular

Kommetjie master plan development on the cards

Jul 11, 2020
Cape_Farm_1529_Preferred_Layout
A new mixed use development is being planned near the landmark Imhoff Farm in Kommetjie,…

Redefine Properties appoints Diane Radley to board of directors

Jul 21, 2020
Diane_Radley
JSE-listed diversified Real Estate Investment Trust Redefine Properties (JSE: RDF) has…

Will the repo rate hold or fall? Experts divided

Jul 13, 2020
South African Reserve Bank
Experts are divided on whether the South Africa Reserve Bank (SARB) Monetary Policy…

Commercial Rental Market Survey sees declining market activity and rising vacancy rates in Q2 2020

Jul 10, 2020
John_Loos_fnb
In this report, we discuss the 2nd quarter 2020 results of the rental market component of…

Lower house prices in the Western Cape behind renewed interest from first-home-buyers

Jul 16, 2020
Carl Coetzee CEO of BetterBond
Property in the Western Cape is regarded by many as among the most expensive in the…

Please publish modules in offcanvas position.