One day before the auction of the Wheel

Posted On Tuesday, 08 November 2005 02:00 Published by eProp Commercial Property News
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One of Kwa-Zulu Natal’s most well known landmarks will come under the hammer at an auction conducted in Johannesburg on the 10th of November.

Property-Housing-ResidentialThe 27 192 square metre Wheel Shopping and Entertainment Centre was built in the late Eighties and quickly became a popular landmark near Durban’s South beach.

With its distinctive architecture over 7 levels, it was one of the largest shopping centres in Durban and became part of the sea side resorts entertainment offerings. Blue chip tenants such as a Ster Kinekor Movie Multiplex, Spur, Pick n Pay and other national companies took space in the building. Several of them are still in the Wheel and have seen the centre do a full 360 degree from a modern building, into a largely vacant abandoned shell, back into a revitalised complex near Durban’s rapidly revitalising Point node.

By the mid 1990’s, not long after The Wheels initial development, Durban’s seaside business district quickly deteriorated together with many of the country’s traditional central business districts. In Durban, business, shopping precincts and commercial activity fled north to Umhlanga where several shopping centers including Old Mutual's Gateway Mall was developed.

The recent development of Ushaka Marine and the multi-Billion Rand Point Development have generated huge activity around the Wheel. The current owners have extensively renovated the centre and have attracted leading tenants including Mr. Price, Diskom, Truworths and Identity. With its modern and attractive refurbishment and an annual income of over R8million the auction has been attracting interest from around the country.

Prospective buyers can capitalise on the revitalisation of the CBD area in Durban as this is an opportunity of a lifetime for anyone with business savvy to buy this centre and unlock further value, through letting of vacant space.

Due to strong demand from Johannesburg property developers and funds, the sale will be held at Johannesburg’s Rosebank Hyatt Hotel with a nationwide web cast auction where bidders can participate from venues in Cape Town and Durban. This is a first for the auction industry in Southern Africa, where bidders can bid from multiple locations at the same time.

For more information contact 011 805 0400 or visit www.auctionalliance.com.

Last modified on Wednesday, 18 June 2014 09:19

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