Listed Group to Auction Off R200m Noncore Properties

Posted On Saturday, 04 March 2006 02:00 Published by eProp Commercial Property News
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AUCTION Alliance will conduct one of the country's largest property portfolio auctions next month, with a R200m multiple commercial property sale.


Auction AllianceThe portfolio is held by a leading listed property funds, and the auction parcel represents their "noncore" properties.

"This portfolio gives commercial buyers a chance to pick up retail properties with great returns," says Mark Kleynhans of Auction Alliance.

The feature property of the auction will be the Horizon View Shopping Centre on the corner of Ontdekkers Road and Sonop Streets, Roodepoort. The property  ffers a mix of retail and offices and has a total lettable area of 19845m'. The centre has long-standing tenants such as the South African Revenue Services (SARS), Mr Price, Friendly Grocer and The Spur.

In the Johannesburg central business district are two prime opportunities, the first being 50 Fox Street with a gross lettable area of 3584m'.

The building is vacant and is ideal for either a residential conversion or to be used as offices. The property is in the heart of the mining precinct.

The Du Barry Centre at 270 Marshall Street is a multistorey industrial property that has a gross lettable area of 21297m' of which 7035m' is vacant. The balance of the property is well let to long-standing tenants and forms part of the diamond district.

East Rand investors have an interesting mix of retail and commercial opportunities. In Benoni the Nedbank and Perm Buildings are on offer.

The Nedbank Benoni building, at 26 Tom Jones Avenue measures 1244m' of which 942m' are occupied by Nedcor until June next year. The Perm building at 47 Princess Avenue measures 1782m' and Nedcor's lease also expires on May 31 next year.

The old Perm Boksburg building at 310 Commissioner Street measures 1655m' and is occupied by Lubners until March 2010.

The old Perm building in Springs at 73-75 3rd Street, which houses the Receiver of Revenue, measures 2011m'. The property is fully let to SARS until the end of December 2009.

In Kempton Park, just off Barbara Road on the corner of Neserton Drive and Isandoville Road is the Isando Junction, home to many local restaurants and eateries. The property is fully let and measures 1630m'.

In Randburg, Prospecta building on the corner of Hans Strydom Drive and North Road is well let and has a mix of retail and offices. TML House, Randburg, located along Hendrik Verwoerd Drive is also up for auction.

The property consists of offices and ground floor retail let to Hi Q Tyres. The commercial component measures 4677m' of which 3450m' is vacant, ideal for a potential owner-occupier or a sectional title conversion.
In Pretoria, 176 Schoeman Street is a fully let commercial property measuring 1553m'.

"Good stock is tightly held and this auction presents an unusual opportunity for the investor to get into the market," says Kleynhans.

The auction takes place at the Hyatt Hotel in Rosebank on April 12 at 11am. For more information call 0118050400.

Last modified on Wednesday, 18 June 2014 09:51

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