The ClareMart Auction Group has received instructions for the disposal of two properties in Cape Town, which they will auction at their next multiple commercial property auction on February 28.

These and a selection of properties will go under the hammer at the Mount Nelson Hotel at noon.

On Main Road, Sea Point, a building with a national tenant and a current rental income of R300 000 a year will be auctioned. The 66-67 Main Road property is in a prime locality, and offers investors redevelopment potential.

"Sea Point's rejuvenation is in full swing and soon the demand for redevelopment properties will exceed the supply," Farrell Perling, sales director for the ClareMart Auction Group, said.

Perling says the property offers investors and developers a host of opportunities. "Most importantly, the property is part of a deceased estate and must be sold."

Part of the same estate, 77 Main Road, Wynberg, will also be sold on the day. It is a multitenanted shopping complex in Wynberg's retail and business hub.

This property currently yields a rental income of more than R400000 a year, and has general business B3 zoning in place.

Perling says corner property offers branding potential with its great exposure to passing traffic.

These properties are part of a portfolio of 17 prime commercial, industrial and investment properties that will be auctioned by CEO Jonathan Smiedt and his team. "We are convinced that this multiple auction will offer every investor great opportunities. We have a wide and interesting portfolio, which covers a broad spectrum of investment properties," Smiedt said.

"Our previous auctions have proved that we have perfected the recipe for attracting the right buyers for the right properties," he said.

"We are again expecting a full house."

Business Day