Good prices for Gauteng

Posted On Monday, 07 May 2007 02:00 Published by eProp Commercial Property News
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A 5ha development stand in Honeydew was sold and confirmed for R30m, the highest price received at the Auction Alliance multi-property auction last Wednesday, when nine properties came under the hammer.

 

Rael LevittThe attendance was good considering the auction was held between the two long weekends, and competitive bidding generally kept prices at satisfactory and in some cases high levels.

Apart from the Honeydew property, auctioneer Rael Levitt mentioned a retail centre and garage site in Industria, a retail centre at St Helena, Welkom, a retail complex in West Turffontein, a showroom in Randpark, Jozi Junction in Doornfontein and sectional title shops on Raleigh Street, Yeoville as lots that had attracted keen bidding

"Some of the prices were brilliant, and all the big-ticket lots fetched good prices, but all in all we are happy with the prices achieved," Levitt said.

The auction kicked off with the retail centre and garage site on Maraisburg Road, Industria, which was offered without reserve. Bids opened at R2m and the hammer came down on the final bid of R3,8m.

The next lot, a commercial- retail centre at 3 Perth Road, Westdene, with national tenant Auto Zone, was sold and confirmed for R2,7m at the fall of the hammer. Gross lettable area is 2540m? and gross rental income is R506695 a year.

A landmark building on Siemert Road, opposite the Ellis Park stadium, Doornfontein, attracted a lot of interest.

Bidding for the building, known as Jozi Junction, opened at R13m. The hammer came down at the last bid of R17,25m, described by Levitt "as just right".

An interesting offer was a retail building on a property covering 5445m? at 32 Turf Club Road, West Turffontein. The property, with a Business 1 and Residential 4 zoning, is described as a high-density residential conversion opportunity, and there are plans to build 18 flats on the site.

The building offers a gross lettable area of 4000m?, currently earning R1,04m a year. A hammer price of R3,5m was achieved after bidding opened at R2m.

A showroom housing a branch of Furniture City on Republic Road attracted keen bidding.

The property has a gross lettable area of 2407m? and earns a gross rental income of R1,09m. It was sold and confirmed for R8,8m.

Bidding opened at R20m for 5ha of development land on Beyers Naude Drive, Honeydew, and quickly reached R30m at which it was sold and confirmed.

"Development land in Honeydew is in demand and land values are moving upwards," Levitt said.

The property has an Industrial 1 zoning, and can be used for garage and retail businesses.

Three sectional-title shops in a building on Raleigh Street, Yeoville, were on offer. Levitt says that Raleigh Street is enjoying a retail boom.

The shops offer a gross lettable area of 635m? and a gross rental income of R570160 a year.

Bidding was competitive and a final bid of R3,9m was reached. Madden Cole

Last modified on Wednesday, 18 June 2014 14:46

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