A LANDMARK piece of real estate on the East London beachfront – Dolphin View Lodge – went under the hammer this week.

The lodge, in Seaview Terrace, Quigney, attracted a top bid of R8 million, but it was not clear by whether the sellers had accepted the bid.

The property has unobstructed views of the Indian Ocean, but despite its prime location, the turnout was disappointing, said auctioneer Dennis O’Connor.

The lodge was placed on auction by owner Katherine Muller who is relocating to Bedford to pursue other business interests after seven years’ running the lodge.

O’Connor presided over three auctions to see which one would fetch the highest amount: the going concern minus removable items, the individual properties which make up the whole complex and the complex as a whole.

Two of the five properties received bids of R1.5m and R1.2m.

“The bidding is open for the next seven days and no final decision has been made yet as to whether the seller will sell the property as a complex or sell to the bidders of the different units,” said O’Connor.

Property and equity investment company, True Group, put up the largely uncontested R8m bid for the entire complex.

Executive director, Mtheza Buya, said the company was setting its sights on investing in the East London beachfront, but added it would be premature to announce what the firm would like to do with the property. “We’ve already invested heavily in the East London beachfront and we would want to tie this property into our overall investment strategy,” said Buya.

“Currently, the offer is subject to acceptance by the seller. We will put together a technical team consisting of architects and engineers who can advise us as to how we can best utilise the property if the seller accepts.”

The company’s property portfolio extends beyond East London to cities such as Durban, Port Elizabeth, Johannesburg and Cape Town.

Buya said the face of the East London beachfront would take on a new shape as the previously neglected area of Quigney was getting a facelift.

“The Buffalo City Development Agency is doing well in developing the beachfront. It has become an attractive area in which to buy and upgrade as the potential for business and tourism increases,” said Buya. - By SIYA MITI

Source: Daily Dispatch