PINE Lake Marina Holiday Resort on the Swartvlei on The Garden Route was sold recently for R118m by Van Rensburgs Auctions.

It was bought by a consortium of investors, and sold as a going concern, inclusive of all its moveable assets.

The resort — developed in 1986 and sold on a timeshare basis — has been awarded gold crown status by RCI International, one of the largest brokers of timeshare trades.

Pine Lake Marina covers an area of 9,3ha, with direct 200m Swartvlei frontage.

The resort has 185 accommodation units as well as infrastructure such as an administration block, staff housing, a clubhouse, four swimming pools, tennis courts, games room, a squash court, putt putt course, a restaurant with a bar, a laundry, a salon and a shop, and water sports facilities. Auctioneer Louis van Rensburg, of Van Rensburgs Auctions in George, conducted bidding, which began at R60m.

“Everybody seems to be very happy with the outcome. It again emphasises the demand for excellent properties on the Garden Route,” Van Rensburg said afterwards.

Source: Business Day