A nightclub, a sushi bar and a bistro were among a selection of commercial, industrial and residential properties coming under the hammer at the Aucor multiproperty auction at Gallagher Estate on Thursday.

The spotlight, however, was on industrial and commercial properties, which attracted serious bidding.

Auctioneer Eddie Winterstein said afterwards that he was generally satisfied with the auction, considering the present state of the economy and the unrest in recent weeks.

“The main thing is that we still got sales. The guys who regularly bring properties to the market are still there, but the big investors are holding back. Apparently they expect the market to pick up late next year when they will be active again.”

The property of the day was prime industrial premises on 3966m² at 26 Meson Road, Electron. Improvements of 4567m² include two adjoining buildings and a loading dock.

Bidding opened at R5m and the hammer came down on a final bid of R6,5m, which Winterstein said was satisfactory.

A BP service station with land in Carletonville, bringing in R70000 a month from operations, sold for R3m after an opening bid of R2m. Among other businesses on the premises are a convenience store and a bar and bottle store, bringing in good income streams.

In Wilropark, Roodepoort, a multi-use residence described as a “nice little property” sold for R1m.

There were no bids for a commercial and business property in Alberton, but a restaurant and bar in Hillfox, on the West Rand, fetched R650000, and a car lot on a 1416m² stand on Victoria Road, Germiston, attained a knockdown price of R600000.

Bidding was brisk for an industrial property in Wynberg and bank space with an office component in Booysens.

The Wynberg property, on Louis Botha Avenue, with offices and store room on a 5575m² erf, sold for R3,6m after an opening bid of R500000. The Booysens building, with a gross lettable area of 2184m², and owned by Absa Bank, fetched R2,3m.

There were no takers for a sushi bar in Bryanston and a nightclub in Khutsong, but two stands and two houses, described as “an exceptional property” next to the Eye of Africa, easily received a top bid of R5m. The 17ha property has a dam and improvements of 1804m²

Source: Business Day