Bidline sees signs of an improving market

Posted On Friday, 12 September 2008 02:00 Published by eProp Commercial Property News
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The Sheppard Boutique Hotel in Nelspruit and a default auction of a block of flats in Boksburg were among the properties that came under the hammer at the Bidline auction at the Inanda Club on Tuesday, in a market that showed signs of improving.

Property-Housing-Residential

“Overall prices were good and I expect more than half the sales will be confirmed,” CEO James Dall said. “The market seems to have improved since our last auction.

“Residential properties are still down, but houses are selling at the right prices. We expect a lot of houses to come under the hammer at our next sale.”

The plum property undoubtedly was the Sheppard Hotel. It has 20 suites, conference facilities and a restaurant for use by residents. The hotel has a high occupancy rate and advance bookings have been received three years ahead, mainly for tour groups and businessmen.

Auctioneer Chico da Silva said it was being sold with “bells and whistles”, and after an opening bid R10m keen bidding pushed up the price to R18,8m.

“We expected a little more and although the price was slightly below the reserve, there is a good chance that the sale will be confirmed,” Dall said.

Following the default of the previous buyer, the block with 45 flats and three shops in Boksburg was offered again at the auction. The building, near the civic centre, is fully let.

Described by Da Silva as “a magnificent building”, bidding was competitive and the hammer came down on a final on price of R4,5m.

Factories were on offer in the Knights-Germiston area. A mini factory at 2 Myrna Road offers a double-volume building with a gross lettable area of 455m² It sold for R900 000. A factory complex with three interlinked factories with a gross lettable area of 2 101m² on Robertson Road sold for R3,5m.

A modern factory and offices in the Driehoek-Germiston area came under the hammer. The factory on Sharland Street with an industrial three zoning and a gross lettable area of 2185m² sold for R5,6m.

The 6 716m² residential land in Newmarket, near the Lemon Tree shopping centre, attracted keen pre-auction interest and fetched R3,7m.

Last modified on Thursday, 12 June 2014 15:48

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