Rural properties draw bidders

Posted On Friday, 19 September 2008 02:00 Published by eProp Commercial Property News
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Commercial buildings fetch lower than expected prices, but the market seems to be improving.

Property-Housing-ResidentialCertain lots at the Aucor commercial property auction on Wednesday received eight-figure prices, with out of town properties dominating the vendor’s role.

Auctioneer Eddie Winterstein said though some prices were lower than expected, he felt that the market had picked up since the previous auction.

“Generally I’m happy. We had a good selection of properties, which encouraged a good turnout. There definitely seems to be more confidence here than in the US at the moment.”

Interesting offers were two egg-and-hen rearing farms in Kroonstad and Klerksdorp. The former, on 99ha, has 15 hen houses, with a 126 000 hen capacity. The latter has nine hen houses and six rearing houses on 98ha, as well as a 460ha fenced game farm plus cattle and cropping facilities.

Both farms were sold as going concerns for R15m and R33m, respectively.

A Margate property on Marine drive, plus a block of 10x2 bedroom flats and four shops, sold for R6,5m. An attractive offer was a house in Fancourt, with three en-suite bedrooms that fetched R4,5m - a price Winterstein said was disappointing.

A seven-storey block of flats, with a retail component on Kotze Street in Hillbrow, fetched R3,325m.

Two guesthouses, offering wedding venues and conference centres, were for sale in Vanderbijlpark. Ingwe Lodge on Stokkiesdraai Road, with its 21 en-suite rooms and eight cottages sold for R9m. Little Ingwe, on 4,23ha at Lindequesdrift, with 16 en-suite rooms and conference facilities, sold as going concerns for R5,5m.

Two shopping centres came under the hammer. One on Kloof Road, Bedfordview, with a gross lettable area (GLA) of 2 600m², sold for R23m, and other on the main arterial route in Mafikeng, with a GLA of 1 464m², sold for R5,5m.

A townhouse complex, fully sectionalised, with 6x2 bedroom duplex units and 2x1 simplex units in Berario, Northcliff, was sold as one lot and fetched R4,45m.

On offer at 77 Oxford Road, Saxonwold, was a business property with 620m² improvements on a 1 983m² stand. The property fetched R3,55m.

Two properties in Hermanstad, Pretoria, came under the hammer. A complex of five factories sold for R2,75m, and a warehouse on Van der Hoft Road, with grade-A offices, has a GLA of 1 528m² for R3,5m.

Other properties included offices and a warehouse on Pretoria Main Road, Wynberg, and a service station property on Rabie Street, Randburg.

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