Queens Garden Hotel fetches R55m

Posted On Friday, 27 February 2009 02:00 Published by eProp Commercial Property News
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THE sum of R55m was paid for the Queens Garden Hotel in Berea, Johannesburg, at a property auction yesterday.

 

Property-Housing-ResidentialThe well-attended auction was held by Aucor at the Inanda Country Club.

“There was strong bidding today and only one or two bids won’t be accepted,” auctioneer Eddie Winterstein said.

“Vacant land is difficult to sell. We’re giving it away. But it’s a funny market.

“Outside of Johannesburg, properties are not in great demand, but the buyers are there for properties in Johannesburg. I don’t know what to make of it, but I’m happy with the results today.”

Paul Winterstein of Aucor said the auction attracted keen interest and there were at least 50 serious inquiries before the auction. “We even had a buyer from Australia,” he said.

The Queens Garden Hotel, formerly the Protea Grand Hotel, was one of seven multi storey buildings in Berea that were among the lots offered at the auction, which all attracted seven- or eight-figure bids.

Bidding for Queens Garden Hotel, a recently refurbished hotel with 352 rooms and conference facilities at 38 Soper Road, moved up quickly after the opening bid, to close at R55m. The hotel has a restaurant and conference facilities.

Other buildings in Berea were blocks of flats: The Ridge, Kirribilli, Selwood, Graceland, Balnagask and Coronia .

The Ridge, with 254 flats and a ground-floor retail component at 14 Abel Road, fetched R20m. Graceland, a residential and retail block at 12 Soper Road, sold for R12m. The building is well let and offers a good return.

Selwood, with 46 units at 146 O’Reilly Road, sold for R10m. The building has a sectional title register open.

The fourth block of flats, Kirribilli, at 20 Soper Road, has seven two-bedroom flats, 18 one-bedroom flats and three bachelor flats. It received a closing bid of R5m.

Bidding for Balnagask, a 14 storey building with 182 units, opened at R20m and closed at R40m after fast bidding.

Last of the Berea lots was the Coronia, on Tudhope Road. The building, offering 437 units, received a closing bid of R31m.

Other multistorey buildings to come under the hammer were a six-storey building in Johannesburg and a retail and office block in Pretoria North.

The former, at 49 Commissioner Street, an office block with approved plans for conversion to 24 flats, fetched R1,8m.

The latter, which has a government lease until 2015, received a closing bid of R7,5m. The building has a gross lettable area of 2 364m² and a gross income of R1,27m a year.

A five-star boutique hotel in Emalahleni (Witbank), a conference, wedding, spa and wellness centre, easily attained a hammer price of R9,5m. The hotel was sold as a going concern.

Residential and development land was on offer at Wadeville and Klipoortjie, Boksburg. The industrial land in Wadeville covers 31455m² and sold for R5,5m.

The 8,2ha of residential land in Klipoortjie, which will have about 300 stands on completion of subdivision, fetched R6,1m.

The auction kicked off with a factory/warehouse in Devland. The property has a gross lettable area of 1000m² on a 1250m² erf. The property sold for R900 000.

More was paid for a building accommodating offices, shops and a warehouse. The fully let building has a gross income of R240 000 a year and fetched R1,35m.

Fully let retail outlets with a gross income of R78 000 a year on a 496m² stand in Rosettenville sold for R600 000.

Residential land was available in Witpoortjie and Petervale. The former, measuring 7 895m², sold for R1,3m, and the latter, measuring 5 036m², fetched R1,75m.

A factory and office building with a gross lettable area of 820m² in Primrose received a closing bid of R900 000. It was available immediately.

There was no bid for a retail and apartment building in Nylstroom/Modimolle.

Last modified on Wednesday, 18 June 2014 18:57

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