And yes, taking into consideration the high conversion rates and stellar results achieved at recent auctions as well as the small talk in the foyers just prior and after these auctions, one is confidently led to believe that markets and sentiment are gaining momentum and are showing positive signs towards a recovery.
Further evidence of this is the anticipation that is building towards Alliance Group’s next commercial auction, which is set to take place on October 13 at the One&Only Hotel in Cape Town’s V&A Waterfront. The Multiple Auction, one of the group’s biggest yet in the Mother City, boasts quality stock from across the peninsula and further-lying regions such as Vredenburg and Paarl, with a total estimated value of R350 million.
The amount and quality of stock on offer is a clear indication that the auction mechanism has gained favour as the preferred method to buy and sell property. Savvy investors have woken up to the idea that now is the time to acquire commercial property and/or reshuffle and build on their portfolios to capitalise on market growth, as the window of opportunity is closing.
Two of the prime properties which Alliance Group will be taking to auction are located in Heerengracht Street and Long Street. Both of these buildings offer incredible investment potential with retail units on the ground floors and the rest comprising office space.
The property at 14 Long Street is situated on a site area of 1420m² and boasts a GLA of 9831m². Bound by Long Street, Riebeek Street, Waterkant Street and Sea Street, the property covers an entire block and enjoys excellent exposure to pedestrian traffic. It has a convenient location in the centre of the financial district and all the desired amenities and necessary public services are located within walking distance of the property. The major arterial routes within the CBD are also located within a two block radius.
“In light of our recent successes achieved with CBD properties we are really excited to offer prospective bidders great opportunities such as these,” quips Ryan Joffe of Alliance Group.
The second property, Fountains Place, located at 1 Heerengracht Street, occupies a site area of 681m² with a GLA of 5588m². The subject property is situated on the corner of Hans Strijdom Avenue and Heerengracht Street, positioned adjacent to the fountain. Access to the property may be achieved via both Hans Strijdom Avenue and Heerengracht Street, which provide easy access to all the main arterial roads in the CBD. Access to the N1 and N2 freeways is also easily achieved off Heerengracht Street or alternatively Hertzog Boulevard.
The property benefits from its central location in the CBD as it is in close proximity to all amenities and major properties in the central city, including the CTICC on the Foreshore, the V&A Waterfront, Cape Town Station, Cape Quarter, as well as Kloof Street and Somerset Road.
Comments Gareth Currie of Alliance Group: “In the past it has been seldom that CBD opportunities such as these have come onto the open market. With the auction mechanism fast becoming the preferred method of sale we will continue to bring these opportunities to the auction floor.”
