Makhado centres take top honours

Posted On Friday, 23 April 2010 02:00 Published by eProp Commercial Property News
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RETAIL centres in Makhado (Louis Trichardt) took top honours at the Auction Alliance property sale on Wednesday, with the 40 lots under the hammer fetching good prices.

 

Rael Levitt“There was a lot of bounce and activity, and a lot of active buyers. There is life in the market and we are delighted with the results,” auctioneer Rael Levitt said.

“The property market is in a mode of recovery in an environment where interest rates are low and property prices are low. So it’s cheap to buy and cheap to borrow.

“For buyers the window of opportunity is open.”

In top spot was the Shoprite Mall in Makhado, which fetched the highest bid of R28,5m. The mall comes with a head lease until 2015, a gross income of R2,5m a year and a gross lettable area of 8090m²

Two other retail centres were on offer in Makhado. A Metro Cash retail block on Rissik Street, with a gross lettable area of 4990m² and an income of R2,4m a year, was knocked down for R9m. A retail centre on President Street with a gross income of R3,7m a year fetched R22m.

Also in demand was the Mosaic shopping centre in Jan Niemand Park, Pretoria, with a gross lettable area of 2113m², that was knocked down for R4,25m.

A 14871m² industrial site with a gross lettable area of 8910m² in Village Main fetched R7m. A multi tenanted retail and industrial park in Anderbolt hit R24,5m, the second highest bid. It has a gross lettable area of 18516m² and a gross income of R9,05m a year.

In Rustenburg, an office and retail block with a gross lettable area of 5748m² and projected gross income of R4,58m was knocked down for R20,5m.

In Pretoria, an office block with a gross building area of 4990m² on Belvedere Street in Arcadia received a top bid of R18m, while a lot consisting of offices in three buildings with a gross building area of 703m² in Colbyn was withdrawn.

Five buildings on a 2

An art deco office and retail building, dating back to the 1930s, on Princess Avenue, Benoni, fetched R2,25m. The building, with Ellerines Furnishers as a tenant, has a gross lettable area of 3089m² and an income of R630210 a year.

Three blocks of flats in Rosettenville were a prominent feature at the auction and sold for between R1,2m and R1,5m. They are Violet Court on Violet Road, with 10 flats and a gross income of R309000 a year; Airsdale Court on Lawn Street, with 10 flats and a gross income of R355000; and Adelphi Court on Law Street, with six flats and a gross income of R180000 a year.

There was active bidding for a wedding venue in Lynnwood with a gross building area of 756m² A bid price of R3,35m was received.

Last under the hammer was an impressive mixed-use industrial and commercial building with a gross lettable area of 17393m² on Madison Street in Jeppestown. Described as ideal for residential conversion, the building fetched R9m.

At the Platinum residential auction earlier on Wednesday, a 720m² house with four en-suite bedrooms in Northcliff was sold and confirmed for R4,6m.

Other lots included a thatched house in Rivonia, with three bedrooms and three bathrooms, that fetched R2,2m. A large home in an enclosed estate in Rynfield, Benoni, was knocked down for R2,8m. The house has four reception rooms, four bedrooms and three bathrooms.

Last modified on Wednesday, 11 June 2014 09:21

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