The sector’s robust performance is evident from the number of shopping centre sales which Auction Alliance has successfully concluded this year, including Sharon Park Shopping Centre, Lenasia Square, Opera Place and Lonehill and Belair Malls.

Further evidence of this is the sale of the Taxi City Shopping Centre in Newcastle, which Auction Alliance sold for a staggering R32 million to a listed fund. According to Andrew Miller of Auction Alliance, “the sale of this centre affirms the current investor confidence within the retail sector, which is enjoying unparalleled demand on auction floors across South Africa”.

The property is situated on the corner of Allen and Kirkland Streets, on the periphery of the Newcastle CBD. The centre is situated directly opposite the established residential area of Pioneer Park and its prominent location affords it with excellent exposure from high volumes of passing vehicle and pedestrian traffic along the R34 and Terminus Street.

The centre’s anchor tenant is Superspar and also features a number of blue-chip tenants including Standard Bank, FNB, Pep, The Post Office and ABSA. The property has a projected annual nett income of R3.6m, representing a yield of 11.25%.

Adds Elias Tzouvanni of Auction Alliance, “This sale reveals a growing tendency by the market to look for value beyond metropolitan areas. Strong national tenants and location are prerequisite variables for major property buyers when looking at busy outlying towns”. 

If you would like a similar property sold or valued contact, Elias Tzouvanni on or email This email address is being protected from spambots. You need JavaScript enabled to view it. or Andrew Miller on 082 493 2362 or email This email address is being protected from spambots. You need JavaScript enabled to view it.