Commercial properties of over R115 million sold to investors in terse auction event

Posted On Tuesday, 13 November 2012 15:03 Published by eProp Commercial Property News
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The High Street Auction Co sold commercial properties of over R115 million at Summer Place in Hyde Park on Thursday 8 November.

Property-Housing-ResidentialDirector and lead auctioneer of The High Street Auction Co, Joff van Reenen, auctioned off seven of the eight lots at the auction.

CEO of The High Street Auction Co Stephen Meyer said with satisfaction, "We had a good selection of commercial properties going under the hammer and predicted a successful outcome."

High St multiple property auctions are quickly becoming the preferred method of sale with a quick turnaround time. "It's an exciting way of doing business with a marketing and sales process of a mere four weeks," said Meyer.

In agreements where sellers' terms and conditions were non-negotiable, buyers engaged in competitive bidding which kept bid assistants on their toes, and van Reenen expertly tying up serious buyers.

Prime properties on auction included the fully let 9250m² Bloemnel Shopping Centre in Vryheid KZN, with a gross annual income of R7.9million. The centre was sold for R70 million with a starting bid of R30million.

The "Struktura", a ±4500m² commercial government and national tenanted building situated corner Church and Hamilton Street in Arcadia was sold pre-auction for R41 million to one of the listed property funds.

Liquidation sales included a double storey family home in Parkmore with bids opening at R1.5million and closed at R2.325million; a 2000m² three storey building in New Doornfontein closed on a bid of R1million; and a 467m² stand, zoned for business development, opened at R100 000 and closed at R400 000.

A 7387m² industrial storage facility in Selby with an opening bid of R6million was not sold, investors are welcome to contact High Street Auction Co to enquire about the property.

Sales director of The High Street Auction Co, Nick Pretorius said, "High Street's next auction is on Thursday 29 November, with 25 lucrative properties going on auction which will attract another plentiful crowd."

South Africa's auction industry has seen impressive growth in terms of market share and asset inventory and this past successful event is a clear indication thereof.

With a team of highly qualified property professionals, auctioneers and business development managers, The High Street Auction Co drives value and results through their extensive network of sellers and buyers, effectively marketing the right properties at the right time, to the right investors.

Last modified on Friday, 30 May 2014 12:34

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