'Auctions are becoming the preferred method of sale'.

Posted On Monday, 07 April 2003 02:00 Published by eProp Commercial Property News
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Auction sales of commercial and industrial property in Cape Town seem to be following international property trends as a preferred method of sale, says Auction Alliance chief executive Rael Levitt.

Property-Housing-Residential

"Local sellers are increasingly using auctions as an accelerated method of effectively realising true market value," he says.

While the widely known Australian auction model has set an international benchmark for commercial property sales, Levitt says, auctions are widely used by institutional and private sellers in the United Kingdom, the US and Germany.

"Commercial property buyers quickly adapt to the auction method and the days of auctions being viewed only as a last desperate attempt of liquidators and financial institutions are long gone," says Levitt, whose national company has been at the forefront of advocating auctions as a first- choice method of sale.

Auction Alliance has sold commercial and industrial properties in Vasco Boulevard, Goodwood and Epping Industria. "We were recently commissioned to take three privately owned commercial/industrial properties to auction in the Epping Industria and Beaconvale areas," says Levitt, whose company will be selling twelve commercial and industrial properties.

A review of the recent auction pages reflects a number of non-forced industrial and commercial sales, he says, "and while in the Cape, the residential property market has embraced auctions as the best method to dispose of up market real estate, a similar trend is developing in the commercial/industrial property market".

Last modified on Tuesday, 10 June 2014 14:46

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