Corporate Seller to offload non core property portfolio

Posted On Friday, 15 February 2013 10:31 Published by eProp@News
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On 6 March 2013, a large portion of a national property portfolio will go on auction. The portfolio going under the hammer comprises of nine properties situated in prime locations in city centres across the Western, Southern and Eastern Cape. 

The auction will be conducted by Aucor Property

Comments Mark Kleynhans of Aucor Property, ''The reason that such a large portion of this property portfolio is going on auction is that the Eastern and Western Cape properties in this particular portfolio are non-core assets. Each of the properties are in excellent condition and have been well maintained. Situated on main roads with excellent exposure and easy access, each property is tenanted by a Blue Chip client. Due to the quality of investment potential of each property, as well as the fact that each will be sold with leases in place, we have already received much interest from potential buyers and expect a very exciting auction.''
The properties on offer include the following:

In Stellenbosch, a highly sought after property situated at 40 Bird Street comprising five residential apartments as well as office and retail space will be offered. On an ERF of 1,076m², this property is a fantastic income generating opportunity due to the current tenants which include two Blue Chip companies. In addition to being fully tenanted, the location and architecture have drawn many to this property and it is expected to receive much attention on the auction floor. The projected Gross Annual Income of this property (GAI) is R2 203 461.

Situated in the CDB on the main arterial road, office space on the corner of High & Stockenstroom Streets in Worcester presents a good opportunity for those seeking a property with excellent exposure and high passing traffic. This property with an ERF size of 633m² is current fully let (also to a Blue Chip client) and well maintained. The property comprises reception areas, individual offices, open plan offices, kitchens and communal ablutions. It will be sold with leases in place until December 2014 (GIA R921 908).

In Vredendal, a property situated on the corner of Church & Matzikama Streets in the CBD will go on auction. This property comprises an office block, an apartment, retail space and three lockup garages (projected GAI R388 403).

Vredenburg, considered the business and administrative hub of the South African West Coast, is 130km north of Cape Town. Here a property situated on the corner of Main and Bree Street will be offered under the hammer. The property of 1,189m² offers exposure directly onto the main road which has high volumes of pedestrian and vehicle traffic. The property comprises two shops and five flats, of which two are bachelor flats, two are one-bedroom flats and one two-bedroom flat (projected GAI of R590 000).

A large office block of 1,663m² in Paarl will also be offered on the auction floor. The property is located on the corner of Main and Hout Streets and comprises reception areas, individual offices, open plan offices, kitchens, 16 shaded parking bays and communal ablutions (projected GAI R1 353 944).

Two properties in the Eastern Cape form part of the portfolio. In Queenstown, a three-storey building comprising retail and office space will be offered on the auction floor. The property is currently tenanted by a blue chip tenant, an optometrist, a doctor's surgeon and a pharmacy (projected GAI R810 000). The building is situated on the very busy main street through Queenstown and has secure parking onsite. The second Eastern Cape property is on the corner of King and Fuller Streets in Butterworth. With an ERF size of 1,322m², the property is large and offers excellent exposure to passing traffic. The property, which has generous parking facilities, comprises office space which is tenanted by a blue chip company and an attorney's office (projected GAI R1 339 153).

Along the Garden Route in George, retail and office space as well as a parking area will be auctioned as one lot. The first portion (ERF 1586 of 679m²) comprises offices and retail space while the second (Erf 7154 of 935m²) offers undercover parking for 26 vehicles (projected GAI R1 302 998).

In Durbanville, a large property of 2,238m² will go under the hammer. Comprising of office space, the property has attracted much attention due to the size, position and current tenant agreements in place. The building has been built in an L-shape with covered parking and office space on the ground floor. The property also features reception areas, individual offices, open plan offices and kitchens (projected GAI R1 948 830).

''We are extremely excited to take this property portfolio to auction as each property has prime positioning and exceptional tenant agreements in place, mostly with Blue Chip tenants. We have no doubt we are in for a busy auction,'' concludes Kleynhans.

The Auction will take place on Wednesday, 6 March 2013 at 12h00 at the Rockwell Hotel, Prestwich Street, Green Point, Cape Town.

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Last modified on Friday, 15 February 2013 10:46

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