Orion sells C-grade City Deep property for R16m

Posted On Wednesday, 13 November 2013 08:21 Published by
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Orion says its subsidiary has agreed to sell Erf 57 City Deep Ext 1 Township and Portion 1 of Erf 58 City Deep Ext 1 Township to City Deep 4X4 Commercial Spares for R16m.

Franz GmeinerOrion Real Estate (ORE) said on Tuesday that its subsidiary‚ Ixia Trading 532 Pty Ltd‚ had agreed to sell Erf 57 City Deep Ext 1 Township and Portion 1 of Erf 58 City Deep Ext 1 Township to City Deep 4X4 Commercial Spares for R16m‚ to be settled in cash.

Orion said the property was graded C‚ and internal and external renovation was required‚ particularly on the refrigeration in the building. The cost of the renovation would not be able to be recovered through rental increases. The property is 80% vacant and is the only property owned by Orion in that particular area. “The board is of the opinion that the offer received presents a good opportunity to sell the building and apply the proceeds to acquire property with a better yield‚” it said.

Last modified on Wednesday, 13 November 2013 08:37

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