Commercial property market goes auction route.

Posted On Monday, 28 July 2003 02:00 Published by eProp Commercial Property News
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The Cape commercial property market is starting to follow the residential property market by using the auction mechanism as a first choice method of sale, says Auction Alliance CEO Rael Levitt.

Rael Levitt"There is absolutely no doubt that the commercial sales market is crying out for an invigorated sales solution and nothing suits the commercial market better than auctions," he said.

Auction Alliance recently disposed of Fedsure's Cavanard House, opposite Cavendish Square, for R3.1million and Thibault House in the CBD for R5m. According to the company's Cape managing director, Alon Kowen, both properties are amongst large portfolios, which the Auction Alliance group will be selling across the country.

"We have traditionally sold large numbers of commercial properties in all major South African cities and towns, but these have arisen through financial distress or insolvency," said Levitt. "Those days are over, though''.

"Auction Alliance believes that it has convinced the residential market in the Western Cape that auctions produce higher prices, within a quicker turnaround period and at lower costs," said Levitt. "Now the group is focusing on the commercial and industrial property markets."

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