ClareMart, the auctioneers, say the block has been meticulously maintained and there are existing plans for commercial and residential development.

The block consists of a basement, ground floor and another eight floors.

There is also a bridge from the building crossing the road into a parking garage opposite it. Each floor is approximately 316m2 and a 200m2 roof deck affords views of the harbour and the ocean.

There is also a manager's loft apartment.

"Prime city blocks such as this are rare, and investors should not miss out, as the opportunities presented by this building are unlimited," said ClareMart CEO Jonathan Smiedt.

"We have received a lot of inquiries about the building, due to the developments and renovations that are taking place in the CBD as investors are ensuring that city life is a trend to stay."

Marc Piotrowski, owner and director of Arkitechto, says that the building offers great potential in terms of return on investment and living standards, as the views from the top floors are "amazing".

Bidding will start on the premises, at 71 Loop Street, on Tuesday, June 15 at noon.

A preview will available for interested parties on Thursday between noon and 3pm.

"I encourage inquisitive members of the public to join us for this and other auctions, as nothing beats the magic of an auction," said Smiedt.

For further information, contact ClareMart Auction Group on 021 425 8822 or visit their website at www.claremart.com

This article was originally published on page 8 of The Cape Argus on June 05, 2004