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Commercial properties up for auction Australian-style

Posted On Monday, 27 September 2004 02:00 Published by eProp Commercial Property News
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Australian-style multiple auctions - introduced to South Africa last year by Auction Alliance in the residential market - have now been extended to commercial property.

Property-Housing-ResidentialThe first auction is on October 14. Auction Alliance will auction five properties, which range from a hotel in Fish Hoek to a redevelopment opportunity in Cape Town's CBD.

The hotel in Fish Hoek is a three-storey building, which is within walking distance from all amenities and is described as an excellent investment opportunity.

The second property consists of seven office suites in Tyger Valley, ideal for investors or owner-occupiers.

The third, in Cape Town's CBD, is a three-storey commercial building with large, open-plan offices and original wooden floors, presenting the ideal opportunity for redevelopment, says Auction Alliance.

Another property is at the top of Hares Road in Upper Woodstock and has a sectional title register opened within seven sections ranging in size from 109m2 to 213m2.

The final property for auction is a modern industrial building in Stikland, which, although occupied, is available for immediate occupation.

"There are many advantages to the multiple auction concept," says Alon Kowen, managing director of Auction Alliance.

"Having many buyers creates competition, the advertising costs are shared and therefore significantly reduced, there is a cross-over of buyers, the high-profile public nature of an auction generates great interest, there are no on-site disruptions, and lengthy negotiations with many parties are replaced by a focused 21-day, completely hassle-free, result-producing sale."

Last modified on Friday, 13 June 2014 10:54

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