A few gems, nostalgia and some desultory bidding

Posted On Monday, 03 April 2006 02:00 Published by eProp Commercial Property News
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Aucor's commercial and industrial auction last Tuesday started off with the offer of a small retail centre in Benoni, and ended with the multimillion rand sale of a shopping complex in Sandton, while a short nostalgic interlude for auctioneer Eddie Winterstein featured in between.


Property-Housing-ResidentialThe plum property of the auction was the Wendywood suburban shopping centre with 39 tenants, including restaurants, post office and medical practitioners. The price moved up from R10m to R20m and then to the closing bid of R26m.

The sale of the retail centre at 20 Princess Avenue in Benoni, reminiscent of the old corner shop catering for surburban shoppers in earlier years, started off quietly with an opening bid of R300,000 and was knocked down for R475,000.

In complete contrast was the next lot on offer, a 13-storey retail and wholesale centre on the corner of Jeppe and Von Wielligh streets in the Johannesburg central business district, which can be claimed to be one of the few if not the only of its kind in SA. The building, which stands in what once was regarded as Johannesburg's Harley Street, has shops and small wholesale businesses operating on each floor in converted former doctor's rooms.

The building, which has a net income of R2,4m a year, attracted an opening bid of R5m and moved up rapidly to R9m where interest flagged. Although Winterstein described the bid as not a suitable offer for such a property, no further offers were received.

Bidding got off to a slow start for light industrial and retail complex at 205 Bosworth Street in Alrode. Although described as a good letting enterprise with a gross lettable area of 1398m², an opening bid of only R500,000 was received and moved up to a hammer price of R1m.

Klamson House described by Winterstein as "a building close to his heart" came under the hammer next. It once housed Rand Auctioneers, for whom Winterstein worked as a young man.

The building, with a retail component and seven office floors at 149a and 151 Commissioner Street, is 95% let and accommodates a number of legal firms. It has a gross lettable area of 5850m². After an opening bid of R3m the building was sold for R5,5m, although a higher price had been expected.

An 80ha subdivided property at Hartbeesfontein, close to a wildlife sanctuary, sold for R8,5m, and 2,3ha residential land at Walton Road, Carlswald Kyalami for R2,95m.

There was more interest in the retail-light industrial centre in Bedfordview Extension, which has the potential to be converted into a full shopping centre. Bidding opened at R5m and moved up quickly to R8m, where it slowed down to the hammer price of R8,9m.

Another interesting Johannesburg building was at the corner Pritchard and Goud Streets, which formerly housed the Standard Bank.

Although described as in "excellent condition", it did not seem to excite the bidders, and after some desultory bidding, reached R3,1m as the final bid.

A multiuse factory-warehouse in South Germiston with a triple net lease fetched R4,3m, but business premises at 517 Kiwi Place Olivedale attracted little interest, and after an opening bid of R1m it was knocked down for R1,75m.

Last modified on Thursday, 12 June 2014 18:19

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