Perskor building goes for R20m

Posted On Monday, 02 July 2007 02:00 Published by eProp Commercial Property News
Rate this item
(1 Vote)

Seven buildings were sold in quick succession in a spirited auction held by Park Village at the Wanderers Sports Club on Thursday when a landmark hotel in central Johannesburg came under the hammer.


Property-Housing-ResidentialSix properties in Doornfontein were sold to the same buyer before the auction. The buildings included the old Perskor building in Height Street, which fetched R20m, and five other buildings in the area that realised a combined price of R2,4m.

The White House Hotel, with 27 en suite bedrooms, at 152 Marshall Street, was once one of four hotels around the area today taken up by the Carlton Hotel. It was sold as a going concern for R2,5m after keen bidding.

The former Jaguar showroom in Johannesburg's Eloff Street motor town of the past fetched R1,5m. Another prominent building on offer was Kahn's Corner in End Street, described as suitable for industrial, retail and residential use. It sold for R4,1m.

Other lots were a mixed bag of properties in Melville, Langlaagte, Benoni and Germiston.

A second hotel to come under the hammer was the Fountains Hotel in Langlaagte, with 21 rooms, three bars and a night club. After protracted bidding, it went for R1,9m.

Another lot that attracted interest was a two-storey building in Fourth Avenue, Melville, with factory-warehouse space on the ground floor with front shop, a mezzanine, and spacious office on the first floor. The building, in the restaurant district, drew some fast bidding before a final bid of R3m was accepted.

On offer on the East Rand was a building on a triple stand. The former bakery is now used as a workshop for motor repairs. It sold for R1,025m.

Benoni Small Farms, a 2,15ha property on Boundary Road, offers a workshop-factory, a large house with a portion ready for occupation, five garages and a cottage. A bid of R1,9 was received.

David Teasdale, of Park Village Auctions, says the resurrection of central Johannesburg property is gathering momentum. Investors are definitely back in the picture.

"There's widespread interest in CBD properties right now. Buyers include large and small investors and owner-occupiers. With property commentators predicting increasing values going forward, we expect a good auction," says Teasdale.

Last modified on Thursday, 12 June 2014 16:37

Please publish modules in offcanvas position.