A complex of four apartment blocks and the Primrose Hotel were among the other attractions.

THE sum of R55m was paid for the Queens Garden Hotel in Berea, Johannesburg, at a property auction yesterday.

THREE eight figure bids, a 36% confirmation rate and an odd but successful bid were highlights at the Alliance Group’s first auction of the year.

'A positive spin-off of this situation is that sellers are becoming more realistic about pricing their properties, and are no longer expecting unachievable prices'.

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.

The 14,700m² first phase of the development is set to open for trade in the middle of October.

One of the largest motor vehicle showrooms in Germiston will go under the hammer of Auction Alliance this month.

CIREF Limited - Corovest International’s property fund – which listed on the London Stock Exchange’s aim market earlier this year, recently acquired three property interests totalling R212 million. The acquisitions will boost the portfolio value to R1,4 billion.

Strategically situated in the heart of the Border / Ciskei / Transkei region, East London - or Buffalo City - is becoming a major service centre of growing importance, a factor which has created a strong demand for both commercial and residential property in the area says Gwyn Bassingthwaighte who heads up the commercial property division of Pam Golding Properties East
London office.