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Business opportunity: mixed-use property in St Francis Bay on auction

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A mixed-use property consisting of a Caltex Service Station business, line shops, flats and a proposed residential development of 44 units in the central village of St Francis Bay, on a freehold erf of 8 658sqm is to be auctioned jointly.
Tanya Jovanovski, franchisee of Rawson Auctions Western Cape, says the petrol station has been in existence for 58 years, and is the only fuel station within a 20km radius.

The line shops and existing residential components include:

– The St Francis Convenience Store and the “Bean & Had” outlet, let for R10 000 each on a month-to-month lease.

– A townhouse currently earning R2 000 a month under renovation for daily holiday use.

– Backpackers’ accommodation consisting of four bedrooms, generating a rental income of R200 per person per day.

“Being only 100km west of Port Elizabeth, St Francis offers locals and tourists natural beauty and miles of white, sandy beaches. It is extremely popular for its safe swimming spots, fishing and surfing,” says Jovanovski.

“The New Nuclear Power Station development at Thyspunt is within 10km, which will generate additional business to the area.”

The rates and taxes for the property, which has a current zoning of B1, are R3 500 per month. The seller is VAT registered, so transfer duty is not payable.

The auction will be silent by tender, comprising written offers in a sealed envelope, with tenders closing on 22 February at 12h00. The guided price is R20 million.

In line with the terms of Rawson Auctions, Jovanovski says there is no registration fee to bid. However, 5% of the purchase price as deposit, as well as 10% commission plus VAT over and above the purchase price is to be paid to Rawson Auctions by the buyer on acceptance of seller.

Bidders are required to be registered and must have certified copies of their identity documents and proof of residence with them.

Interested parties are requested to submit all offers on the Rawson Auctions standard terms and conditions offer to purchase, a copy of which can be obtained via email.

Bids can be delivered to Rawson Property Group’s head office at 222 Main Road, Rondebosch.

For more information or for an appointment to view the property, contact Marilyn Bull on 083 251 5114.
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