Gone are the days of property auctions being the domain of the Sheriff of the Court and the last resort for selling distressed properties! The professional and well organised High Street Auction Co, South Africa’s leading Real Estate Auction House, auctioned 18 properties achieving a total value of approximately R100 Million at its second multi-property auction of the year at Summer Place, Hyde Park on Thursday, 23 March 2017 – this proves that seller sentiment is changing with regard to auctions.
Lot 03: Legal instruction – Assen Court, 17 Park Street, Turf Club: This neat residential property consists of 5 x 40m² bachelor units and 9 x 60m² one bedroom units, with the majority of flats being newly renovated. The apartment block was sold pre-auction for R2,750,000.00.
Lot 05: Corporate Disposal: 21E Polo Crescent, Woodmead Office Park. This vacant, double storey office block has huge exposure onto the N1 Western Bypass and has an income generating, double sided signage board facing the highway. The 1,751m² fully air conditioned property boasts A-grade finishes, a cafeteria and personnel canteen, a large entertainment area with a bar facility, numerous meeting and training rooms and five offices. There is basement parking with access control for 32 vehicles and five storerooms, as well as 33 parking bays at the front of the building. The property was sold at the fall of the hammer for R24 200 000.00.
Lot 07: Bottling Distribution Centre: 1028 Koma Road, Jabulani, Soweto. This Distribution Centre, located behind the Jabulani Mall, has an Erf size of 2 809m² and Business 1 zoning with a 2 year Triple Net Lease (8% annual escalation) and ± 15 months remaining, with a renewal option. The property has excellent security with a gate and CCTV cameras, as well as road access for delivery vehicles. The property has a NAI of ±R520k and was sold for R3 465 000.00 at the fall of the hammer, after fierce bidding.
Lot 08: 34 & 36 Siemert Road, New Doornfontein: The 7 storey building with a land extent of ±1,000m² and a GBA of 4300m², is built on 2 erven. The property is 1km from the University of Johannesburg and 1.5km from the Gautrain Station and is ideally suited for residential conversion, with general zoning in place. There is also great highway exposure with valuable advertising potential. Following spirited bidding, the property was knocked down for R8 800 000.00.
Lot 09: Attorney Instruction: 27 Marula Crescent, Winchester Hills Ext 3. The site is 4,372m² and zoned Residential 4. The property has lovely views and exposure onto the N12 highway. There is approval to build 56 residential units, divided into 4 different types of buildings, all measuring 70.68m², consisting of 2 bedrooms (Main en-suite), 2 bathrooms and an open plan lounge/dining leading to the kitchen, with one carport per unit. This property went for R4 950 000.00.
Lot 12: 6 Groeneweide Street, Vredelust, Bellville, Cape Town: Fully let student accommodation consisting of 3 upper floor bedrooms, 6 ground floor bedrooms, 3 bathrooms and a guest toilet. There is also an outside studio with one bathroom. The premises can accommodate 10 students with space for two more, should the garage be converted. The property is ideally situated adjacent to Tygerberg and Karl Bremer Teaching Hospitals and has a GAI of R360 000 with yield improvements achievable. The lot was knocked down for R2 530 000.00.
The High Street Auction Co’s third multi-property auction will be held on Thursday, 20 April 2017 at Summer Place, 69 Melville, Hyde Park, Johannesburg.