Feb 09, 2012:
Johannesburg, 9 February 2012: The High St Auction Co has announced that its first auction of 2012 will be held on 29 February at Summer Place in Hyde Park at 12h00 and will feature an array of commercial, industrial and residential properties that will come under the hammer.
Mark Kleynhans, Director of the High St Auction Co comments, “Despite the current apprehension in the general business market regarding the global economy and the “looming” recession, we at the High St Auction Co believe that 2012 is a year that will see growth in the auction market as both buyers and sellers realize the benefits of using the method of auction to effectively buy and sell property in a short sales cycle.”
“Recent trends and a strong finish in the last quarter of 2011 indicate that the auction market is poised for expansion and having looked at not only the current properties that are due to come under the hammer in the first quarter of this year but the types of enquiries and the qualified nature of the buyer that we deal with, we firmly believe that this growth will be realized as the year progresses.”
“We have a versatile array of properties to take to auction on the 29th of February and invite buyers to get in touch with us in advance of the auction event to discuss their requirements. One such property to be feature on the day is Remington Rand House”, says Kleynhans.
Remington Rand House, a Business 1, 6430m2 building, is located on the corner of Jeppe and Nugget Streets in the Johannesburg CBD and will be taken to auction as a liquidation sale.
Remington House is located in the eastern part of Johannesburg central and borders the suburbs of Doornfontein and Joubert Park. The immediate surrounding area comprises of multilevel residential apartment blocks which range from five to twelve storeys. In addition to this there are various high-rise office buildings in the direct surrounding vicinity which have been converted into residential apartments in view of demand and supply for these types of dwellings.
The property is conveniently located and all surrounding main arterial routes, including the N1, M2 and N17 highways, are easily accessible. Furthermore the area is surrounded by transport hubs including the ReyaVaya Bus terminal, The Doornfontein Train Station and Park Central and Market Taxi ranks.
Other features in the area include a wide variety of public services such as domestic retail shopping centres, medical clinics and places of religious worship.
Remington Rand House is a sixteen storey office block currently utilized for residential accommodation featuring one hundred and forty rooms, with a communal kitchen area on each floor. The bathrooms are located between each floor in the stair well.
The ground floor of the building comprises of retail shops which enjoy good exposure to both Jeppe Street and Nugget Street. There are currently five retail shops including a motor spares shop, tavern, herbalist and tuck shops. Each retail area features a storage facility. A goods lift located on the first floor services both the second and third floors which are larger in size than the above floors. The remaining eleven floors are all uniform with the exception of the sixteenth floor which is smaller in size.
“With the Johannesburg Development Agency’s current initiative to rejuvenate the city centre through The Inner City Property Scheme (ICPS), and the fact that the rental market for residential accommodation in the Johannesburg CBD areas is strong and in demand makes this property a valuable asset to any savvy investor looking to currently expand their portfolio,” concludes Kleynhans.
For more information on this property and others to be auctioned on the 29th of February 2012, please contact the High St Auction Co on (011) 684 2707 or visit www.highstreetauctions.com