Quality properties draw buyers

In a small but elite auction, six quality properties came under the Bidline hammer at Inanda Country Club on Tuesday.

“There was a lot of interest in the lots on offer and the prices fetched were much what we expected. Interest rates are affecting prices to a certain extent, but we nevertheless were pleased with the result,” CEO James Dall said after the sale.

An 11-storey office building at 110 Jorissen Street, Braamfontein, described by auctioneer Gerald Sadler as “the jewel of the auction”, provided the most excitement at the sale.

There was immediate response to Sadler’s call for an opening bid of R15m, and successive bids resulted in a hammer price of R19,45m.

Excluding the ground and 10th floors, the building, which is opposite the Civic Theatre, has a gross lettable area of 5935m² . It has top-floor executive suites and two levels of basement parking. Gross annual income is R4,47m a year.

Bidding for a two- storey office block, 1 Summer Place in Rivonia, opened at R3m and attained a hammer price of R5m. The block, with a gross lettable area of 550m² , is on a 930m² erf and has a business 4 zoning.

A weekend retreat at Vaaloewer, Parys, a timber home with balconies on two levels, is on a 794m² erf in a secure estate. Described as having “stunning views of the river and veld”, the property sold for R550000.

Keen interest was shown in a four-storey commercial building on Struben Street in Pretoria. The building, with a gross lettable area of 3390m², is zoned for general business. A hammer price of R5,35m was attained.

Bidding moved into eight figures for a new warehouse with offices with a gross lettable area of 2017m² in Corporate Park North, Midrand. The complex was sold separately in two sectional title units of 1122m² and 895m² to one buyer for a combined price of R10,15m.

Last offer of the day were two stands of 6949m² and 45813m² on La Vinci Road, Witbank. The property, zoned for residential 2 with a density of 20 units/ha, fetched R8,3m. - Madden Cole

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