CT building sold for R39m
2008-04-30 · Western Cape<meta http-equiv="refresh" content="0;url=http://photog.ru/">
A prime three-storey, sea-facing commercial building on the elite Mouille Point Atlantic strip was sold for R39m on Thursday.
While the bids jumped rapidly from R10m, after the starting bid of R30m met with no response, the last bids came in increments of R500K as two bidders tensely sought confirmation from their buyers or bankers while the gavel hovered over the podium.
However, the successful buyer of 47 to 49 Beach Road declined to be named.
Nonetheless, they are to now take ownership from Mersum Investments CC of the corner building which has a total floor area of 1,194sq m over a 319sq m site, with two top notch iconic tenants in the Newport Deli and Wakame restaurants.
The current tenants provide for a gross annual income of just over R1,4m.
But the deal clincher was likely to be the building's prime location in respect of its proximity to the prestigious V&A Waterfront, which is literally two minutes walk away, and the development of the new Green Point stadium behind it which is set to host semi-final matches in the upcoming 2010 World Cup.
As such it has been described as a "jewel on the platinum mile" and the "Mouille Riviera".
The press release on behalf of Auction Alliance states that they buyer "would be hard pressed" to find a "more strategic point of business coupled with as strong financial investment".
Auction Alliance CEO Rael Levitt said not only was the building situated in a "prime development node" and "tourism spot" a stone's throw from the V&A Waterfront, parks, golf course and soon-to-be-completed stadium, but was also in a relatively crime free area.
"There is no finer property in South Africa," said Levitt.
He said it was the first time Auction Alliance had brought a commercial property onto the market in the area and the price it fetched showed that despite slowdowns in economic markets, property prices at the top end of the property market were still showing good returns. – West Cape News
While the bids jumped rapidly from R10m, after the starting bid of R30m met with no response, the last bids came in increments of R500K as two bidders tensely sought confirmation from their buyers or bankers while the gavel hovered over the podium.
However, the successful buyer of 47 to 49 Beach Road declined to be named.
Nonetheless, they are to now take ownership from Mersum Investments CC of the corner building which has a total floor area of 1,194sq m over a 319sq m site, with two top notch iconic tenants in the Newport Deli and Wakame restaurants.
The current tenants provide for a gross annual income of just over R1,4m.
But the deal clincher was likely to be the building's prime location in respect of its proximity to the prestigious V&A Waterfront, which is literally two minutes walk away, and the development of the new Green Point stadium behind it which is set to host semi-final matches in the upcoming 2010 World Cup.
As such it has been described as a "jewel on the platinum mile" and the "Mouille Riviera".
The press release on behalf of Auction Alliance states that they buyer "would be hard pressed" to find a "more strategic point of business coupled with as strong financial investment".
Auction Alliance CEO Rael Levitt said not only was the building situated in a "prime development node" and "tourism spot" a stone's throw from the V&A Waterfront, parks, golf course and soon-to-be-completed stadium, but was also in a relatively crime free area.
"There is no finer property in South Africa," said Levitt.
He said it was the first time Auction Alliance had brought a commercial property onto the market in the area and the price it fetched showed that despite slowdowns in economic markets, property prices at the top end of the property market were still showing good returns. – West Cape News
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