Intriguing Property Developments

THERE have been a number of intriguing developments in the local property market in the last few weeks.

Well know local businessman Sybrand van der Spuy has – via Cape Point Vineyards - brought an application that could put Pinnacle Point under a Business Rescue Plan.

Pinnacle Point, which holds the Pinnacle Point golf and leisure estate on the Garden Route as its flagship property, is heavily indebted and the chances of generating sufficient cash flow to complete various property developments (including Romansbaai near Hermanus) look slim.

There was a glimmer of hope for Pinnacle earlier this year when a German consortium expressed interest in buying Pinnacle Point.

But in June the consortium had still not provided the required proof of funds and guarantees. The Pinnacle board was left to try re-engaging the consortium, and was – the last time CBN looked – “in the process of considering its options in this regard and other offers that are being formulated by other interested parties.”

 

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