R100m Ct Property Auction 27 Sep

A portfolio of 22 commercial and investment properties will fall under the auctioneer's hammer in Cape Town on Wednesday 27 September. The portfolio valued at over R100 million includes some impressive properties and choice investment and development opportunities.

"In the commercial property sector, bigger is definitively better" says Jonathan Smiedt commercial property expert, auctioneer and CEO of the ClareMart Auction Group. This refers to the massive multiple commercial auctions held monthly by the ClareMart Auction Group at the prestiges Mount Nelson Hotel. Smiedt adds; "We currently offer the largest portfolios of investment and commercial properties in the Western Cape and the record attendance figures at our auctions speak for itself."

The next multiple auction will be on Wednesday 27 September where a portfolio of 22 commercial and investment properties will fall under the ClareMart Auction Group's hammer. The portfolio valued over R100 million include impressive properties and choice investment and development opportunities.

The rising interest in Paarden Eiland is a trend that ClareMart has predicted and more and more properties in the area has been referred to them following the successful sales of three large properties in this area totaling R30 million in less than a month by them. At the end of the month, yet another prime property will be auctioned by the ClareMart Auction Group.

Chubb House, 18 Hermes Street comprise 6500m² of buidings on a 5663m² erf. The property has two and three storey buildings that are partly tenanted with the anchor tenant vacating. The current rental income is over R1.3 million per annum and the property offers great redevelopment potential. "Paarden Eiland is seeing a revival and this is an ideal redevelopment opportunity for any investor wishing to capitalize in the area" says Smiedt.

Another area that has showed steady growth in commercial and specifically retail properties is Parklands in popular Table View. In the heart of the Parklands retail area, a shopping complex offering huge rental returns will also fall under the hammer. The multi-tenanted building has a national anchor tenant with a nine years to run on their lease in place. The nett current annual rental income is R1.3 million and the building has potential for further development.

Included in the portfolio is two apartment blocks in Brackenfell. Comprising of 24 apartments and garaging these blocks are unsectionalised and fully tenanted, with a current rental income of R505 000.00 per annum.

Places of worship are these days becoming businesses, studios and upmarket homes worth millions. Churches across the country have been put on the market as congregations shrink or migrate from city centres to the suburbs. Recently a former Baptist church in Wynberg went under the hammer and was sold for R4.5 million. Smiedt says it was the group's first auction of a church, but it seems not the last. Another interesting property in the September portfolio is a church in Newlands. The converted historical church on the corner of Palmboom and Newlands Avenue has generated great interest according to Smiedt and is ideally situated to be used as a gallery, professional practice or residence.

Other properties in the ClareMart Auction Group's September portfolio include two Sir Herber Baker residences in Muizenberg and a fully tenanted office block in Dorp Street in Stellenbosch. Adds Smiedt "We are convinced that this multiple auction will offer every investor great opportunities, we have a wide and interesting portfolio, which covers a broad spectrum of investment properties."

The ClareMart multiple commercial property auction will be held on Wednesday 27 September 2006 at 12:00 at the Mount Nelson Hotel.

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