‘Diamond in the rough’ on the block in Atholl

Great potential as ‘fixer-upper’ or development project

In today’s lacklustre property market, it is rare that an opportunity such as this presents itself.

An insolvency has led to the hidden gem coming to market: 53 Oak Road in Atholl will be on the auction block on October 3.

“There is currently a glut of overpriced residential stock in the Johannesburg market and properties are trading at a snail’s pace.

“Where some agencies were previously closing up to 50 deals per annum in certain suburbs, this number has dropped to as low as 10 or less.

“The main reason for this is the vast gap between sellers’ and buyers’ expectations, even though we are seeing a large number of willing sellers and buyers.

“The trick is closing the gap between asking price and selling price. Once this is achievable, market activity should start to pick up,” says Joshua Pelkowitz, executive at WH Auctioneers Properties.

In line with the ethos at WH Auctioneers Properties, Joshua explains: “Our values are based on expert knowledge and careful investigation.

“We are always cautious in our pricing of properties and disposal strategies.”

The property at 53 Oak Road, in the heart of Atholl, Sandton, consists of a 2 127m² corner stand on which is a large four-bedroom, three-bathroom house with a swimming pool and tennis court.

There is potential to acquire the property as either a “fixer-upper” for a growing family, or a redevelopment into cluster units for the savvy developer or investor.

Oak Road will also soon be a boomedoff area providing better security and privacy.

The Sandton CBD, Melrose Arch, Rosebank and Illovo are within a 5km radius of the property.

Atholl, which has grown into a soughtafter suburb, was established in the 1960s to the southeast of the Sandton CBD.

The homes in the area were built in the ’60s and ’70s. Many of these homes are being modernised and upgraded.

Houses located on 4 000m² are being developed into modern cluster homes, selling for between R8-million and R10million.

The auction of this property will be held on the October 3 2017.

Do not miss out on the opportunity to acquire this diamond in the rough. Show days: Sunday September 17: 2pm-5pm Sunday October 1: 2pm-5pm For further information on this property and our other upcoming auctions, visit www.whauctions.com or call Joshua on 072 536 5482