Multimillion property sale on way
12 properties go on single auction
IN one of the largest combined auctions in Nelson Mandela Bay in recent years, 12 major commercial properties collectively valued at about R70-million will be go under the hammer in a single selloff at the end of the month.
In2assets Property Specialists, which recently facilitated the sale of a collection of Times Media Group buildings in the Bay, has initiated the sales in conjunction with Bay property group Northpoint Commercial.
In2assets’ Brad Dowlman said yesterday that properties to be sold included the large former cold-storage facility in the Port Elizabeth harbour and a 19 747m² multipurpose industrial property in Markman, once occupied by SA Breweries.
The former cold-storage building, accessed from Fleming Street in the central business district, can be seen from Settlers Freeway and, some say, offers an opportunity to gain premises in the harbour ahead of the long-mooted waterfront development there.
The Transnet-owned 14 530m² property is, however, on a leasehold which expires in 2042, but attracts, according to Dowlman, about R300 000 in monthly rentals.
The facility, as a result of the drought, is not being used as cold storage, but has been used to store maize.
“Among the positive attributes of the Markman and harbour offerings in particular is that they are very well priced,” Dowlman said.
As a collection of properties, the 12 on offer are a mix of industrial and commercial offerings which range in location from Greenbushes, Deal Party and Uitenhage to Linton Grange and Newton Park.
They are a mix of tenanted and untenanted properties, some with infrastructure such as buildings and three of which are vacant land.
The largest is a 36 000m² parcel of land in Mel Brooks Avenue in Uitenhage.
Another comprises a 19 395m² piece of vacant land in Greenbushes.
“Another of the more interesting properties in the group is land that has become available within an office park development in Westview Drive in Mill Park,” Dowlman said.
“We have already fielded strong interest in this offering. Another is a stand-alone sectional title in the Optimed Centre in Linton Grange.
“What is interesting is that this property is equipped to house an optometrist, making the property ready for occupation by an eye specialist,” he said.
Dowlman said the auction was being advertised nationally.
“We believe that most of the interest in the properties will come from other areas, particularly Durban, from where we have already fielded a lot of inquiries,” Dowlman said.
“This is because the majority of the properties can be considered as investments, with buyers wanting to purchase and allow the properties to accrue further value.”