Get ready for 2009’s biggest auction
R250m worth of Western Cape prime property falls under the hammer
CLAREMART Auction Group will auction a portfolio of properties which has been billed “the biggest for 2009” at their multiple commercial auction on Wednesday.
According to group CEO Jonathan Smiedt, the properties on auction have a combined value of over R350 million and include landmark and high-profile investment opportunities.
“We have been inundated with calls from interested buyers and are expecting a record crowd at next week’s auction. We have seen that the current market conditions favour commercial investors, who are looking to add blue-chip properties to their portfolios,” said Smiedt.
Smiedt highlights a liquidation of a private portfolio as a star-attraction at the auction. Instructed by the attorneys acting on behalf of the owners, the entire portfolio will be liquidated and no reserve prices have been indicated with the instructions to go to the market.
“We received instruction from the attorneys to go to the market and get the best price that the market dictates,” he said.
The portfolio includes six investment and development properties and Smiedt is positive that the urgency of the matter will cause some serious bidding on the auction floor.
A landmark shopping centre in Bellville is included in the private portfolio. The Old Oak Spar Centre in Meerlust Street offers an erf extent of 7 264m and is a strategically situated shopping centre located just off the N1 within Bellville’s residential hub. The rental income is currently at R2.1m per annum excluding VAT and there is upside potential in terms of two vacancies.
Also in Bellville, situated on the cor ner of Durban and Voortrekker roads, the landmark Old Mutual Building is up for grabs. Sections 1-8 and 10-13 and seven basement parking bays are on offer.
The building offers a central business zoning and additional bulk on one of the busiest intersections in the Western Cape. The building is in the centre of the Bellville CBD and offers good exposure to passing trade.
In the heart of the Cape Winelands, Portion 18 and 19 of the far m Haazendal 222 in Kuils River will also fall under the hammer. This 2.5 hectare zoned far m offers a unique lifestyle opportunity close to the Stellenbosch wine route and on the doorstep of all amenities including a shopping centre and golf course. There is approval for 174 one and two bedroom units.
Investors are invited to bid on two retail units in Table View. The nationally tenanted Unit 3 and 4 in Vision House, in B l o u b e r g Ro a d a r e 2 2 2 m ground floor units that offer five undercover and two outside parking bays. Located on the commercial route, the units offer great visibility and convenience.
With 24 properties on auction, sales director Farrell Perling highlighted his choice of prime investment buys. Situated on Marine Drive in Paarden Eiland, the nationally tenanted KTM building offers a corner site with excellent exposure to passing trade.
The building cur rently yields a healthy rental return of R800 000 per annum, including signage income, and with further scope for additional bulk, there is potential to increase income.
A nationally tenanted shopping centre in the Boland town o f Well i ngt o n i s a l s o up f o r grabs. Instructed by De Villiers and Schreve Attor neys, the property is an urgent sale.
With a current income of R600 000 per annum, the centre currently has nine tenanted retail shops including national retailer Shoprite.
The B1-zoned property of f ers attractive yields with solid tenancies in place.
A prime re-development site in the heart of the Wynberg station business district offers e a s y u p g r a d e o p t i o n s. T h e p r o p e r t y a t 1 B r o a d Ro a d , features general business B1 zoning, two erven with a combined erf size of 1 899m² and a building size of 2 325m The proper ty cur rently boasts an annual rental income of R800 000 excluding VAT.
“With month-to-month tenancies in place at the moment, the property offers massive upside rental and redevelopment potential.
“New owners can easily upgrade the property to attract further tenants and leases can be renegotiated to include longer lease periods,” explained Perling.
On the Platinum Strip in Camps Bay, a “once-in-a-lifetime” plot is on offer. Number 5 The Meadway, offers an erf extent of 495m bulk factor of 0.6 and a four-storey height allowance.
With general residential R11 zoning, it offers a rare opportu- nity to build a dream home in the heart of Camps Bay.
ClareMart Auction Group will conduct the Multiple Commercial Auction on Wednesday, August 26 at 12.30pm in the Garden Room of the Mount Nelson Hotel in Cape Town.
For more information, call 021425 8822 or visit www.clare mart.com
LANDMARK: The Old Oak Spar Centre in Meerlust Street offers an erf size of 7 264m2 and is a strategically situated shopping centre located just off the N1 within Bellville’s residential hub.