Auction update Retreat to be sold with ‘clean slate’

A CONTENTIOUS property in Stellenbosch – the Stellenbosch Mountain Retreat – is to be sold by the ClareMart Auction Group.

“A few years ago, the land was marketed as a future development of executive corporate lodges on the upper slopes of the Helshoogte Pass in Stellenbosch,” says ClareMart chief executive Jonathan Smiedt.

“Records show that the property was bought for R28.5 million in 2008 and sold for R72.8m only two years later.

“While this transaction was shrouded in controversy at the time as well as alleged investigations by the Financial Services Board, this liquidation auction is completely unencumbered and the property is sold with a clean slate.”

This 30.69ha property, zoned for Resort Zone2, is approved for a development scheme comprising 8 800m² of infrastructure. “It is said that these rights will never again be obtained on a property of this nature. All water and electrical installations are complete and the property is ready to be developed.”

The site is inside the Botmaskop Natural Biosphere Reserve, with views over the winelands and Somerset West, all the way to Table Mountain.

The approved development allows for 15 four- bedroom houses, a hotel with 10 suites and a conference centre, a res- taurant and associated infrastructure. There is also a completed access road from the R310 and rough-cut roads to the upper reaches of the site.

It is bordered on one side by Tokara Estate and on the other side by Delaire Graff.

The auction will take place at The Avenue Conference Centre, 40 Dock Road, at 12.30pm on Monday.

An aerial view of the Stellenbosch Mountain Retreat, which is due to be auctioned on Monday.