Olive farm investment opportunity

Well-maintained estate has groves, curing factory, main house and cottages

THE OLIVAE Olive Estate in Worcester is to be brought to auction by Rawson Auctions Western Cape this month, offering bidders an opportunity to invest in a wellmaintained property in the region.

Tanya Jovanovski, franchisee of Rawson Auctions Western Cape, says the estate includes a well-established olive farm; an olive factory and workshop; a restaurant, bar and function area which can be used as a wedding venue; a small church; a main house; and five cottages that are currently let.

The Worcester region has exceptional agricultural conditions throughout the year, including high winter rainfall, quality soil and a good balance in weather temperatures.

The farm is just under 240ha. There are 90ha of established olive trees under permanent drip irrigation, and a further 20ha ready to be developed. The rest of the estate consists of 130ha which houses the buildings, three dams and two boreholes.

Jovanovski says: “The farm produces 250 000kg of olives a year. Bulk-cured olives are at present sold for between R30 and R40 a kilogram, depending on the grade size.”

The olive factory and workshop covers about 800m². The factory is made up of a steel-framed building comprising three sections, with concrete floors and IBR sheet roofing.

The main factory area is equipped with a storage tank for the olives and a production/ processing and packaging area. All theequipment to produce pickled olives is in good working order. The factory can cure and store about 800 000kg of olives a year.

The stone church with stained-glass windows can seat about 120 people.

The restaurant, bar and function area are housed in a large building. The function area, which can accommodate up to 150 people, is located in a large room with picture windows overlooking established gardens. In the adjacent rooms are the restaurant, a full sports bar, seating areas and ablution facilities. The restaurant is currently closed as the lease has expired.

The main house is a large double-storey with six bedrooms, three bathrooms, a TV room, a lounge, an open-plan dining room and kitchen, a scullery and pantry, a well-maintained garden, a swimming pool and a double garage.

The five cottages are all let. “There are two two-bedroom units let for R4 500 a month each; one three-bedroom unit rented for R8 500 a month; one two-bedroom cottage which goes for R5 000 monthly; and a one-bedroom flatlet that generates a monthly income of R2 000.”

The auction will be by silent tender, with written offers to be submitted in sealed envelopes. Tenders will close at noon on July 26. The reserve price is R26 million, but all offers will be viewed.No transfer duty will be payable.

No registration fee is required to bid. However, the buyer will be expected to pay a deposit of 5% of the purchase price, and 10% commission plus VAT over and above the purchase price on the seller’s acceptance of the offer. Bidders must be registered and must have with them certified copies of their identity documents and proof of residence.

All offers should be submitted on Rawson Auctions’ Offer to Purchase form, with its standard terms and conditions. A copy can be obtained by contacting the Rawson Auctions Western Cape office on info@rawsonauctions. com or 021 837 1700. Bids can be delivered to the Rawson Property Group’s head office at 222 Main Road, Rondebosch.

For details or an appointment to view the property, call Keith Evans on 082 749 9284 or Tanya Jovanovski on 021 837 1700.

The restaurant, bar and function area is housed in a large building. The function area, which can accommodate up to 150 people, overlooks established gardens.