Reliance Auctions is ready for prime retail property sales

OVER the next two weeks Reliance Auctions will call for bids for several prime retail properties at a major auction at the Durban Country Club on October 10 at 11am.

A major attraction will be the SABC Centre in the Mbombela (Nelspruit) CBD, a major upmarket retail complex with about 11 600m2 gross lettable area (GLA). Located on the corner of Madiba Drive and Andrew Street, the complex accommodates 26 tenants, including blue Chips and national anchors.

Leases in place include five-year agreements with the SABC and the Bakos Brothers furniture empire, as well as a 10-year lease with Food Lovers Market.

David Soutter, chief executive of Reliance, who is personally handling the sale, says the property – being sold as a portfolio disposal – is in “perfect” condition.

Soutter is also handling the sale of another prime retail property: the Boxer Shopping Centre in Wynberg, Sandton. Located at 21 Chadwick Avenue (corner Louis Botha Avenue), the complex has a GLA of just under 4 000m2 and 13 high-profile tenants, spearheaded by Boxer Superstores which holds the anchor lease until 2028. Other tenants include AVBOB, Doves Funerals and Lancet Laboratories.

Soutter expects strong bidding for both the Mbombela as well as the Wynberg complexes as both are in very busy pedestrian areas.

Contact Soutter at david@ relianceauctions.co.za or call 011 234 6364.

A major shopping centre in Mount Fletcher, Eastern Cape, will also be on offer at the Durban sale on October 10.

Situated at 309 Main Street, the 5 000m2 property has a GLA of just over 4 000m2 and long-standing tenants including government and financial institutions. Blackie Swart is handling the sale and says the property is also in perfect state.

Swart is also in charge of the disposal of a Unitrans motor dealership in Andrew Zondo Road, overlooking the N2 highway passing by Amanzimtoti, which has a GLA of close to 1 600m2.

Call Swarton 064 509 5639 or email blackie@relianceauctions.co.za.

A 12-storey office block in Pietermaritzburg will also be sold on October 10. The property, 10 Chancery Lane, has a shopping arcade and basement parking and a substantial GLA of 8 000m2.

“The arcade is fully let with a high annual income. The building, which needs some attention, is ideal for redevelopment into either corporate head offices or a student residence,” says Deon du Toit, who is handling the sale.

Call Du Toit on 076 998 4396 or email deon@relianceauctions.co.za.