Randburg shopping centre fetches top price
A CORPORATE disposal, a block of 49 flats and a landmark shopping centre in Randburg were among the properties auctioned by AucInc yesterday at the Houghton Golf Club.
The top bid at the auction, described as one of the best the company has had this year, was R17m. It was received for a wellestablished shopping centre, which has been a landmark on the corner of Rabie and Republican streets in Fontainebleau, Randburg for more than 30 years.
It is fully let and offers a gross lettable area of 2,300m², a gross annual income of R2.76m and has a five-year Spar lease. Other tenants include Steers, Blockbusters, Fishaways and the Post Office.
There was strong bidding for an industrial park in Aeroton with multiple tenants, which auctioneer Eddie Winterstein described as the opportunity of the year.
The shopping centre complex with a gross lettable area of 3,999m² on a stand of 6,764m², offering a gross annual income of R879,109 and easy highway access, fetched R6.6m.
An impressive lot was the renovated complex Rena Heights, at 17 Bunyan Street, Benoni. The apartment block with 49 units and 45 parking bays fetched a respectable R10m.
Main road exposure and highway access, offered by a motor dealership with offices and workshop on a stand of 3,896m² on Malibongwe Drive, Ferndale, Randburg sold for R10.25m.
On the vendor’s roll too were nine two-bedroom fully let simplexes in a townhouse complex in Witfield, Boksburg. The low maintenance homes are in a high demand node and a hammer price of R3.5m was received.
Also for sale was a commercial building in Lydenburg. It has an eight-year triple net lease, a gross lettable area of 2,000m², main road frontage and a national tenant. It sold for R7.55m.
An attractive offer was made for company offices at 3 West Street, Bryanston with a gross lettable area of 1,100m² on a stand of 4,047m². It fetched R6.6m.
Two adjacent Elsburg factories with gross lettable areas of 514m² and 496m², on stands of 1,200m² were knocked down for R1.75m.
Four townhouses in Northview Country Estate, an upmarket estate in Midrand, were auctioned together with two vacant stands of 1.1ha and 2.12ha, which may be incorporated into the estate. A pre-auction offer of R3.05m was received. No offers from the floor could better this bid.
A mixed-retail component of seven flats, four retail shops and four workshops, all tenanted, in Primrose, Germiston received a hammer price of R3m.
Also on the vendor’s roll was a block of eight one-bedroom apartments and three two-bedroom apartments in Primrose, Germiston, which received R1.6m.
A stand of 3,541m² zoned for five residential units at 47 Central Avenue in Illovo — described as the best property at the auction — fetched R4.6m.