Property sale gives reason for cheer

THE High Street Auction Co celebrated its fifth anniversary with a small but spirited property sale at Summerplace in Hyde Park on Wednesday.

“I’m pleased with the results. Although there was a small crowd, there were a number of strong buyers and properties across the board were in demand. In all, it was a good start to the month and a good birthday present,” joint MD Lance Chalwin-Milton said.

The auction kicked off with the first lot being knocked down for R7.5m. The building, at 72 Davies Street, Doornfontein with a gross lettable area (GLA) of 3,475m² zoned for Business One, is on a stand of 1,872m² and has 30 offices, rooftop access and basement parking.

The hammer came down on a bid of R12.5m for the second lot, a commercial building in Pretoria. The building at 399 Paul Kruger Street has a GLA of 3,901m² on a 3,641m² stand.

In a corporate disposal, the former Absa building at 66 Cranbourne Avenue, Benoni, fetched R2m. The four-storey building, which includes commercial and retail space, has a GLA of 2,240m² on a stand of 2,141m². Projected gross income a year (GAI) is just short of R1m.

In another disposal, a doublestorey modern office block at 20 Rothesay Road, was knocked down for R1.55m. The building, on a corner stand of 714m², has a GLA of 1,100m² and a projected GAI of R420,000.

Described as a “hot redevelopment opportunity’’, 720m² of offices on a stand of 3,035m² at 19 Bompas Road, Dunkeld West, fetched a hammer price of R11.5m. A similar property at 21 Bompas Road, with a partially demolished house on a stand of 3,035m², fetched R9.75m.

A recently upgraded double volume warehouse in Kyalami Business Park, with a GLA of 1,900m² on a stand of 3,902m² received a bid of R9.25m.

In another corporate disposal, a retail centre with a GLA of 926m² on a stand of 926m² sold for R2.45m. The centre on President Street, Vanderbijlpark, has a GAI of R470,000.

The 27ha Whispering Pines Country Estate in Magaliesburg fetched R4.35m. The estate has 13 cottages, a house and the rights to build 20 cottages.

A partially let multilevel factory on Elson Avenue Benoni Central, with a GLA of 1,500m² on a stand 595m² and a projected GAI of R500,000, fetched R2m. Corporate headquarters at 21 Lakeview Crescent Kleinfontein Lake fetched R4.25m. The office block, zoned for Business Three, has a GLA of 2,075m² on a stand of 3,061m² (R4.25m).

The Rhodes Office Park sectionalised business park in Florida received a hammer price of R14m.