How many millions would you pay for this hole in the ground?

A VACANT 7 546m² plot on Cape Town’s Atlantic Seaboard is up for auction through online property tender platform Sealedbid.co.za.

The land straddles the boundaries of Bantry Bay, Fresnaye and Clifton, and has no reserve or guide price. So it’s anybody’s guess how high bidding will go before the hammer falls this Friday at 5pm.

Aubrey Miller, CEO of Sealedbid.co.za, said the site was unique and it was difficult to estimate a final price. “There are no adjoining plots for sale, and the site is between a church and some blocks of flats. There is nothing close to its size on the market.”

To put the sale in context, Miller said that a Clifton apartment was sold last year for just under R200million, an unlevel 2 000m² Clifton mountainside plot with no excavation sold for R70-million and a developer paid more than R100million for a 2 000m² plot in Mouille Point.

“A

plot

of over 7 500m²

is unheard of. Probably the last similar opportunity being the President Hotel in Bantry Bay, and that was over 20 years ago,” he said.

“We have received a phenomenal amount of interest in this property from local and national developers as well as foreign investors.

“Property values along the Atlantic Seaboard have continued to climb despite the economic conditions,” Miller said.

“We are expecting to achieve an excellent sales price for this property.”

As the site’s name implies, all bids are anonymous over a secure platform.

“The Atlantic Seaboard is a unique location that attracts not only wealthy locals, but is increas- ingly popular as a property investment destination for foreign buyers,” said Miller.

“Vacant land in this area is extremely rare and much sought after,” he said.