Property has lots of potential
Buying on auction for first time Large Overport industrial site could be used for a variety of purposes
IF YOU are nervous about buying on auction for the first time, here are tips from the experts:
If at all possible, attend an auction or two beforehand, so you can experience what goes on. By attending a few auctions as a spectator you will remove a lot of anxiety.
You will need formal identification to register to bid.
Following registration, you will receive a bidder's number which must be clearly displayed when making a bid.
Position yourself so that you have a good view of the other bidders and most importantly, where you will be seen and heard by the auctioneer. Bidding can be made by calling out, a raise of the hand, or any other method you choose, but these bids must be clear to the auctioneer.
Stay calm; make clear and decisive bids based on your projected budget. Being overwhelmed by the process can lead to over-extending your budget or disappointment by missing out on the property you really wanted.
Don’t be distracted or by other bidders.
Source: www.street.net.au. – Auctions Writer intimidated A PRIME industrial property with “endless potential” in Berea’s upmarket Overport suburb is among the varied lots for In2assets’ multi-property sale on Tuesday at 11am at Durban Country Club.
The property with a gross lettable area of just under 4 000m² and “General Business 2” zoning, is between Brickfield and Julia roads, in a sought-after node that bisects the areas of Essenwood, Sydenham and Berea. Access to the property is off Julia Road and Vanilla Place, a small lane off Brickfield Road. The N3 freeway is about 1km south.
Virend Deonarain, who is handling the sale, says the Overport property at 143-147 Julia Road ticks all the location boxes. “It is only about 3km from the Durban central business district and has strong exposure to high volumes of passing pedestrian and vehicular traffic from Sydenham Road on to Randles Road.
“The immediate neighbourhood mainly consists of commercial properties, upmarket houses and flats as well as the newly revamped Overport Centre. The surrounding properties are generally well kept, with some being upgraded and modernised,” says Deonarain.
“The property on auction is also close to public transport, schools, institutional centres, food outlets, entertainment facilities, retail and business enterprises, shopping centres and no fewer than three hospitals: Parklands, Mccord and Nu-shifa.”
Deonarain says four storeys of the building are being used as offices, factories, warehousing, storage and workshops. Each floor has access from two common driveway ramps off Julia Road.
“This property has endless potential due its location, position and different access and exit points. It could be converted into a multi-storey medical centre as it is so close to state and private hospitals. In fact, plans and graphic drawings are available for the proposed conversion into a 5 000m² medical centre with 177 parking bays. The property can also be converted into a warehousing and distribution centre, or shopping mall similar to the CBD’S China Mall.”
The first, second and third levels of the building are similar with each floor comprising two components, used as warehouses, offices, factories or workshops. The roof top – accessed via a ramp off Julia Road – has two storerooms, and 32 covered and 11 open parking bays. There are also two secured cooling AUGUST 19 2018 towers installed for the ducted air-conditioning system as well as a secured generator which serves some of the factory operations. The cooling towers and the generator forms part of the sale of the property.
For more information and to arrange viewing, call 071 383 1735 or 031 574 7600, or email vdeonarain@in2assets.com.