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Auction house’s red letter sales day

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Prime real estate worth hundreds of millions of rands went under the hammer recently on the largest auction measured on sale lot volume yet conducted by The High Street Auction Co.

More than 50 properties in 41 sale lots, including upmarket office parks, retail centres, industrial developments, residential manor houses and even a cemetery, completed a bulging sale catalogue that called for a 2.5 hour-long auction held at Summer Place in Joburg’s Hyde Park.

Among the many sale highlights were:

Six blocks of executive business suites in Rivonia were property fund-listed individual lots but were acquired by a single buyer for a collective R74.55million;

A 12500-plot private cemetery in Winterveld AH, located in the North West Province but falling within the zoning boundaries of the City of Tshwane, was sold for R5.06m to a buyer from Pretoria;

More than 25000m² of agricultural land in Midrand, which can be rezoned for high-density residential development, fetched R13.2m;

A motor showroom in Randburg, sold as a corporate disposal, attracted a final bid of R16,5m; and

A spectacular seafront apartment at Sheffield Beach in Ballito was sold for R3.19m.

After the sale, The High Street Auction Company’s Joff van Reenen said: “The fact that the current wealth of market supply is being met by equal demand indicates there is still money flowing through our sluggish economy, which is also extremely encouraging”. – Auctions Writer

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