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‘Potential to become airport’

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Swartland farm offers ‘massive development opportunity’

A farm measuring 446.64 hectares, bordering the N7 highway on the route towards Malmesbury and with potential to be rezoned as a light industrial, residential or mixed-use site, will be auctioned by Rawson Auctions Western Cape on October 25 .

“The Swartland property – the remainder of Portion 1 of the Knollevalley farm – offers a massive development opportunity and even has potential to be transformed into an airport,” says Tanya Jovanovski, franchisee of Rawson Auctions in Western Cape.

The property to be auctioned is five minutes’ drive from Philadelphia and 10 minutes from Blouberg.

Existing buildings on the site are a main house, labourers’ cottages and outbuildings.

The reserve price for the property is R450million, but all offers will be reviewed.

Jovanovski says the winning bidder could either pay for the property in full once the offer is accepted or a payment plan could be arranged.

“The seller has agreed to consider payment of a R50m, non-refundable deposit upfront, with the balance of R400m to be paid 18 months later,” she says. “This will allow the buyer to rezone and subdivide the property within an interest-free 18-month period. It is expected the land will increase in value from R1m to R2m per hectare when rezoning and subdividing have been completed.”

The purchaser will also be able to market “pockets” of the land to get suspensive pre-sales in place, with the seller’s permission. .

Jovanovski believes the auction will offer bidders “a great opportunity to secure the land with a R50m deposit and then manage pre-selling of pockets of land to co-ordinate with the transfer date”.

The auction will be by silent tender, with written offers to be submitted in sealed envelopes. Tenders will close at noon on October 25.

“The seller is not registered for VAT but, as the property is owned by a company, the purchaser could either take transfer of the property in the usual way or discuss with the owner the possibility of purchasing 100% of the shares in the company,” Jovanovski says. “If the latter option is chosen, the property will be transferred immediately.”

No registration fee is required to bid. However, the buyer will be expected to pay a deposit of 5% of the purchase price, as well as 10% commission plus VAT over and above the purchase price on the seller’s acceptance of the bid. Bidders are required to be registered and must have with them certified copies of their identity documents and proof of residence.

All offers should be submitted on Rawson Auctions’ Offer to Purchase form with its standard terms and conditions. A copy can be obtained from the Rawson Auctions Western Cape office on or 0218371700. Bids can be delivered to the Rawson Property Group’s head office at 222 Main Road, Rondebosch, Cape Town.

For more details or an appointment to view the property call Tanya Jovanovski on 0218371700.

Weekend Argus Auctions


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