A luxurious five star boutique hotel in Rosebank, Johannesburg and a heritage site will be auctioned on 28 September at the Hilton Hotel in Sandton.
The Monarch Hotel, a 5 Star Johannesburg Hotel and Heritage site, which will fall under the hammer on September 28.
The Monarch Hotel, built in 1924 is valued at R60 million. The property located in one of Johannesburg’s vibey and trendy suburbs, Rosebank is owned by a financial institution. It is being sold due to financial distress.
While some owners sell due to financial distress, owners of the upmarket guest lodge in Sandown are selling in order to invest in a bigger venture.
According to auctioneers, this historic property has already attracted interest from various local and international investors.
The property was originally the Saxonwold Post Office during the 1930s. The façade of the building has remained and the inside transformed into an exclusive five star boutique hotel.
The refurbishment of the premises was completed in 2009. Its presidential suite was host to the Ghanaian president during the 2010 FIFA World Cup.
Warren Aronson, auctioneer at Auction Alliance says the opening of the Gautrain Station in Rosebank has renewed investor demand for property in the area.
The Monarch Hotel is situated at 167 Oxford Road opposite the Gautrain Station in Rosebank. The surrounding area consists of retail and business development nodes including The Zone, The Firs, The Hyatt Hotel and Oxford Corner.
Aronson explains that the double storey property extends over a GLA of 3421 square metres. The ground floor offers a reception area and lobby, seven suites, dining room, public ablutions, equipped kitchen, cigar room and board room. The first floor includes five suites as well as office space.
“The property can either be retained as a boutique hotel or converted into luxury office accommodation,” says Aronson. – Denise Mhlanga
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