19 Feb 2013
Forming part of a larger national property portfolio, two office blocks in the Eastern Cape and tenanted by Blue Chip companies will be auctioned alongside seven other properties in a portfolio belonging to a corporate seller.
The first property, a triple-storey office block situated in the hub of the Queenstown CBD at 46 Cathcart Street, presents an excellent opportunity for those seeking a property with good passing trade.
It measures 719 square metres and is close to the Hexagon which is the main area of business in the town.
The ground floor is made up of retail space while the second and third floors consist of offices, ablutions and a kitchen. Included in the auction is a double garage and undercover parking bays.
The second property is located in Butterworth nearby the main road on the corner of King and Fuller Streets.
It is a three storey office block with an ERF size of 1 322 square metres and offers excellent exposure to passing foot traffic.
Jason Poultney of Aucor Property says both properties are in excellent condition and are fully tenanted presenting an excellent income generating opportunity.
“The central location and quality of each property is another huge draw card.”
A further nine properties (corporate seller), located in the Western, Southern and Eastern Cape will be auctioned on the same day.
According to Mark Kleynhans of Aucor Property, the reason that such a large portion of this property portfolio is going on auction is that the Eastern and Western Cape properties in this particular portfolio are non-core assets.
The properties are in excellent condition and are well-located and tenanted by Blue Chip clients, he says.
“Due to the quality of investment potential of each property, as well as the fact that each will be sold with leases in place, we have already received interest from potential buyers and expect a very exciting auction.”
The properties on offer include, 40 Bird Street in Stellenbosch comprising five residential apartments as well as office and retail space.
On an erf of 1 076 square metres, this property has a projected gross annual income of R2 203 461.
In Worcester, is an office property located in the CDB on the main arterial road on the corner of High & Stockenstroom Streets.
It comprises reception areas, individual offices, open plan offices, kitchens and communal ablutions and will be sold with leases in place until December 2014 with gross annual income of R921 908.
In Vredendal, an office property situated on the corner of Church & Matzikama Streets in the CBD comprises an office block, an apartment, retail space and three lockup garages with a projected gross annual income of R388 403.
It is here that a property situated on the corner of Main and Bree Street will come under the hammer on 6 March.
Measuring 1 189 square metres, it offers exposure directly onto the main road which has high volumes of pedestrian and vehicle traffic.
The property comprises two shops and five flats, of which two are bachelor flats, two are one bedroom flats and one two bedroom flat and has a projected gross annual income of R590 000.
In Paarl is a large office block of 1 663 square metres located on the corner of Main and Hout Streets that comprises reception areas, individual offices, open plan offices, kitchens, 16 shaded parking bays and communal ablutions with projected gross annual income of R1 353 944.
The first portion comprises offices and retail space while the second offers undercover parking for 26 vehicles and has a projected gross annual income of R1 302 998.
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