07 Nov 2012
The property, located on the corners of Rivonia Road and 1st Avenue was sold on 23 October by the ClareMart Auction Group.
Group executive director, Andrew Koch explains that the property comprised of two adjacent erven which were sold as one lot.
The sites comprised of a parking lot as well as building structures formerly used to accommodate hospitality outlets and restaurants.
“The current zoning on the lots provided the desirable potential for the developer to create either upmarket retail spaces or a boutique hotel,” says Koch.
Rivonia Road is one of the most popular restaurant, shopping, commercial and residential hubs in the Sandton district and is the major thoroughfare between Sandton and Fourways
The bondholder and liquidators were pleased with the successful outcome and accepted the final bid immediately after the auction, waiving the stipulated confirmation period.
The large developer who acquired the property was able to secure a rare Sandton site, which possesses several highly desirable factors, and all parties achieved a property supply meets market demand equilibrium, adds Koch.
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