After sitting in the market for four years, a 5ha industrial plant in Paarl belonging to British American Tobacco was finally sold last week.
After sitting in the market for four years, a 5ha industrial plant in Paarl belonging to British American Tobacco was finally sold last week for an undisclosed amount.
Auction Alliance sold the property for an undisclosed amount.
The property was originally developed by the Rembrandt Tobacco Group in 1952 and at the time, was considered to be one of the most modern tobacco manufacturing plants in the world.
It is located to the east of the Paarl CBD on the corner of Lady Grey and Berg River Streets.
The property, with an approximate GLA of 17 900 square metres lends itself to retail and mixed use residential redevelopment although it is currently zoned for industrial usage.
It boasts an industrial power supply of 4000 KVA. Current improvements include three large warehouse spaces, 15 000 square metres of land previously dedicated to sport and recreational facilities, a recreational complex, shaded parking areas and three identical residential units.
Before being sold by Auction Alliance, the property had languished on the market for four years, says Elias Tzouvanni of Auction Alliance.
“Its sale demonstrates the efficacy of the auction mechanism to identify qualified buyers and ensure that competitive, market related prices are achieved.”
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