A 21ha property in Roodepoort, Gauteng was sold for R85 million following the liquidation of controversial property moguls, the Theodosiou brothers.
A 21ha property in Roodepoort, Gauteng was sold for R85 million following the liquidation of controversial property moguls, the Theodosiou brothers.
Auction Alliance who sold the property says this is the highest value ever achieved for a tract of land on auction.
Although Auction Alliance did not disclose who the buyer is, it said in a statement: “Considering the volatility currently characterising the property market, this was an outstanding sale”.
The brothers Tony, Dimitri and Sedrick, achieved notoriety for building shopping malls without the required council permission and went into liquidation in 2008.
The property occupies a prime location with high exposure on the corner of 14th Avenue and Davidson Street in Weltevreden Park, Roodepoort, adjacent to the MTN head offices.
It can be easily accessed via the N1 Highway and surrounding residential and business nodes include Allen’s Nek, Northcliff and Fairland.
Due to the nature of the liquidation, zoning on the property has not been completed, however, it offers a redevelopment opportunity for a developer looking to expand in that node, says Auction Alliance.
Earlier this year, Auction Alliance sold Belair Mall and Lonehill Shopping Centres in Johannesburg also belonging to the Theodosiou brothers outside of auction.
Lonehill Shopping Centre situated in the Lonehill suburb of Johannesburg was bought by Century Property Developments who struck a deal with joint liquidators of the centre days before the auction. – Denise Mhlanga
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