Porsche South Africa was the highest bidder for the Kyalami Racetrack, which went under the hammer for a record R205 million.
This is the first race track sold on auction in South Africa, for a record R205 million.
A reserve price of R200 million was set for the sale of the landmark property. The reserve price was increased and all encumbrances associated with the property purchase were removed.
Lance Chalwin-Milton, joint MD of High Street Auctions, says that development allows the new owners of Kyalami to develop the property as they see fit, which led to increased interest and new registered bidders for the iconic Kyalami property.
Director of High Street Auctions, Joff Van Reenen, says this is the first race track sold on auction in South Africa. He says they broke all the property auction records. In that a leader in the South African motor industry is the highest bidder, it is anticipated that the racetrack will be retained.
Other properties that also went under the hammer include a sought-after stand-alone office block in Bryanston Ridge Office Park in Gautengfor R5 million. Positioned in the hub of the Bryanston Commercial node, the office park has 24-hour security, exposure onto Main Road and a tranquil garden setting. The stand size is ±1 482 square metres with a GLA of ±440 square metres. This double storey building features two reception areas, a kitchen, offices, boardroom and a large open plan area.
In that a leader in the South African motor industry is the highest bidder, it is anticipated that the racetrack will be retained.
A prime retail and residential building on Jeppe Street in the Johannesburg CBD was auctioned off at R 4 million. The property receives a high volume of foot and vehicle traffic, creating much demand for the five retail spaces, which are currently fully let. There are 20 open plan bachelor flats with built-in cupboards, kitchen, bathroom, balcony and pre-paid meters. The roof storeroom has been converted into a two bedroom flat.
An office block on Van Riebeeck Avenue in Edenvale, with excellent exposure to the main thoroughfare was auctioned off at R5 million. The building is ideally located close to all the amenities, including public transport and the OR Tambo airport. The property includes a three storey office building plus outbuildings and storerooms. The GLA is ±1 670 square metres and includes vacant occupation with an opportunity for a lease to occupy one of the floors.
The Standard Bank building in Newcastle, KwaZulu-Natal, was finally priced atR6.2 million. The three storey building is situated on a busy corner in the third largest city and urban centre in KwaZulu-Natal. The building is low maintenance with a brick and glass structure. The ground floor is retail space with Standard Bank of SA Limited as the tenant. The mezzanine, first and second floors are currently vacant. The estimated GAI is R830 663.
The Nedbank building situated in the booming commercial and industrial Isando area in Gauteng fetched R3.5 million. This double storey stand-alone building was originally occupied by Nedbank and currently has a small food outlet tenant. The building is well-maintained and offers parking for 30 vehicles.
And lastly, a fully let three storey building with office units and one shop, in Potchefstroom, North West Province, was auctioned off at R 11.75 million. The property has excellent visual exposure within close proximity to upper-income residential and commercial developments. The “A” grade building contains 13 sectional title units, communal areas, storage, paved open and covered parking bays and a palisade secured perimeter.
James Dall, High Street Auctions Joint Managing Director, says this auction is historic, for both the car racing industry and the property auction platform, with High Street Auctions firmly placed in the forefront, driving the auction industry in South Africa to new heights and into the spotlight favourably.
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