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Mall in Eastern Cape’s Kareedouw to be sold on auction

05 Feb 2016

In a town where the main industries are farming and forestry, a well-tenanted shopping mall is of the essence.

The guided price for this mall going on auction in Kareedouw, Eastern Cape, is R6.5 million, but all offers will be reviewed. To view, click here.

This is according to Tanya Jovanovski, Franchisee of Rawson Auctions Western Cape, who says they are bringing a 2 900sqm mall in the small and vibrant town of Kareedouw in the Eastern Cape to auction via silent tender.

She says Kareedouw lies on Route 62, with its positioning placing it just an hour away from Plettenberg Bay and 120km from Port Elizabeth

“The mall is situated on 1 1037ha of land, which is also included in the sale. It has 29 shops, 50% of which are let, leaving a profitable opportunity to re-tenant and double the yield,” says Jovanovski.

“There are two ATMs, a car wash bay and commercial property with offices and retail space to let. The mall is located on the main road and the 120 spaces provide ample parking.”

She says the centre has a renowned national anchor tenant, namely Shoprite U Save. The lease for this tenant renews every five years and is currently on its second 5-year lease, spanning from 2012 to 2017.

“Something else attracting people to the mall is Kareedouw’s positioning up against the Suuranys Mountains, making it the gateway to the Baviaanskloof Wilderness area,” says Jovanovski.

“There is huge development and growth in this area.”

The expenses for such a property, in this case, is extremely reasonable, says Jovanovski.

“Insurance is R861 monthly, refuse R1 000, and cleaning, for an area of this magnitude, is R2 500. The income when fully let is R100 000per month. It currently has a rental income of R58 043.20.”

The auction will be silent by tender, comprising written offers in a sealed envelope, with tenders closing on Wednesday, 10 of February 2016 at 12h00. The guided price is R6.5 million, but all offers will be reviewed.

The auction will be held at Rawson Property Group’s head office on 222 Main Road, Rondebosch, Cape Town.

A detailed tenant list as well as the building layout is available on request. If you require more information or wish to book an appointment, click here.

In following with the terms of Rawson Auctions, there is no registration fee to bid. However, 5% of the purchase is expected on fall of hammer as a deposit, as well as 10% commission plus VAT to be paid to Rawson Auctions.

Bidders are required to be registered and must have certified copies of their identity documents and proof of residence with them.

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