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Newspaper house sold for R86m

28 Nov 2011

The historic landmark Newspaper House property in the Cape Town CBD was sold last week by Auction Alliance for R86 million.

The historic landmark Newspaper House property in the Cape Town CBD was sold last week by Auction Alliance for R86 million.

The property sold to Ingenuity Property Investments Limited, following Independent Newspaper’s decision to outsource the printing operation. 

Ryan Joffe of Auction Alliance says the site is steeped in history, and has been used for printing newspapers since the 1850s.

The heritage building, which was completed in 1936, is home to Independent Newspaper’s Cape print titles including the Weekend Argus, the Cape Argus, the Cape Times, the community papers and IOL.

“This record transaction demonstrates the long-term value that the revitalisation of the city centre holds for investors,” says Joffe.

At a separate auction, Auction Alliance sold a sea-facing apartment in Mouille Sands along Mouille Point’s Platinum Mile for R12.7 million.

This follows the recent sale of the Two Oceans Penthouse apartment in Mouille Point for R47.7 million.

Auction Alliance says Mouille Point remains one of the most sought after lifestyle destinations in Cape Town.

“We have found with all of our auction sales that there is always a high demand for property in the area, and we constantly achieve competitive prices”, says auctioneer Ish Hendricks.

At a separate auction, Auction Alliance sold a sea-facing apartment in Mouille Sands along Mouille Point’s Platinum Mile for R12.7 million.

The property is situated on the 7th floor of Mouille Sands, one of Mouille Point’s most exclusive apartment buildings.

The spacious apartment is 328 square metres with four bedrooms, two bathrooms, a guest bathroom, living room with a built in bar, and a fully equipped kitchen with modern appliances and finishes.

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About the Author
Denise Mhlanga

Denise Mhlanga

Property journalist at property24.com

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