The Olivae Olive Estate in Worcester, Western Cape, will be auctioned on 26 July 2017.
The estate includes a well-established olive farm, an olive factory and workshop, restaurant, bar and function area which can be used as a wedding venue, small church, main house, as well as five cottages which are currently being rented out.
“The well-maintained farm spans just under 240ha and is well positioned within the Worcester region which enjoys exceptional agricultural conditions throughout the year - high levels of winter rain, high-quality soil and a healthy balance in temperature,” says Tanya Jovanovski, franchisee of Rawson Auctions Western Cape.
She says the 240ha farm offers 90ha of well-established olive trees under permanent drip irrigation, a further 20ha ready to be further developed with more olive trees, and the rest of the farm consists of 130ha of land which houses the established buildings, three dams and two boreholes.
Jovanovski says the first part of the property, the olive farm, produces predominantly table olives, and the trees, which are almost all mature and in full bearing, and are being nurtured with the correct soil preparation and a consistent supply of water.
She says the farm currently produces 250 000kg of olives and has production facilities to cure 800 000kg of olives per year. Bulk cured olives are currently sold between R30 and R40 per kilogram, depending on graded size.
The second section of the property, the olive factory and workshop, covers about 800sqm, and is made up of a steel-framed building with concrete floors and IBR sheet roofing, which comprises three sections. The main factory area is equipped with a storage tank for the olives and a production/processing and packaging area.
All the necessary processing and packaging equipment to produce pickled olives are in good working order, and the factory has the capacity to store and cure approximately 800 tonnes of olives a year, says Jovanovski.
She says the church can sit approximately 120 people and is a beautiful stone construction with a corrugated sheet roof on wooden trusses and stained glass windows.
The restaurant, bar and function area are in a large building comprising several sections. The function area is a large room with picturesque windows looking out onto the established gardens, the function venue can accommodate up to 150 people. Attached to this is the restaurant, a full sports bar, various seating areas and ablution facilities. The restaurant, which previously catered to the local market, is currently closed, as the lease has expired.
As for accommodation, Jovanovski says the farm has a main house and five cottages. The main house is a large, double-storey residence which has six bedrooms, three bathrooms, TV room, lounge, open-plan dining room and kitchen, a scullery and pantry and a double garage. It is set in a beautiful, well-maintained garden with a swimming pool.
The five cottages are currently being leased out. There are two 2-bedroom units which are let out for R4 500 per month each, one 3- bedroom unit which is let out for R8 500 per month, one 2-bedroom cottage which goes for R5 000 per month, and one 1-bedroom flatlet that is let for R2 000 a month.
“This property is stunning, and it’s encased by beautiful, green, full-bearing olive trees almost as far as the eye can see and backdropped by a local mountain range. On the business side of things, the farm is established and in good condition, and olives are forever a popular consumer good,” says Jovanovski.
“Plus, the cottages generate about R25 000 in monthly rental income.
Jovanovski says the auction will be silent by tender, comprising written offers in a sealed envelope, with tenders closing on 26 July at 12h00.
She says the reserve price is R 26 million, however, all offers will be reviewed. The seller is registered for VAT, and as such a transfer duty is not payable.
In following with the terms of Rawson Auctions, Jovanovski says there is no registration fee to bid. However, 5% of the purchase price as a deposit, as well as 10% commission plus VAT over and above the purchase price is to be paid to Rawson Auctions by the buyer on acceptance of the seller.
Bidders are required to be registered and must have certified copies of their identity documents and proof of residence with them.
For more information, or view the property, click here.
