Please note that you are using an outdated version of Internet Explorer which is not compatible with some elements of the site. We strongly urge you to update to a newer version for optimal browsing experience.

Rm's for PE beachfront property

18 Sep 2006
The last beachfront redevelopment opportunity in the up market Port Elizabeth suburb of Summerstrand, came under the gavel at a well-attended auction held at the Beach Hotel in the city on Wednesday, September 13.

Nr 25 Marine Drive with its uninterrupted views of Hobie Beach and the city harbour, measuring 1 660 square meters, sold for R12,5million to an undisclosed buyer.

"We are more than happy with the outcome, says Auctioneer Mike Bosch of Auction Alliance. All the properties on auction fetched full market value."

Four other properties, including three industrial investment properties as well as a family home close to the Sundays River, were sold as well. Nr 326 Kempston Road, a 6817 square meter industrial complex with a rental income of R190 090 per annum, sold for R11 million, while 29 Sidon Street, North End did not move bidders past the R4.5million mark. This property, a 3878 square meter warehouse, is also fully tenanted with a rental income of R520 027 p.a.

The property in Cannonville in the Sundays River District, was sold for R750 000 by Auctioneer Christian Stewart, a director of Auction Alliance. Vacant land in the Greenbushes-area, measuring 28 753 square meter, fetched R2,7 million.

Says Bosch, "The industrial properties sold at far higher prices than we ever thought it would. We are really pleased.."

Article courtesy of Buzzz Magazine.

For more information contact 082 868 4886 or send an email. Click here to visit the website.

Readers' Comments
Have a comment or question about this article? Tell us about it..

Looking for a new home?
To find a property to buy, visit Find a Property and view listings of properties in all areas. Check out the PropertySPI and get an affordable online report on actual sold prices of properties in your area.

Property News
Click here for more property news articles.

Print Print
Top Articles
Estates in Hoedspruit, Modimolle, Lydenburg and Bloemfontein offer serene African bushveld living, with stands selling from R200k and homes from R1.2m. Take a look...

South Africa's 'coolest mall' has been recognised as an innovative player in the retail space, hosting various events and delighting shoppers with over 300 stores...

The number of bonds granted was up 19.2% in the 12 months to end-September compared to the previous period, with more first-time buyers getting into the market. Read on...


Your browser is out of date!

It looks like you are using an outdated version of Internet Explorer.

If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.

For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.

Please contact our Property24 Support Team for further assistance. Tel. +27 (0)861 111 724