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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.

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