Aucor rakes in R86.5m for vacant Foreshore property on Auction

Aucor has announced that following the stand alone auction of the last open piece of land owned by the City of Cape Town in Lower Long Street on the Foreshore, the property has been sold subject to approval by the City of Cape Town.

The bid price of R86.5 million excluding VAT and commission was achieved on the fall of the hammer at the auction event held on the 7th of September 2016 at the Cape Town International Convention Centre.

JSE-listed Reit Growthpoint Properties secured the landmark development site situated between two of its property assets. The 3,932sqm piece of land, Erf 165639 Cape Town, has developable bulk of 17,500sqm which neighbours the Investec building and ENS building, both owned by Growthpoint

Martin Dibowitz, Director and Auctioneer of Aucor in Cape Town, comments, “The team was proud to be mandated by the City of Cape Town to handle the sale of this piece of land and we are thrilled with the result of the auction.  Of significance to both buyers and sellers is that auctions remain a fair and transparent method to bring such high calibre commercial properties to the market. Targeted and effective marketing, the quick turnaround time from date of listing to sale and most importantly, the knowledge and established network of the property  team,  all work in tandem to conclude this type of sale successfully.”

“Interest in the weeks leading up to the auction was very high with many potential buyers recognising the value of such a well-located property with general business rights. As a result, the opportunities for re-development and the potential income stream were endless on this particular site and it will be of interest to the market as a whole to see what the new owners plan to develop in the coming years.”
 
“The turnout for this standalone auction was phenomenal with more than 100 interested parties attending the event, but what was more significant was the quality of the buyers that were in attendance on the day. It certainly was what one would call the “who’s who” of the Cape Town property market. The event was also attended by various city officials and we were honoured to welcome the Executive Mayor, Patricia De Lille and her Executive Deputy Mayor, Ian Neilson to the event.”