Aucor Property to auction properties worth R400m

Headlining the Aucor Property auction event, is the Empangeni Retail Centre which is a regional shopping centre located at 3 First Street, Kuleka, Empangeni.

Properties worth R400 million will come under the Aucor Property hammer in Johannesburg on the 14th of October at 12h00 at the Maslow Hotel, which is set to be one of the largest multiple auctions ever hosted by the company.

Aucor has been mandated to sell a portfolio of properties by a large property consortium needing to divest of a portion of their assets. 

John Hislop, Business Development Executive said the value of the portfolio which alones comprises of 35 properties is well over R300 million and is made up largely of a mix of residential and retail offerings. 

"The team currently managing the portfolio saw huge potential in these properties and invested heavily in order to upgrade and renovate these particular sites. This has unlocked the potential of these properties and ensured strong cashflow.” he said.

He said areas such as Germiston, Edenvale, Springs and Boksburg have caught the eye of opportunistic investors over the last 12 months.

"With a growing demand for decentralised, affordable residential offerings, these areas have the potential for the same type of revitalisation and rejuvenation as the Johannesburg inner city has seen over the past decade. This will result in a boom in the property market in these areas and both seasoned investors and first time buyers would be advised to consider the lots that we have on sale in the coming month. Many of these properties are affordable commercial offerings and as such they would strongly appeal to first time buyers looking to gain a foothold into the market,” said Hislop.

Hislop adds, “Further to this and due to the size and range of properties available for sale, nodal buyers looking for packaged deals would also benefit from gaining added value as we have been mandated by our seller to consider package deals on certain properties in the portfolio.”

Headlining the auction and this particular portfolio is the Empangeni Retail Centre which is a regional shopping centre located at 3 First Street, Kuleka, Empangeni and is strategically located in a high traffic density area and is close to the local railway station. The centre features leading blue chip tenants including Boxer, Boxer Build, PEP and Standard Bank. Situated on a generous erf measuring 51 340m2, the centre has approximately 11 000m2 under roof and currently produces an income of R7.6 million per annum making the property an excellent investment opportunity for the right investor.

Hislop concludes, “In addition to Empangeni other feature properties in the portfolio are located in Klerksdorp, Standerton, Evander, Sasolburg, Edenvale, Germiston, Boksburg and Springs all of which vary in size, offerings and features and we have no doubt that the variety in this portfolio will attract a large amount of buyers from across the region on the day.

As such we are encouraging all buyers to visit our website at www.aucorproperty.co.za and pre-register to avoid long delays on the day.