Pretoria retail office blocks sell for R24m

The High Street Auction Co auctions a portfolio of substantial properties for more than R110m at its March 17 auction at Summer Place in Hyde Park.

More than eight properties within the portfolio included retail premises, the most attractive of which were retail and office blocks situated in the heart of the bustling Pretoria central business district — one directly opposite the Absa Towers and the other overlooking Church Square.

With a combined 16 storeys between the two buildings, and gross lettable area of more than 10,000m², these properties fetched more than R42m.

“We are very pleased with the increased interest in the auction platform, and the growing number of clients that are opting to place their high-value properties with us.

“Not only are clients benefiting from wider buyer interest, the process is also enabling them to sell these considerable properties expeditiously,” said Lance Chalwin-Milton, joint MD at High Street Auctions.

Other properties that saw bidders competing on the day were the industrial developments in Chamdor, Krugersdorp, and the sought after Isando Business Park in Isando. Offering a combined gross lettable area of more than 9,000m² of warehousing and factory space, the properties went for more than R21m.

Sasolburg, home to thousands of Sasol employees, also offered a lucrative retail investment opportunity to bidders.

More than 3,000m² of shopping space — located in an area of high foot traffic, Fichardt Square — with prominent tenants such as Edgars, Jet, Foschini and Markham, was knocked down for a bid price of more than R15m.

As part of a wider portfolio, the next auction, scheduled for April 21, will include the substantial Leloko Estate development in the Hartbeesport Dam area. Spanning more than 480ha, the estate is set in an expansive section of the spectacular Magaliesburg mountain range and boasts more than 400 residential stands, substantial commercial and retail stands, as well as a 20MVA Eskom substation.