Fidentia property sells for R6m

Cape Town - The former luxurious lifestyle of controversial Fidentia boss J Arthur Brown returned to the spotlight again on Wednesday when a property in Eversdal, Bellville, was auctioned for R6.6m.

About 400 people attended the Alliance Group's auction at the One&Only Hotel at the V&A Waterfront, where other properties also went under the hammer.

Ten South Africans bid actively for the Fidentia Group property.

It is situated in Sondal Street on a 3 332m² erf and has 27 bedrooms, 17 of which have en suite bathrooms. It was previously operated as the luxurious Sonvillas Guest House and Conference Centre, and was initially the home of a youth choir sponsored by Fidentia.

According to Ish Hendricks, the head of the Alliance Group's residential division in the Cape, the purchase price of the property was some 30% higher than the estimated market value.

The purchase was confirmed late on Wednesday afternoon, and the buyer is a South African who owns a guest house in Kalk Bay.

He aims to operate his new property also as a luxury guest house.

"Good investment-grade property is still attracting interest and money. I won't exaggerate and say it's a sign that the tough times are over, but it gives one fresh confidence in investment opportunities," says Hendricks. "To me this is an indication that auctions work."

Meanwhile the sale of Fair Seat in Bishop's Court, the former residence of the controversial late mining magnate Brett Kebble, has been finalised after no bid higher than R26m (about R29m with commission) had been received 10 days after the auction.

The buyer, Alan Porter of Motorport Constantia, will also acquire the contents of the house for R2m.

- Sake24.com

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