• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Auction house sells buildings for R67.6m

Feb 24 2012 16:31 I-Net Bridge

Related Articles

Auction Alliance boss in kickbacks probe

Property development under pressure

Mandela building to go under the hammer

Fuel hikes to hit housing market

Auction of malls cancelled

Commercial property 'splitting into two'

 
Johannesburg - Two landmark buildings in the Johannesburg CBD previously owned by Vukile were sold to a private investor for R67.6m on auction, by Rael Levitt's Auction Alliance.

"I am very bullish on the Johannesburg CBD, and believe that the revival of the CBD is only starting," the purchaser - who wished to remain anonymous - said.

Anchored by blue chip tenants such as Truworths, this asset was "a valuable addition to any property investor's portfolio", Auction Alliance added.

The first property sold is prominently situated on the corner of Eloff and President Streets, with the main entrance located on the corner. The eight-storey property is fully tenanted by Truworths, which had a long-term lease in place until December 2015.

The second building is situated on the corner of Eloff and Market Streets. It hosts 18 floors of office and retail space, and features three basement parking floors.

The property has a lease with Truworths and Edgars until June 2016, and has no retail vacancies.

"This significant sale within the Johannesburg CBD is another indication that investors are starting to take advantage of the exceptional long-term value that central Johannesburg property is offering on our auction floors," Auction Alliance said.

"The quick and efficient sale of this listed property fund's asset proves the efficacy of the auction method, which invariably results in a very pleased seller and buyer."

Auction Alliance house recently commissioned an independent investigation into allegations against it of unfair practice, including the use of fake bidders and giving kickbacks.

Matters came to a head when Cape Winelands estate Quoin Rock was sold for R55m to Wendy Appelbaum, which led her to question the legality of the sale. Levitt, Auction Alliance's CEO, is however suing Appelbaum for defamation following the dispute over the wine farm auction.
johannesburg  |  auction alliance  |  vukile  |  rael levitt
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
6 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...