The prime commercial property sold in the CDB recently during an auction. pic Bidders Choice
Cape Town - One of the CBD’s most sought after commercial properties, which has gone under the hammer twice and attracted international interest, was sold for R152 500 000.
The property, located at 14 Riebeek Street in Cape Town was auctioned by seasoned auctioneer and CEO of Bidders Choice, Pieter Geldenhuys recently.
The property had been an on-site liquidation and comprises 17 levels of office premises and has around 50% occupancy.
It was sold to a South African Property Management company which has investments throughout the country.
The property had two interested buyers from London and previously interest was also shown by buyers in Dubai and Germany.
Geldenhuys told Weekend Argus prime property in the CBD was still high in demand from countries abroad.
Interested bidders had to secure a R100 000 refundable participation fee including their relevant FICA documentation to proceed.
The property boasts a leasable area of approximately ±21000m² and has retail stores situated on the ground level including Atrium and mezzanine areas, four elevators service the building, accessible from the basement to the rooftop.
The building also offers two entrances, one from Riebeek Street and the other from Thibault Square and has two underground parking levels.
The office spaces offer fully equipped amenities such as a kitchen, boardrooms and reception areas.
Geldenhuys they could not disclose much about the buyer but said it was a local company who had shown interest, along with two others from London.
“It is a company which has invested in properties in Gauteng, Pretoria, Eastern Cape and Western Cape. It is a property management company.
“There were, in total, 50 to 60 people present at the auction and we had five registered bidders. They had to comply with certain conditions such as paying a R100 000 registration fee, for their participation, which is refundable.They also had to supply all their FICA documents.We also had two people bidding from London and they had their representatives present.”
Geldenhuys added the sale had showcased the interest from abroad in the CBD and indicated it was still a much sought after area.
“Foreigners are investing here. This is a very high profile matter.We are focusing on the CBD on property owners want to dispose of.
“I am very positive and there are good signs that there is still a demand in the market in terms of CBD properties.
“This property is very well-located and it offers a lot to any buyer, particularly as we sold it with a leasehold agreement. This is the second time have had this property on auction. The first time we had people showing interest from Dubai and Germany.
“We do a lot of marketing abroad. We are happy with the attendance and with the activity at the auction. We had a lot of participation.
“The property has various multiple tenants and there is a leasehold with the City council due to parking bays etc.”
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