Properties in the City of Tshwane were the most sought after in an auction held by property auctions company High Street Auction in Johannesburg in May.
The auction showcased more than 40 commercial, industrial and residential properties, with an estimated market value of more than R600-million, making the auction the largest property sale undertaken in the country.
Nine pieces of land in the City of Tshwane were on sale, with industrial land in the Waltloo area the most popular.
High Street Auction director and lead auctioneer Joff van Reenen said that the profile of industrial space had moved from heavy manufacturing to light manufacturing, warehousing and distribution.
“Waltloo’s ideal location presents lucrative investment opportunities in the sector. Vacant occupation as promised by the City of Tshwane, if so desired by the investor, will allow them to roll out their acquisition strategies from day one. That some of the properties sold have existing tenants with long-term leases in place also guarantees consistent returns,” he said.
The incentives on offer by the Tshwane Council set a new record for prices paid for the City of Tshwane land releases. Lot 22, which was zoned for industrial use, sold for R12.3-million.
High Street Auction joint MD Lance Chalwin-Milton said the Tshwane land release properties showed great demand. He added that the company was confident of surpassing the city’s initial expectations and expected some new records to be set in the process.
Earlier this year, the City of Tshwane appointed High Street Auctions to auction more than 80 properties to raise funds to improve the lives of thousands of residents in the city.