Legendary Kyalami racetrack to be auctioned off
The world famous Kyalami racetrack will come under the hammer next month, with auction house High Street Auction Company conducting South Africa’s first ever racetrack auction.
This was expected to be the country’s largest no-reserve auction, which High Street Auctions joint MD Lance Chalwin-Milton said would ensure that the property was sold on the day.
The auction house has already received a number of enquiries from parties in the US, Britain and Europe who were interested in possibly buying the property.
Chalwin-Milton said the auction house was targeting two types of buyers – investors who were looking at the development rights of the track itself and buyers who were interested in owning a racetrack trophy.
The Kyalami racetrack, located in Midrand, north of Johannesburg, was at the centre of a burgeoning residential and commercial suburb. This could make it suitable for business development, which might be of interest to local investors.
The 72 ha Kyalami property has seen world famous drivers, including Nigel Mansell, Alain Prost and Ayrton Senna, master the circuit of 4.26 km.
The circuit first opened in 1961, but political sanctions resulted in the shutdown of the Grand Prix following the 1985 race. The circuit was rebuilt in the early 1990s as part of a commercial development and changed again after Formula One abandoned the rebuilt circuit in 1993.
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