Auction growth reported in KZN
"The ice has broken, and the market is loosening up," says Rainer Stenzhorn, sales manager of Auction Alliance KwaZulu-Natal. He notes that a total in excess of R280million is expected from the two respective multiple auctions to be held in Durban on 16 March 2010.
According to Stenzhorn, appetite for industrial and commercial property has suddenly increased: "Buyers and sellers using Auction Alliance's auction platform are set to conclude transactions similar to those achieved almost two years ago. We are extremely excited that we have such an active market again, and those participating in our auctions have realised that now is the right time to get back into action."
For the upcoming commercial auction, Auction Alliance has managed to secure a wide variety of highly sought after property stock.
In view of the increasing trade between Johannesburg's industry and Durban's harbour, as well as the continuation of the Dube Trade Port with further transport activities, Auction Alliance is leased to submit to auction a huge retail and industrial office park development site, located directly on the N3 in Howick.
Other prominent industrial properties include a 6 840m² warehouse in Springfield Park, 4 000m² of commercial development land in Hilton, 26 500m² of industrial land in Richards Bay with its own railway siding, and three vacant office development sites in Pietermaritzburg's Victoria Country Estate.
A nice mix of 12 mixed-use and retail properties in and around the Durban area are also on offer. They range in the lower million bracket, and comprise retail and residential blocks that are suitable for those discerning buyers who are interested in building or adding to their existing portfolios.
Also in Durban, four blocks of flats in total, boasting 52 flats, have already sparked great interest, comments Stenzhorn.
Durban CBD has become popular hunting ground again due to its strategic positioning, and good property has become scarce. This has inspired the seller of a 3 800m² office and retail block in West Street to use the competitive method of auction to sell the property. The selling of this property will be extremely beneficial for the Durban Landmark Hotel Tudor House, which is also situated in West Street and can be regarded as property that is in high demand.
An industrial park, complete with warehousing and offices, will also be on offer in the highly rated Westmead / Pinetown Industrial Park, where property rarely comes into the market. This property consists of over 4000m² of improvements.
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Making convenience for the buyers a top priority, Auction Alliance has combined there commercial and residential platinum auction sales into a same-day, two-session auction experience on 16 March 2010. It is set to start at 10h00, with the sale of high value residential properties, and will continue through to 12h00, with the commercial property auction. The Oyster Box in Umhlanga is the venue, and a perfect stage to showcase this impressive property medley totaling R280million.
Article from: www.eprop.co.za