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 According
to the auctioneers, the sale represents renewed optimism in prime cape
real estate and bodes well for the local property market. The well-known,
elegant and vibey Tuscany Beach restaurant building was sold on auction
for a solid price of R22.5 million.
The auction, which took place on-site overlooking the world famous Camps
Bay beach, attracted over 150 investors from across the country resulting
in a hotly contested ‘no-reserve’ auction. Bidding kicked off
at R10 million and gradually made its way to the final price of R22.5
million, including commission.
Comments Rael Levitt, CEO of Alliance Group, ‘’We are very
pleased with the result and it clearly shows that confidence is returning
to prime beachfront real estate. Great properties always achieve great
prices. This we have seen time and time again.’’
Bids came from as far as the UK and Far East as telephonic bids went
back and forth during the tense auction. The winning bid eventually came
from a local prominent businessman who is undoubtedly pleased with the
prime piece of world-class real estate now in their possession. The no-reserve
sale of the property will be confirmed by the executors of the estate.
Adds Levitt, ‘’We have already seen a number of substantial
sales this year which are setting the stage for one of the most prolific
years in the history of South Africa. Eager investors are being attracted
to our prime coastal areas and we are bound to see a number of fantastic
investment opportunities being snapped up during the coming months. Sometimes
I think that Capetonians underestimate that an accumulative audience of
2 billion people will soon be exposed to our country through the soccer
world cup. This is already causing a bounce at the top end of the market
and for trophy properties.’’
The recent successful Alliance Group auction which saw several portions
of the magnificent Boschendal wine estate go under the hammer is a good
example of how international investors are focusing keenly on upper end
prime real estate.
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Newsletter:
27 August 2010 to 03 September 2010 - Focus on Potchefstroom, North West, South Africa
