JOBURG INNER CITY TO FEATURE ON AUCTION
Johannesburg 28 September 2011: The High St Auction Co has announced that its next property auction to be held on 5 October 2011 at Summer Place in Hyde Park at 12h00 will feature a host of inner city Johannesburg properties.
Joff van Reenen, Lead Auctioneer for the High St Auction Co comments, “Downtown Johannesburg is being rejuvenated and as such this is the ideal time for property investors to look for prime property to re-develop not only from a commercial view point but from a residential one. The City of Johannesburg and its implementing agency, the Johannesburg Development Agency is working proactively to rejuvenate the city centre through The Inner City Property Scheme (ICPS). Currently the Mayor of Johannesburg has allocated an amount of R300 million for inner city regeneration in the current financial year and this includes an amount of R171 million for the Hillbrow, Berea and Yeoville public environment upgrade. These municipal initiatives are already visible in respect of improving surrounding neighbourhoods.”
Some of the inner city properties to come under the hammer on the day include:
WELLINGTON COURT - 34 LEYDS STREET, JOUBERT PARK, JOHANNESBURG
Wellington Court, located on Leyds Street is a seven storey residential apartment block consisting of forty eight units. This 2893m² building on a stand measuring 465m² is zoned for Residential 4. Leyds Street is located in the inner city and is in close proximity to Braamfontein, Parktown and Berea. The property is easily accessible via the M1 Highway, Louis Botha Road and Empire Road. A new Rea Vaya bus station & the Joubert Park Taxi Rank are both located within walking distance to the property. The Joubert Park & Art gallery is located on Twist Street across the road. The property’s reception is located on Leyds Street and features both a central concrete staircase and as well as a passenger lift. There are typically six units per floor with a penthouse and staff quarters located on the roof. Access to the basement is via the adjacent building Bethlehem Court. Current information provided to the auctioneer suggests that Wellington Court is fully occupied at present with flat rentals varying between R1500 to R2000 for bachelor flats, R2000 to R2500 for one & two-bedroom units and between R2500 to R4500 for three-bedroom units.
WANDERERS HOME 44 WANDERERS STREET, JOUBERT PARK, JOHANNESBURG
Wanderers Home is an eight storey mixed use building located on Wanderers Street between Leyds and Bok Street in the Johannesburg inner city. This 3848 m² building which is built over 3 stands is zoned for Business 1. The area directly surrounding the property features a general typical inner city neighbourhood in Johannesburg, with close proximity to the M1 Highway, Louis Botha Road and Empire Road. The property is situated opposite Johannesburg Park Station, coach and taxi ranks and the Bridge Shopping Centre further down street. The buildings and the surrounding area appear in fair state with the streets active with retail businesses and consumers. Wanderers Home is primarily a residential property with the added advantage of two ground floor street front shops with a GLA of 99m2 . There building features are 35 units across the seven upper floors. Flat rentals vary between R1500 to R2000 for bachelor flats, R2000 to R2500 for one & two-bedroom units and between R2500 to R4500 for three-bedroom units. Street front shops sized between 10m² to 50m² vary between R150/m² to R500/m² and sized 50m² to 500m² between R45/m² to R500/m². The building has a single lift as well as a concrete stairwell which provides access to the upper floors. In addition to this there is an external steel fire escape.
217 COMMISSIONER STREET, JOHANNESBURG CBD
217 Commissioner Street is a 3200m² seven storey face brick building which has general zoning and was originally utilised as workshop and multi floor industrial warehouses. The property has exposure from Joe Slovo Drive and is currently vacant. The entrance is located on Commissioner Street giving way to a double volume reception area, with both a heavy duty goods lift and a passenger lift, and internal stair case allowing access to the above floors and lower basement areas. The floors follow an open plan layout and higher than average ceilings height supporting sufficient space for suspended ceilings and air-ventilation installations. The floors have large windows allowing significant natural lightning. The building has potential to be converted into residential apartments due to its large open spaces. In addition, the basement area and ground floor on ground level can be converted into a parking area providing ample tenant parking. Current research shows that Flat rentals in the area vary between R1500 to R2500 for a bachelor flat, R2500 to R3500 for one & two-bedroom units and between R3400 to R4500 for three-bedroom units. Alternatively, the building can generate additional income by the means of a “building wrap”. A local advertising agency advised in their opinion that a “building wrap” of a 100m² in size, could generate an income in the range of R20 000 to R30 000 per month. This is due to its proximity to the freeway. The area is characterised with not only large commercial concerns but numerous buildings in the area have been successfully converted into residential offerings. Furthermore the surrounding area offers a variety of public services in respect of domestic retail shopping centres, medical clinics and or surgeries, places of religion, public transport and other facilities. The property enjoys very good exposure and is conveniently located towards all surrounding main arterial routes being easily accessible.
Van Reenen concludes, “The rental market for residential accommodation in Johannesburg CBD areas is in fact tremendously good and in demand as can be seen from the amount of inner city stock that is on our books and although the older buildings in the area are perceived to create negative factors the local municipality and investors are working together proactively and have formed a strategy to upgrade and improve circumstances within the surrounding areas.”
INVESTMENT OPPORTUNITY IN THE RUSTENBURG RETAIL NODE
Johannesburg 19 September 2011: The High St Auction Co has announced that its next property auction will be held on 5th of October 2011 at Summer Place in Hyde Park at 12h00. One of the properties that will go under the hammer is 121 Kerk Street, Rustenburg. 121 Kerk Street in Rustenburg is zoned for Business 1 and is known as the Standard Bank Building. Kerk Street is in the bustling commercial node of the Rustenburg CBD and the foot traffic in the surrounds is extremely high due to the location as well as the presence of several multi-national tenants in the area. Furthermore, the building has excellent exposure onto the busy Oliver Tambo Drive, which serves as the main arterial route through the Rustenburg CBD.
A HOT SHOT INVESTMENT
Johannesburg 19 September 2011: The High St Auction Co has announced that its next property auction will be Held on 5th of October 2011 at Summer Place in Hyde Park at 12h00. One of the properties that will go under the hammer is 31 Voortrekker Road in Mogale City. 31 Voortrekker Road in Mogale City (formerly known as Krugersdorp) is a 2 storey building measuring 1034m2 and is zoned Business 2.
BECOME A REAL DONOR
Johannesburg, 22 August 2011: The High St Auction Co has announced that it has adopted The Sunflower Fund as its official charity partner. Max Kretzmer, Chairman of The High St Auction Co and leukaemia survivor comments, “As a world class auction company we firmly believe that it is our duty and privilege to be in a position to give back to those in need. We have worked with The Sunflower Fund over the past year with fundraising auctions and our lead auctioneer, Joff Van Reenen has successfully raised substantial sums of money for the organisation.”
Auction Mania at Summer Place
The High St Auction Co held its July property auction on the 27th of July at Summer Place taking a record number of properties to the auction floor. 41 lots with a combined market value of R330 million came under the hammer in a well balanced mix of properties on the day ranging from distressed inner city apartments to well let industrial and commercial investment properties and coastal leisure offerings.
STRONG INDUSTRIAL OFFERING AT UPCOMING AUCTION EVENT
Johannesburg 6 July 2011: The High St Auction Co has announced that its next property auction will be held on 27 July 2011 at Summer Place in Hyde Park at 12h00 and will see a total of 40 properties come under the hammer in its biggest commercial and residential property auction since launching in 2010.
THE AUCTION MARKET REMAINS POSITIVE
Johannesburg, 28 June 2011: As we head into the second half of 2011, Mark Kleynhans, Managing Director of The High St Auction Co takes a moment to reflect on the first half of the year and gives insight into his thoughts on how the remainder of 2011 is going to help shape and drive the auction industry.
The High St Auction Co to bring the hammer down on 9 June 2011
Johannesburg 24 May 2011: The High St Auction Co has announced that its next property auction will be held on 9 June 2011 at Summer Place in Hyde Park at 12h00. Various commercial, industrial and retail properties will come under the hammer on the day.
RIVONIA PROPERTY IN HISTORIC AREA TO BE AUCTIONED
Johannesburg 18 April 2011: The High St Auction Co has today announced that 5 George Avenue, Rivonia Ext 1 -the property immediately west of Liliesleaf Farm - will be auctioned at its next property auction on 12 May 2011 at Summer Place in Hyde Park at 12h00.
This 350m2 3 bedroomed home is situated on 2187m2 of landscaped gardens in the heart of Rivonia. Close to all main arterial roads, the Sandton CBD, leading public and private schools and community facilities, the property is located immediately west of Liliesleaf farm and was once part of the original farm. In addition to the home, the property also features offices, a double garage, carport, swimming pool, a security system, ample staff accommodation and storage facilities. The property is zoned for residential use.
Winter Wonderland to go on Auction
The only ski resort in South Africa, Tiffindell Ski resort will go under the hammer at the next High St Auction Co auction event to be held at Summer Place on 12 May 2011 at 12h00.
Nestled in the shadow of the Ben McDhui Peak, Tiffindell Ski Resort is located in the southern Drakensburg in the Eastern Cape near the town of Rhodes.
OUTLOOK ON THE MARKET FOR 2011
Johannesburg, March 2011: The property market as a whole is one that has experienced an eventful start to the year and the auction side of the industry is no stranger to the dynamics or excitement that the property sector brings. This is the view of Mark Kleynhans, Managing Director of The High St Auction Co. Kleynhans says, “We held our first property auction of 2011 recently and knew that this auction would set the tone for the remainder of the year. The auction event itself was well attended and we saw a higher rate of confirmations on the floor on the day compared to that of the past two quarters. This indicates that we were able to bring the right mix of stock to the floor on the day, but more importantly this was done at the right price and we are very pleased with the results.”
AUCTIONS SET TO BECOME MAINSTREAM SALES TOOL IN 2011
18 January 2011, Johannesburg: Despite low interest rates the local property market is expected to remain muted in 2011. Sellers of industrial, commercial and leisure property will therefore still be looking for innovative ways to realise a return on their investment this year.
According to Mark Kleynhans, director at The High St Investment Co, the owners of The High St Auction Co, the use of auctions to trade property in a bear market gained traction amongst sellers and investors in 2010, and is expected to continue to grow in popularity in 2011.
The High St Auction Co Proves Its Mettle
The High St Auction Co held its successful inaugural auction on the 11th of November at Summer Place in Hyde Park. The launch event was well attended by over 400 guests and saw an array of properties come under the hammer on the day.