City centre rejuvenation and inner-city demand drive sales of R300m

Sales worth R300m were confirmed from the floor at the multi-property auction held by Aucor Property last week.

"This proves the economic vibrancy of the inner city, and demand exceeded expectations following a tough last quarter," said Mark Kleynhans of Aucor Property. "Sales were boosted by the confidence in the buying power of inner city and buoyant expectations fuelled by the downtown rejuvenation."

According to Greig Want of Aucor Property, average rentals paid by vendors in the city centre of R1,400/m² could be equal to or even better than rentals in Sandton. "High street trading densities defy all logic; trading is carried from the street to the upper levels of the buildings," he said.

Properties on offer included:

Retail centre Windsor Parade at the corner of Beatrice Street and Duchess Avenue, Windsor Randburg, on an erf of 991m², a gross lettable area of 489m² and gross annual income of R435,000 sold for R2.4m.
Early Dawn Centre on the corner of Rivonia Boulevard, 9th Avenue and Eden Crescent on an erf of 4,374m², a gross building area of 2,608m² and a gross annual income of R3.2m. The 14 shops are fully let (R16.5m).
Retail and apartment block on the corner of Kenmere Road and Hopkins Street, Yeoville Boulevard, on an erf of 1,485m², gross lettable area of 2,347m², gross annual income of R400,000. Five shops and 12 apartments (R8.45m).
A retail building at 42-44 De Villiers Street on an erf of 992m², gross building area of 1,883m², gross annual income of R2.064m. Sold for R18.3m.
Retail and offices at the corner of Joubert and Bree streets, Lincoln Mansions on an erf of 501m², gross building area of 1,840m², gross monthly income of R1.05m (R10m).
Retail and apartments Springbok Hotel, corner Bree and Joubert streets, on an erf of 1,495m², gross lettable area of 1,410m² and gross annual income of R4.4m. The fully let building has 15 shops, 22 apartments on the first floor and 29 second floor apartments.
A vacant modern luxury home in Houghton Estate on an erf of 3,965m² with five bedrooms, five bathrooms, double garage, solar-heated swimming pool and a large garden with a tennis court (R3m).
Numbers 157-159 Commissioner Street on an erf of 991m², gross building area of 835m² and gross annual income of R840,000. It was sold with six shops, fully let, for R4m.
A retail centre in Georgetown, Germiston, on an erf of 1,129m², gross lettable area 878m² and gross annual income of R1.3m. It was sold with five shops fully let for R3.45m.
Retail strip with nine shops in Danville, Pretoria, on an erf of 1,759m², gross lettable area of 2,009m² and gross annual income of R1.2m (R2.75m).
Vanderbijlpark retail centre The Mall, on the corner DF Malan and Paul Sauer streets, on an erf of 3,755m², gross lettable area of 2,009m² and gross annual income of R4.5m (R14m).
Die Bult, Potchefstroom, sectional title offices on an erf of 792m², gross annual income of R1m, two office units in the university precinct (R5m).
At Bult Wes, Potchefstroom student accommodation, gross annual income of R456,000 (R2.5m)
Eleven sectional title units Bult Wes, Potchefstroom student accommodation, Majorie's Place, Wilgen Street, gross annual income R660,000.

Source: Business Day