Valuable Johannesburg buildings on offer

Posted On Friday, 21 February 2014 17:54 Published by eProp Commercial Property News
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An elegant Edwardian building which belonged to the same family for the past 80 years will be the conversation piece at the Aucor Property sale next month, when 29 buildings with an estimated market value of R400m will come under the hammer.

Auction Hammer

Of special interest will be Champion Building at 52 Market Street with "its fine workmanship and aesthetics".

It is one of the buildings which, Arnold Benjamin says in his book, Lost Johannesburg, was built at a time when pride, craftsmanship and "individuality of style" were the norm.

The building forms part of the historical Diagonal Street precinct, and was bought by Yusuf Ebrahim Gardee in 1930 and is still owned by his descendants.

Tenants seem reluctant to leave. Patson Stores, one of the current ones, has been there for nearly 50 years.

Riaz Gardee says his greatgrandfather founded the company in the 1890s, and bought a number of properties in the Diagonal Street precinct and surrounds, including the stand that The Star now occupies.

Among the other properties that were owned by the family in the area was the landmark Gardee's Arcade, now owned by others.

Website Bruwer 2002 says: "The colonnaded canopy with cornice ... is perhaps one the most interesting features of this building.

" The first storey "is richly decorated with pilasters, pediments, gables, cornice and balustrades."

The mixed-use building, on the main arterial road between central Johannesburg and Fordsburg, offers three retail shops with basements.It has residential potential on the first floor.

Strong bidding is expected for a shopping centre in Douglasdale. The established venue with a gross lettable area (GLA) of 4,914m² on an erf of 1.54ha has tenants that include Woolworths Foods, Clicks DIY Depot and Nando's and is described as the "destination centre for established restaurants and hot spots in popular Douglasdale".

A property at 21 Herman Road, Meadowdale, offers a GLA of 4,852m² on an erf of 6,372m² and a gross income of R3.6m a year.

The fully let complex accommodates national tenants and has potential signage income.

A retail centre in Duiwelskloof, Limpopo, between Polokwane and Tzaneen, is situated on an erf of 2,724m² with Ellerines and Jet as anchor tenants. Gross income is R1,2m a year.

Of special interest is a portfolio of four buildings at 266, 320, and 322 Bree Street as well as a building on Mooi Street between Bree and Jeppe streets in Johannesburg.

Number 266, a newly developed centre, is on an erf of 496m²; numbers 320 and 322, which are next to the Bree Street City Mall, offer gross income of R2.75m and R863,400 a year respectively.

More is on offer at the building on the corner of Bree, Mooi and Jeppe streets. The mixed-use fully let Blue Chip retail centre and block of flats has a gross income of R5.9m a year.

Forming part of the portfolio is 109 Polly Street, corner of Jeppe Street, a fully let multilevel building backing on to Bree Street, with a GLA of 1,000m²

In Springs a pre-Second World War retail building with a GLA of 900m² is on offer, and on Main Street, Rosettenville, a two-storey property trading as a restaurant is coming under the hammer.

The building has a GLA of 500m² on an erf of 315m² , a landmark building on Main Road, Melville, Johannesburg, with a gross income of R1.74m a year, will be on offer.

The building offers corner-site advertising and is suitable for conversion into sought-after student accommodation.

On sale in the Magaliesberg is an agricultural holding of 64.2ha with an unusual three-bedroom homestead. Commercial development land of 1.9ha with available bulk of 21,489m² is for sale within the office node of Centurion and close to the Gautrain.

A complex of 60 rooms for student accommodation on an erf of 3,600m² in Vanderbijlpark will be on the vendor's roll. The complex is close to tertiary education campuses in the area.

Three sectional-title office blocks in Palm Office Park, Midrand, are expected to be in great demand. The three blocks have a total GLA of 2,608m² and a potential gross income of R1.7m a year.

Of interest too is an industrial development opportunity on Foundry Street, Isando. The site has a gross building area (GBA) of 3,183m² on an erf of 1,983m², and a potential gross income of R1.2m a year.

Described as an industrial investment, buildings with a GLA of 2,900m² on an erf of 17,822m² in Polokwane offers a gross income of R1.1m a year.

A lease is in place until November 2018. The property comes with offices, manufacturing facilities as well as a large yard.

More upmarket is a penthouse in Melrose Arch. The 183m² unit with two bedrooms and 2.5 bathrooms is split over two levels and is currently let on a month-to- month basis, it will be sold fully furnished.

Last modified on Thursday, 29 May 2014 17:04

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