The High Street Auction Co to auction Kyalami Race Track

Posted On Monday, 26 May 2014 14:58 Published by eProp Commercial Property News
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High Street Auction Co announces at its multi-property auction that it will sell Kyalami Race Track on July 24, in what it said will be the biggest no-reserve auction in SA history.

Kyalami Race Track

The 72ha property, formerly the farm Bothasfontein, was famous as a venue for its world class 4.26km racetrack, where several Grand Prix Formula One and Superbike World Championships were held.

World-class drivers who included Niki Lauda, Carlos Pace, Carlos Reutemann, Clay Regazzoni, Jody Scheckter and James Hunt competed on the track on which 21 Formula One Grand Prix races and five rounds in the World Superbike series were held from 1998 to 2002.

According to The Ultimate Driving Experience website, the circuit consists of long straights and an exciting mix of fast and slow corners, including the notorious mine-shaft corner.

Kyalami, in striking distance of the heart of Sandton, is in the centre of a burgeoning residential and commercial suburb.

High Street yesterday held a well-attended, lively auction at Summer Place, Hyde Park, where 40 lots came under the hammer.

"We were right on the button," Lance Charlton-Milton said after the auction. "Fordsburg is a thriving property market at present and buildings have good value. Demand for retirement accommodation was good and the property in Boksburg has plenty of upside for development.

Auctions get better and better from the winter season to the end of the year, so we are expecting more growth in the following months."  

In the spotlight were the Boule vard Shopping Centre in Melville which sold for R30m, an office block called the Comutanet Building in Sunninghill (R21m), and the Clover Manufacturing and Distribution Plant in Mayfair (R28m).

The Boulevard Shopping Centre has anchor tenants that include Spar, Steers, Jacks Paints and Pizza Perfect. Gross lettable area is 5,351m² and net income is a healthy R2,87m a year. Comutanet, with a gross lettable area of 23,010m², was sold with vacant occupation. The Clover complex, with a gross lettable area of 13,105m² houses the factory, the offices and ancillary structures.

A hotel and wedding venue on 87ha near Michaelhouse School in Balgowan, KwaZulu Natal, fetched R6,75m.

It is regarded as one of the top wedding and conference centres in SA. On offer too in the Midlands was the Syringa retail centre and petrol station, with a gross lettable area of 1,200m², which fetched R1.6m.

Last modified on Saturday, 07 June 2014 16:52

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