Kyalami racetrack goes under the hammer for R205m

Posted On Friday, 25 July 2014 15:02 Published by
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Porsche South Africa was the highest bidder on Kyalami racetrack which went under the hammer today,at the High Street Auctions event, for a record R 205 million.

Kyalami Race Track

A reserve price of R200,000,000 was set for the sale of the landmark property at Summer Place in Hyde Park, which was filled with media, camera's and interested buyers; both local and international. The reserve price was increased while all encumbrances associated with the property purchase were removed.

"This development allows the new owners of Kyalami to develop the property as they see fit" says Lance Chalwin-Milton joint MD of High Street Auctions "which led to increased interest and new registered bidders for the iconic Kyalami property".

The job of selling the iconic landmark was left to High Street Auctions, South Africa's premier property auction house. The auction itself was conductedby renowned lead auctioneer Joff Van Reenen. "This is the first race track sold on auction, in South Africa," enthuses Joff, Director of High Street Auctions "And we broke all the property auction records here today".

In that a leader in the South African motor industry is the highest bidder, it is anticipated that the racetrack will be retained.

Highlights of the 24 July 2014 High Street Auctions event, held at Summer Place in Hyde Park included the sale of the following properties:

  • Sought after stand-alone office block in Bryanston Ridge Office Park, Gauteng was knocked down for R 5 million. Positioned in the hub of the Bryanston Commercial node, the office park has 24 hour security, exposure onto Main Road and a tranquil garden setting. The stand size is ±1482m² with a GLA of ±440m². This double-storey building features two reception areas, a kitchen, offices, boardroom and a large open plan area.
  • Prime retail and residential building on Jeppe Street in the Johannesburg CBDwent for the hammer price of R 4 million. The property receives a high volume of foot and vehicle traffic, creating much demand for the five retail spaces, which are currently fully let. There are 20 open plan bachelor flats with built in cupboards, kitchen, bathroom, balcony and pre-paid meters. The roof storeroom has been converted into a two bedroom flat.
  • Office block on Van Riebeeck Avenue in Edenvale with excellent exposure to the main thoroughfarewent for R 5 million. The building is ideally located close to all amenities, including public transport and OR Tambo airport. The property includes a three-storey office building plus outbuildings and storerooms. The GLA is ±1670m² and includes vacant occupation with an opportunity for a lease to occupy one of the floors.
  • The Standard Bank building in Newcastle, KwaZulu-Natal,reached R 6.2 million. The three-storey building is situated on a busy corner in the third largest city and urban centre in KwaZulu-Natal. The building is low maintenance with a brick and glass structure. The ground floor is retail space with Standard Bank of SA Limited as the tenant. The mezzanine, first and second floors are currently vacant. The estimated GAI is R 830 663.
  • The Nedbank building situated in the booming commercial and industrial Isando area, Gauteng, fetched R 3.5 million. It is a double-storey stand-alone building which was originally occupied by Nedbank and currently has a small food outlet tenant. The building is well maintained and offers parking for 30 vehicles.
  • Fully let three-storey building with office units and one shop, in Potchefstroom, North West Province attained the price of R 11.75 million. The property has excellent visual exposure within close proximity to upper-income residential and commercial developments. The "A" grade building contains 13 sectional title units, communal areas, storage, paved open and covered parking bays and a palisade secured perimeter.

"Today is historic, for both the car racing industry and the property auction platform, with High Street Auctions firmly placed in the forefront,drivingthe auction industry in South Africa to new heights and into the spotlight favourably," says James Dall, High Street Auctions Joint Managing Director.

Last modified on Friday, 25 July 2014 15:10

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