Aucor Property will hold its March multiple commercial auction at the Houghton Golf Club on March 15 at 12pm.
A variety of properties across various asset classes will come under the hammer on the day, including a sectional title property in the Sandton CBD.
Sean Parsons, business development executive for Aucor Property comments: “Over the past 20 years, the Sandton CBD has evolved from a residential area consisting of townhouses and apartment blocks to that of high rise commercial, retail and residential offerings.
“Local and international blue chip brands have settled into the area, and the need for modern\ lock-up type living has grown in demand as a result of professionals living closer to work.”
“With the frenetic pace of development taking place in the area, developers and investors are looking for new opportunities to develop into the coming years, and the reality of this is that the CBD has little left to offer in this area. There are a few older buildings and complexes, which remain in the node and offer the potential for this type of development and growth.”
One such space is Sherwood Gate, situated at 110 Rivonia Road. The property is zoned for residential living and features a sectional title complex of 30 units.
Door two – Unit 11 will be on auction on March 15 and be sold with vacant occupation. The double storey, three bedroom unit is 145m2 and has a 9m2 storeroom.
The total Participation Quota in the scheme for this unit is 5.0642%.
Parsons concludes: “The buyer of this property is buying an opportunity to participate in the prospective development of the site. Development of commercial and residential space in this area will continue, and this parcel of property will grow in value.
“In the short term, a tenant may be placed to cover overheads with a long-term goal of either being part of a consortium to redevelop the property for high-rise residential living or sell out for profit.”