Historic Properties among the big achievers in March High Street Auction
The property housing Sharpeville's present-day police complex was sold for a hefty R14.75 million in March, within days of Human Rights Day on 21 March when South Africans commemorated the 1960 massacre by Sharpeville Police of 69 peacefully protesting anti-Apartheid activists. Some 180 others were wounded.
Joff van Reenen, Lead Auctioneer and Director of High Street Auctions, says the sprawling tract of land at 1 996 Sobhuza Street has for years been leased by the SA Police and with three years still to run before the current lease is up for renewal, the new owner will be earning a comfortable passive net annual income of more than R2.5m from the property.
Industrial property appears to be continuing the upward curve that started in 2016 when the sector's performance overtook that of traditional market leader, retail, in delivering the highest returns for investors. This according to Lead Auctioneer and Director of The High Street Auction Co. (HSA), Joff van Reenen, who was commenting after the company's latest multi-property sale at Summer Place in Hyde Park on August 22. "August's sale continued what has become an emergent trend for HSA in 2017; the strong performance at auction of older industrial sites in prime locations that are affordable and ripe for redevelopment, as well as vacant industrial sites similarly positioned. "We are also seeing competitive bidding on modernised warehouse-type spaces and they generally command premium prices," says Van Reenen.- read more -
29 June, 2017: Prime real estate worth hundreds of millions of rands went under the hammer today in the largest auction measured on sale lot volume ever conducted by South Africa's leading specialist property auctioneers, The High Street Auction Co. In excess of 50 properties in 41 sale lots including upmarket office parks, retail centres, industrial developments, residential manor houses and even a cemetery completed a compelling sale catalogue for the exclusive auction held at Summer Place in Johannesburg's Hyde Park. And even at High Street Auction Co. Lead Auctioneer Joff van Reenen's customary swift, professional pace that ensured bidders remained rivetted, the sheer volume of the catalogue made for a marathon sale of more than two and a half hours.- read more -
The High Street Auction Co, South Africa's leading Real Estate Auction House, had 12 high value properties at its third multi-property auction of the year, held at Summer Place, Hyde Park on Thursday, 20 April 2017.
Lot 01: Helena Court, a fully let block of flats at 196 Rietfontein Road, Primrose, is in neat condition with the entire block being recently renovated. The stand size is 798m², with secure parking and pre-paid electricity meters. The property is well positioned on a main arterial and has a GAI of ± 380k. The block was auctioned for R2,365,000.00 after highly competitive bidding.
Gone are the days of property auctions being the domain of the Sheriff of the Court and the last resort for selling distressed properties! The professional and well organised High Street Auction Co, South Africa's leading Real Estate Auction House, auctioned 18 properties achieving a total value of approximately R100 Million at its second multi-property auction of the year at Summer Place, Hyde Park on Thursday, 23 March 2017 - this proves that seller sentiment is changing with regard to auctions.
Lot 03: Legal instruction - Assen Court, 17 Park Street, Turf Club: This neat residential property consists of 5 x 40m² bachelor units and 9 x 60m² one bedroom units, with the majority of flats being newly renovated. The apartment block was sold pre-auction for R2,750,000.00.
The High Street Auction Co, South Africa's leading Real Estate Auction House, auctioned 26 properties at its first multi-property auction of the year, held at Summer Place, Hyde Park on Tuesday, 21 February 2017.
Lot 02: 99 Van Riebeeck Avenue, Edenvale, a prominent Business 1 building, 2km from Greenstone Mall and Stoneridge Commercial Node. This multi-level structure comprises of three floors - each being ±500m², a ±150m² external warehouse, staff facilities and storeroom of ± 100m², with a total GLA of ± 1 750m². The property has dual access from 10th Avenue and Van Riebeeck Avenue, has a secure brick paved parking area on Van Riebeeck Ave, with street frontage, a tarred driveway and additional parking on 10th Avenue. The building attracted a bid of R5, 000, 000 with vacant occupation after lively bidding.
The High Street Auction Co, South Africa's leading real estate Auction House auctioned 32 high value properties at its last multi-property auction of the year, held at Summer Place in Hyde Park on Thursday the 24 November 2016.
The final auction drew record attendance and prices and was streamed to satellite venues in Cape Town and Durban, where bidders participated in the live auction.
Lot 03: 211 Vonkprop Road, Samcor Park - an immaculate double storey face brick warehouse/factory and offices. This low maintenance property has an Erf Size of 3 854m² and GBA of ± 2 819m², enjoys easy access to the N4 highway, which is linked to the N1 highway. It was sold for R7,040,000.00 after highly competitive bidding.
The High Street Auction Co, South Africa's leading Real Estate Auction House, auctioned 21 high value Retail, Commercial, Industrial and Development properties at its pen-ultimate multi-property auction of the year, held at Summer Place in Hyde Park on Wednesday the 2nd November 2016.
Lot 01, a 7 storey retail & residential building, situated at 84 Noord Street, Joubert Park, JHB, was sold for R9,295,000 after highly competitive biddng. The property has a GLA of ± 3 800m² and a stand size of 498m², with a GAI of R2 160 000. There are 74 residential units, comprising of 40 flats and 34 rooms with communal ablutions, 9 retail shops and basement parking. The property is located opposite the Noord Street taxi rank and has an active retail component on the ground floor.
The High Street Auction Co, South Africa's leading real estate Auction House auctioned 14 exceptional properties at its 9th multi-property auction of the year, held at Summer Place in Hyde Park on Thursday the 13th October 2016.
Lot 02, located at 1061 Jan Shoba Street, Brooklyn, Pretoria: This double storey office block and showroom was knocked down for R5 500 000.00. The property has a GLA of 580m² and a stand size of 1119m² with "special" zoning in place, for the use of Professional Offices. The ground floor consists of a reception area, open plan office, 2 dry-walled partitioned offices, as well as a kitchenette. The first floor accommodates a spacious open-plan office area, 5 offices, a kitchenette and an entertainment area.
The High Street Auction Co, South Africa's leading real estate Auction House auctioned 14 high value properties at its 7th multi-property auction of the year, held at Summer Place in Hyde Park on Thursday the 23rd of August 2016.
Lot 03, a Power of Attorney - Bank Instruction consisting of a 816m² family home/office situated at 21 Buckingham Avenue, Craighall Park, was knocked down for R2 252 500.00. This recently built home has 3 bedrooms & 3 bathrooms, main en-suite, an open plan kitchen with built-in cupboards, a lounge with a gas fireplace and an entertainment area. There is a large double garage and a paved driveway suitable for approximately 10 cars. The property is situated within a pan-handle with double-gated access, as well as a covered pedestrian entrance. The landscaped gardens have been well maintained and boasts a brick paved water feature.
The High Street Auction Co, South Africa's leading real estate Auction House auctioned 28 high value properties at its 6th multi-property auction of the year, held at Summer Place in Hyde Park on Thursday the 28th of July 2016.
A property portfolio with government leases was knocked down for R 115 500 000.00. The properties were broken down as follows: Lot 1, a SAPS facility situated in Powerville has a 6 year lease in place with a GAI of R4.2 million. Lot 2, a fully let single tenanted government building in Vereeniging has a GLA of 1 836m² and a GAI of R2.2 million. Lot 8, a fully let SAPS building located in springs with a 6 year lease, GAI of ±R3.2 million and 40 parking bays. Lot 9, a multi-tenanted landmark building in Benoni includes DPW/Statistics South Africa as their anchor tenants and has a 3 year rental guarantee for both the Ekurhuleni Municipality as well as the BFS with a GAI of ±R5.2 million. Lot 22, located in Vereeniging is a government tenanted building which is let partially by Statistics South who has a 10 year lease in place which expires in 2020, the GLA is 1884m² with a GAI of R2.57 million, the last property was lot 23, an immaculate investment building situated in springs and tenanted by SASSA and Old Mutual. The property has a GLA of 1 976m² and a GAI of ± 2.32 million.
The High Street Auction Co, South Africa's leading real estate Auction House, successfully auctioned 17 high value properties at its 5th multi-property auction of the year, held at Summer Place in Hyde Park on Thursday the 23RD June 2016.
Lot 14, 58 & 60 Wierda Road East, Wierda Valley - an unprecedented development opportunity with a potential for commercial or 700 apartments subject to re-zoning, was knocked down for R78,100,000. Close to Sandton City and the Gautrain Station, Katherine Street is the epicentre of development in Wierda Valley, with the landscape of the area changing dramatically with the development of Sasol's new Corporate Head Office. Described as a "floating box" by the Architects, this building is bound to become one of Sandton's landmark sites. The development is one of South Africa's largest new commercial office projects.
The High Street Auction Co, South Africa's leading real estate Auction House auctioned 24 high value properties at its 3rd multi-property auction of the year, held at Summer Place in Hyde Park on Thursday the 21st April.
Lot 01, a prominent retail & apartment block, situated at 521 - 539 Prince George Avenue, Brakpan, was knocked down for R3 080 000.00. The property has a total of 6 retail stores and a workshop ± 300m². The residential side consists of 2 x 1 Bedroom and 4 x 2 bedroom apartments, with pre-paid electrical meters, Business 2 zoning and a GAI of ± R550k. The property has 3 Phase 150 Amp electrical supply and a total GLA of ±1790m².
The High Street Auction Co - South Africa's leading real estate auction house - placed 21 carefully selected, high value properties under the hammer at its first auction of 2016. Hosted at Summer Place in Hyde Park on 24 February, the event presented great commercial investment and development opportunities, with properties ranging from industrial to retail to residential complexes, fetching a total value of more than R160 million.
With Gauteng offering the most properties on the day, the province also accounted for the biggest sale of the day; situated in a high-density trade area in Boksburg, a mixed use portfolio comprising 13 retail stores and 16 residential flats, recorded an impressive R35 million.
24 February 2016: The High Street Auction Co, South Africa's leading real estate auction house, today announced the "go-live" of its new property Sale by tender trading platform - a real estate sector innovation, it expects to disrupt market conventions and drive portfolio returns for its clients. Aimed at widening market access and promoting the highest levels of governance and transparency, The High Street Auction Co already has a portfolio of assets from a listed property fund in a sale by tender process on the platform. This particular sale will close on 1 March 2016.- read more -
The High Street Auction Co, South Africa's leading real estate auction house auctioned 17 high value properties at its last multi property auction of the year, held at Summer Place in Hyde Park on Thursday 26th November.
Lot 01, a redevelopment opportunity, ideally located at 22 & 24 Jorissen Street, Braamfontein, was knocked down for Eight Million, Eight Hundred Thousand Rand. The property is ideally suited to be converted from its current offices and apartments and into student accommodation. It has a GLA of 2 300m² and a GAI of ±R1 831 440.00 (projected) with basement parking for approximately 60 vehicles and extra bulk for additional development. The property is situated directly opposite the Wits School of Chemical & Metallurgical Engineering.
The High Street Auction Co, South Africa's leading real estate auction house auctioned 17 high value commercial, development and leisure properties at its monthly multi property auction held at Summer Place in Hyde Park on Wednesday 11th November.
The auction was well attended by regular and first time buyers eager to secure excellent investment opportunities.
Lot 01, a multi-level building situated at 72 Davies Street, Doornfontein, was knocked down for eight million, two hundred and fifty thousand rand. The property has Business 1 zoning, a GLA of ± 3475m² and a basement of ± 1800m². The building has a reception area with elevator and over 30 offices, making it ideal for either a university, call centre, government use, residential conversion or student accommodation, a church or school.
The High Street Auction Co, South Africa's leading real estate auction house auctioned 15 high value retail, commercial, leisure and development properties at its monthly multi property auction held at Summer Place in Hyde Park on Thursday 22nd October.
Showcasing large shopping centres, a hotel and the exclusive St Peter's Place, 4 star Boutique Hotel, it was an auction offering ideal investment properties.
The High Street Auction Co, South Africa's leading real estate auction house, auctioned off 17 high value properties at its monthly multi property auction held at Summer Place in Hyde Park.
With investors and developers seeking out good quality properties in prime locations across the country, commercial and industrial properties continue to be the popular choice.
Lot 01, a excellent Investment opportunity based in Wynberg, was knocked down to the highest bidder for R4 Million. This warehouse/factory has a GLA of approximately 4309m², with a strong tenant and a 10 year lease expiring in 2024.
Lot 04 was auctioned for R1.8 Million. The Cummins vacant site located at 9 Walter Hall Road, Shortts Retreat, Pietermaritzburg, is zoned industrial with a stand size of 7233m² and is located near the Unilever Distribution Centre.
The High Street Auction Co, South Africa's leading real estate auction firm, today auctioned 18 high value properties at its monthly multi property auction held at Summer Place in Hyde Park. Commercial and industrial properties continued to draw bids with listed funds, investors and developers seeking out good quality properties in prime location across the country.
Is South Africa in a 'bull or bear market'? A market where prices are rising or are expected to rise is called a 'bull market' whereas a 'bear market' is when there is a downwards trend. Bull markets are traditionally characterised by investor confidence and expectations of continued strong results. "After a number of years of bear market performance, the current property market outlook is turning bullish," observes James Dall, High Street Auctions Joint Managing Director. "The change can be attributed to good property becoming available and a slight relaxing on some of the financing criteria. We have seen an increase in interest in our auction platform, from sellers and attribute this to buyers looking to take advantage of the rising market."- read more -
The auction industry has come under much scrutiny of late for its use of vendor bidding, the process whereby an auctioneer is allowed to enter bids at an auction on behalf of the seller up to a stated reserve price in order to ensure that a market-related sale is achieved.
Sadly, many commentators continue to confuse this perfectly legal practice with ghost bidding, which is both unethical and highly illegal. What many fail to realise is that there is a fundamental difference between vendor bidding and ghost bidding. They differ from each other in the same way that marriage differs from murder. One is protected by the law and the other is punishable by the law. The law recognises this fact because vendor bidding is a legitimate process that is purposefully designed to protect the interest of both buyer and seller during the course of achieving a market-related sale at an auction.
Part of the confusion between vendor bidding and ghost bidding arises because many South Africans still regard auctions as being synonymous with bargain purchases. In fact, the auction industry has evolved into a highly sophisticated mechanism, which is used by some of this country's biggest listed property and investment companies, to conclude efficient, market-related transactions.
In a bold and forward-thinking initiative, City of Tshwane, appointed High Street Auctions to auction over 80 properties to raise funding to improve the lives of thousands of residents. "Auctioning off the iconic Kyalami race track generated an enormous amount of interest in and credibility for High Street Auctions by larger establishments, like The City of Tshwane. Today we auctioned the first 17 properties and the remainder will be up for auction in May and June 2015," explains James Dall, High Street Auctions Joint Managing Director.- read more -
In its drive to be an African Capital City of Excellence, the City of Tshwane has begun realizing its 2055 Vision to improve the lives and prospects for its residents under its innovative land release strategy.
The City has opted for the method of an auction due to the transparency and value maximisation inherent within the mechanism. In addition, the City of Tshwane will set itself apart from its counterparts within Sub-Saharan Africa due to the innovation associated with the project and the manner in which it is being executed.
"High Street Auctions continues to achieve astounding growth year-on-year with hundreds of properties going under the hammer, across the entire spectrum," according to High Street Auctions Joint Managing Director, James Dall. Last year we hit a major milestone in selling more than R1 billion in property value. This year topped that great achievement and managed to add a global marketing award title from NAA and a record breaking R205 Million on a single lot with the successful sale of the Kyalami race track" continues Dall.- read more -
The recent South African Mini Budget for 2014, delivered by Finance Minister Nhlanhla Nene, clearly outlined the need to restore balance to the country's finances and bolster investment. Part of the plan includes safeguarding investments and encouraging saving. He emphasised the need to bring together the public and private sectors as part of the medium term plan for 'dynamic city development'.
"We, at High Street Auctions, concur that it is imperative for the private sector to show initiative in order to achieve economic growth. Property development plays a large role as it stimulates the economy and creates employment," comments Lance Chalwin-Milton, Joint Managing Director of High Street Auctions. "The auction platform provides buyers and sellers with an elegant and quicker access to the market," he continues.
The South African Property Index (J253T - JSAPY Index) returned a positive 2.18% for the month of September. "This is encouraging to note as it reflects the sector achieving modest growth in the first six months of 2014 which we believe will be maintained for the balance of the year," comments Lance Chalwin-Milton, Joint Managing Director of High Street Auctions.- read more -
The recent market report, commissioned by The Royal Institution of Chartered Surveyors (RICS), an international professional body representing everything professional and ethical in land, property and construction, indicates that there is an increase in both opportunities and pressures in the business, residential and retail property sectors in Sub-Saharan Africa. The "Unleashing Sub-Saharan African Property Markets" report attributes this to an increase in urbanisation, rapid population growth and greater engagement with the global economy.
Whilst South Africa has a shortage of skilled engineers, the property market is relatively mature and remains an attractive investment opportunity, often seen as a springboard to the rest of Africa.
The recent multi-property auction held by High Street Auctions included residential and commercial properties, large apartment blocks, commercial land, a factory and upmarket homes.
Following the globally publicised selling of renowned Kyalami racetrack, the South African property auction industry has gained credibility and market confidence. The overall property market has experienced a year-on-year growth, plus, with the fourth quarter of the year a month away, there has been an increase in opportunities for both sellers and buyers.- read more -
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.
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 conducted by 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".
"We have just been advised by the attorneys representing the liquidators of the Farm Bothasfontein, better known as Kyalami, that the advertised auction of Kyalami scheduled for 24 July 2014 has been confirmed with the additional advantage of the removal of several encumbrances." says Lance Chalwin-Milton the Joint Managing Director of High Street Auctions.
According to court papers eleven applicants, who contended that they had certain rights in and to the Kyalami Race Track, applied to have the auction halted. In terms of the court ruling released on 15th July 2014 these claims and onerous obligations were either waived by agreement or abandoned allowing for the public auction to proceed unhindered.
"Today's multi-property auction reflects the increasing trend of buying and selling properties on auction. Discerning bidders can acquire properties at bargain prices and sellers are able to achieve true market value. Generally the prices fetched at auction reflect supply and demand economics" states James Dall, High Street Auctions Joint Managing Director.- read more -
The High Street Auction Co., South Africa's premier auction house, has been recognised as a multi-category award winner in the USA based National Auctioneers Association's prestigious 2014 NAA/USA TODAY Marketing Competition.- read more -
Accumulating wealth is a given goal for most people. Yet, the journey to achieve this general and often lofty goal, differs for each person. According to Lance Chalwin-Milton, Joint Managing Director of High Street Auctions, "Property remains a straight-forward and safe route, for the average South African to accumulate long-term wealth, as it's a relatively simple industry to break into and understand".- read more -
"Real Estate auctioneering is very difficult and companies need to be highly proactive to do the job justice. This industry is fast-paced and has almost turned into a science with a clear formula for success," says Joff Van Reenen, Lead Auctioneer and Director of High Street Auctions.- read more -
"In our experience, 80% of bidders buy property via auction for investment purposes, with 20% purchasing for personal use," says Lance Chalwin-Milton, Joint Managing Director of High Street Auctions. "This creates a more business-like and analytical approach to the property, as opposed to a more emotive decision," he continues.
For those looking to enter the property market, as investors, require a deposit, monthly income and a good credit history to secure a bond. This way your investment is relatively small compared to the asset you are investing in. Renting the property wisely, will provide an income, saving a portion of the rent over a 12-24 month period, which can be used as a deposit towards the next property. The return on investment is substantial. A reputable auction company will be able to supply expert advice, with your requirements in mind.
Even though there is an increase in online auctions, which is evident by the burgeoning of online auction sites selling goods ranging from property to second hand items, the experience of a live auction is akin to attending a high profile function. "The very nature of a well-run live auction is electric. In my years of being an Auctioneer I've had the privilege of auctioning off a photo opportunity with Celine Dion, to 1000 houses in a single day", says Joff Van Reenen, Director and Lead Auctioneer for High Street Auctions. "In South Africa, the auction industry is growing year on year, certainly in the property space, where our auctions have become a trusted trading platform. Live auctions are still the preferred choice for discerning and serious buyers and sellers. It is exciting and has an element of allure," enthuses Van Reenen.- read more -
"2013 has been an exciting year for High Street Auctions. We've sold over R 1 billion worth of property on auction throughout South Africa. This is more than a 100% growth from 2012," shares High Street Auctions Joint Managing Director, James Dall.
Growth on the property auction platform is in line with national property trends, which has grown across commercial and residential sectors. Based on historical trends, the local industry experiences a sudden growth spurt every 10 years, with the next anticipated boom in 2017. "If this trend holds, the next few years will provide the ideal economic climate to invest in property," says Dall.
Multi-property auction reaches record bids in excess of R 129 million
Following announcement of the 2013 Medium-Term Budget Policy Statement (MTBPS), Finance Minister Pravin Gordhan relayed a clear message to increase savings and investments in order to expand and diversify the economy, as economic growth is the only path to a sustainable and optimistic future.
"Implementation is key." says Lance Chalwin-Milton, High Street Auctions Joint Managing Director, "An improved infrastructure, will directly impact on local and international investment in property. It will also affect demand in the areas where development takes place."
The African continent is home to over 50 countries, with South Africa boasting one of the most sophisticated property markets. The level of sophistication can be attributed to a strong regulatory and legal framework coupled with first world technology and systems. This translates to a robust property market which attracts investors from across the globe.
Serious investors understand the intricacies of buying and selling property with research and planning being central to each transaction. Attending a professional and reputable auction does much of the leg-work for an investor, making it a smoother process.
"An astute investor looks at the High Street Auctions investor packs very closely for details on location, development trends, potential growth and refurbishment. The questions they ask tend to focus on the long-term advantages of the property," says High Street Auctions Joint Managing Director, James Dall.