Citizen Reporter
Reporter
1 minute read
3 Apr 2019
10:56 pm

Gupta building goes back on auction

Citizen Reporter

The business rescue practitioner has instructed the auctioneers to put the property back on the block for reauctioning on Tuesday at 11am.

Investors will have another chance to buy this prime property in Midrand previously owned by The New Age Media. Picture: Supplied

Property owned by the Gupta family’s The New Age Media and Islandsite Investments will go under the hammer next Tuesday, after a previous bid fell through.

According to Park Village Auctions (PVA), the guarantees of the balance of the purchase price on the previous bid for the massive Midrand property was not paid.

PVA and GoIndustry DoveBid Liquidity Services, which are conducting the business rescue of the Gupta companies, accepted a bid in November last year.

The business rescue practitioner has instructed the auctioneers to put the property back on the block for reauctioning on Tuesday at 11am.

According to the statement, the property is in the Midrand Corporate Office Park South, at 52 Lechwe Street, Midrand.

The property, measuring 1,519 hectares in total, comprises three semi-detached warehouse buildings. Each have an adjoined double-storey office featuring a reception; private offices; a boardroom and open-plan office areas; a kitchen and cloakrooms, with ample staff and visitor parking areas.

Interested buyers can view the property on Monday from 10am to 4pm.

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