Auction action reaps rewards
Aucor Property held its November auction at the Park Hyatt Hotel this week – and following a successful October event which saw R90 million of property sales achieved on the floor on the day, the team at Aucor Property had another record-setting event with commercial, industrial, retail and residential properties worth R188 million sold both pre-auction and on the day.
Mark Kleynhans from Aucor Property says the auction was well attended with over 300 people at the event and 60 registered buyers for the various lots on offer.
“Amongst the 40 lots that came under the hammer was a diverse portfolio of heritage properties in the Johannesburg CBD which were put on auction as part of a large portfolio by the Midlands Property Group.”
In total the portfolio consisted of 32 lots which the auctioneers had to split up over two auctions – one in October and one in November – and “in the end we have sold 31 of the 32 lots, with the sale of the last property pending, but we expect to finalise it by the end of the week”.
Landmark properties that were confirmed as sold on Tuesday included London House, Victory House, the old High Court building and Somerset House, located on Ghandi Square.
“The property auction industry hasn’t seen sales like this since 2006 before the recession came into play and the overall global property market was in a decline,” Kleynhans says.
“The team at Aucor Property has worked tirelessly over the past year and the results are now speaking for themselves.
“Each month this skilled team sets the bar even higher and time and again we see these records being set. This re-affirms that we understand what the market is looking for and are on target with ensuring the right properties are being made available to meet these demands. The way in which this year is closing and the trends we have seen coming to the fore, set an excellent precedence for 2014 in terms of the market and prospects that are on the horizon.
“We will continue to engage with both sellers and buyers to ensure that we meet expectations and deliver consistently.” says Kleynhans.
