The High Street Auction Co. has topped the industry charts yet again at their final auction event for 2012, held on the 29th of November at Summer Place, Hyde Park, Johannesburg.
“In the current economic environment where faster sales of property is required, property owners, lenders and financial institutions have found the commercial property auction platform to be a preferred route to move real estate inventory at suitable prices as quickly as possible” says Joint Managing Director, James Dall. “This was again the case when over 20 prime commercial, retail and residential properties were sold at good value returns in just 1.5 hours of open floor trading.”
Within a few short years, The High Street Auction Co. with its unique event and processes has positioned itself as the premier auction house for selling and buying property in South Africa. “When our clients apportion a property to us for auction, they expect the experience to be professional, transparent, reliable and successful. We’ve developed highly efficient management and operational teams, implemented stringent systems and processes and adopted an effective marketing strategy that ensures that every property we sell attains the best possible price on the day. We also ensure that the auction process is carefully managed from assignment to closing” says Joint Managing Director, Lance Chalwin-Milton.
Some of the properties sold included a an immaculate factory/warehouse that was previously owned by Spectrum Ceramics and located in the popular suburb of Hughes, Ext 7, 104 Rudo Nell Street, Boksburg. From a distribution and logistics perspective this 3770m2 property is well positioned close to OR Thambo airport and all major highways. A large number of international freight and logistics companies including the Spar South Distribution Centre as well as UTI and RTT are situated in this centrally positioned commercial area. This modern warehouse together with an adjacent pristine office block sold for a combined price of R23 million.
312 Kent Avenue, Ferndale, is a well located, 4000 m2 GLA four storey office block, just outside the major hub of the Randburg CBD. The property belonged to the 2009 listed Fortress Income Fund which achieved a market capitalisation of R1.8 billion on listing, making it the largest initial listing in the property sector. It was therefore with interest that the property achieved an impressive selling price of R14.8 million.
A distressed, bank interdicted, residential sale of a functional, double storey, 2411m2 property situated in the prestigious area of Sandhurst (6 Morton Place). Sold for a modest R3.8 million, Sandhurst is widely recognised as the most expensive residential real estate per square meter in South Africa. Due to the fact that many property owners in Sandhurst are feeling the pinch in the tough current financial climate, the High St. Auction Co. has been approached by several high profile home owners over the last few months to sell their properties quickly and at the best possible prices.
2012 has proven to be a very challenging but rewarding year for the High Street Auction Co. With sales of over R400 million for the year at 10 multi-property evens, Joint Managing Director, James Dall is confident that 2013 will continue to deliver good results for the company and its clients. In 2013 the company plans on leveraging its expertise and capacity to provide a quality service to lower value property buyers and sellers on a new platform under their Main Street division.
For more information on the upcoming auction to be held on the 21 February 2013 as well as a list of featured properties contact Nick Pretorius on email@example.com or 082 669 7738 or visit www.highstreetauctions.com
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