Quoin Online, the specialised web-based property trading portal that allows buyers and sellers to transact on property through its hi-tech website has been granted an exclusive mandate to dispose of two office parks in Rivonia, Gauteng.
Quoin Online Director Karen Miller pointed out that the sale of these types properties did not come up often. “Devcon Place and Pavilion Office Park are multi-tenanted and situated in the high-profile Rivonia office precinct,” said Miller. “The total available space for sale is more than 7 300m2. The size and the stability of the tenants present an ideal investment opportunity.”
The office parks form part of a large listed property fund. Quoin Online’s Wayne van der Vent said, “We are seeing substantial growth among the property funds through amalgamations and acquisitions. This has resulted in large portfolios that need to be assessed and re-aligned.”
He said that this movement in the market provided favourable conditions for smaller funds—listed and unlisted—and private investors to build their portfolios.
“You have to be cautious in the property market but you can’t be slow,” he said. “Disposing of these assets through Quoin Online benefits both the seller and buyer in streamlining the whole process. The property disposal process was used successfully with Fountainhead Property Trust and the Hospitality Property Fund.”
Premier Hotel Group Managing Director Sam Nassimov concurred, saying the group recently had purchased the landmark Richards Hotel in Richard’s Bay through the portal. “We started out 20 years ago with a small hotel in East London with 40 rooms and we now have more than 1 520 rooms across the country. When we purchased the Richards, the process allowed us seamlessly to access all due diligence information, make our analysis, and submit an offer online, regardless of where I was—and I am travelling all the time.”
Miller said that Quoin’s earlier success with the portal was the reason that funds are selecting Quoin. “We shall again dispose of the properties via our online process and provide all online website, digital data vaults, and systems to manage the sales process,” she said.
“We’ve proved we can eliminate time-consuming processes typical of multiple offers on multiple properties and provide buyers with access to a comprehensive pack of due diligence information, so investors can make an informed and timely decision,” said Van der Vent.