Areas and Places

Eight-storey office building in Durban CBD sold on auction for R20 million

This high-exposure, well situated eight-storey building in Durban’s CBD was sold for just over R20 million through Broll Auctions and Sales.

Attracting unprecedented interest prior to auction on 24 November 2015, an eight-storey building comprising a gross lettable area of 4 811sqm and situated in Dorothy Nyembe (Gardiner) Street in Durban CBD was sold through Broll Auctions and Sales for just over R20 million.

The corner-site property was acquired by a private KwaZulu-Natal investor, which affirms local confidence in Durban’s city centre, says Frank Reardon, divisional director of Broll. “In fact all the bidders for this high-exposure, prime located property were local Durban-based investors.

“There was huge interest in this property, with over 40 serious and qualified buyers viewing it ahead of the auction date, demonstrating the high investor demand for well-positioned quality buildings in the CBD, particularly as there is a dwindling pool of available stock.”

The property will be used mainly for office accommodation, with interest already received from government and education tenants.

Norman Raad, CEO of Broll Auctions and Sales, says during the national auction, a range of commercial properties situated in key nodes and major centres in various provinces drew interest from bidders from around the country. These included retail, office and mixed-use properties as well as development sites.

Bradley Stephens, MD of Broll Auctions and Sales, says in the current market savvy investors are seizing opportunities to acquire strategically well positioned retail and other commercial properties with a view to the future.