Iconic Hyde Park landmark, Summer Place, recently sold for R129 million, subject to final confirmation.
The exclusive Melville Road property has been operated by the Krok family as a world-class banqueting and conferencing centre since 1994, and now, passes on to a consortium of local property developers that operate in the hospitality space.
Bidding at the live auction started at R120 million and was participated in by three bidders.
“We are pleased with the price achieved, it is spot on market related with the price per square metre for Hyde Park,” said Norman Raad, Chief Broll Auctions and Sales of the almost 40 000m² property.
“It seems at this early point that the new owners will retain some of the buildings which Summer Place is renowned for and continuing the conferencing aspect. Broll is satisfied with the sale price and believe all parties have emerged as winners.”