One of South Africa’s most valuable pieces of undeveloped real estate – almost four hectares of land adjacent to the Sandton Gautrain station – is for sale by closed tender.
Cedar Park Properties 39 (Pty) Ltd., part of the Gupta family-linked Regiments Group, controversially bought the land from the City of Johannesburg in 2018 for R280 million, using a bond from the metro itself, but the purchase price was never paid. As of August 2023, Regiments Capital is in liquidation, with state capture ties for allegedly securing contracts from state entities courtesy of its links to the infamous family.
Located on the corner of Rivonia Road and West Street, Sandton, adjacent to Sandton City, the building is a high-grade retail facility awaiting further development. The Gautrain has use of the property underground in terms of a servitude.
According to Broll Auctions and Sales, the land was initially earmarked for the development of Kgoro Central, a 65-floor tower with a hotel, luxury apartments, art gallery, retail, and restaurant component but nothing came of the proposals. “With fantastic position and zoning, this is an opportunity for an investor to bring this dream of a highly sought after live-work-play development to life.”
The Sandton Gautrain Station is the busiest on the rail network, with more than 20 million passengers per year. “Investors can purchase commercial development space on this prime location – a unique opportunity to create a mixed-use asset that will serve the needs of the millions of people that pass through the station and Sandton at large each year.”
The closing date for applications is the 28th of February 2024.
