An exciting and potentially profitable redevelopment opportunity awaits whoever takes the plunge and buys the former bakery in Coleridge Road, Salt River, which will be auctioned by Rawson Auctions at 12 noon on the 19th of June at the Rawson Property Group’s head office at 222 Main Road, Rondebosch, Cape Town.
“This 137 m2 triple storey building,” says Tanya Jovanovski, co-franchisee for Rawson Auctions in the Western Cape, “was gutted by fire. The fire caused damage to the inside of the building as well as the roof, which will need to be replaced. The building is, therefore, ready for one of those enterprising makeovers that have given new life to at least 20 nearby complexes in Salt River, a suburb now experiencing a genuine renaissance and a huge upswing in demand.”
Such an upgrade, said Jovanovski, could be financially viable because in its present condition the building could be sold for under R1 million. The reserve price, she revealed, is in fact only R700,000.
Although currently zoned for commercial use, Jovanovski said that the building could also be given a residential component – as have several other buildings in the area. It would also be ideal as an office or a shop.
The terms on which Rawson Auctions operate are:
· A 5% deposit to be paid on the fall of the hammer
· A 10% commission plus VAT to be paid over and above the agreed price to Rawson Auctions, also payable on the fall of the hammer.
Jovanovski has pointed out that the Consumer Protection Act regulations stipulate that all bidders must be registered and that they bring certificated copies of their identity documents and proof of existence. However, she said, Rawson Auctions do not charge any registration fee to bidders.
