Mixed use properties, particularly those on the peripheries of the major cities where they can serve both commercial and residential needs, have become highly sought after – and it is these properties which are leading the price recoveries in areas like Bez Valley in Johannesburg, the Berea in Durban and Woodstock and Salt River in Cape Town, says Tanya Jovanovski, co-franchise principal for Rawson Auctions in the Western Cape.
On 24th July, Rawson Auctions will be auctioning a three level Woodstock property in Sir Lowry Road (opposite The Palms retail and office centre) which, says Jovanovski, is already a good proposition but which has potential to be improved and to cash in on the growing demand for student accommodation and convenience shopping in this area.
The building has a popular take-away outlet on its ground floor netting R5,000 to R7,000 per day and two apartments, one per floor, on the first and second floors. These both have two bedrooms, a kitchen and a bathroom.
The auction will be held at 12 noon at the Rawson Property Group’s head office at 222 Main Road, Rondebosch.
Rawson Auctions’ terms stipulate that a 5% deposit and a 10% auctioneer’s fee (calculated on the accepted sales price) must be paid on the fall of the hammer, however no bidder’s registration fee is charged.
A brochure, which includes the reserve price, is available on request. The price includes not just the premises but also the ground floor take-away business.
