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Commercial Property in Midrand Sells for R29.5m via Online Auction

A prime located commercial property in Midrand has sold for R29.5 million through the multinational online property trading platform BidX1.

The property which was snapped up by a local owner-occupier who currently runs a professional consultancy business had placed the final bid to claim the property.

MC du Toit, CEO of Auctions & Sales for BidX1 South Africa, said: “The response to our most recent auction was exceptional, with a total of 203 bids placed, achieving the sale of 44% of the 50 properties in the catalogue in just a couple of hours and conducted entirely on-line in real time. This is way above the auction industry average which, in the current market, is probably in the region of around 20 to 25%,

“Buyers also say they enjoy the convenience of being able to bid and transact from anywhere and on any desktop or hand-held device, as well as the fact that they don’t feel pressured in any way as they are not in a room with other bidders, enabling them to make informed decisions in private, while constantly being fully aware of the progress of the other bids.

“While the buyers in this month’s auction were South Africa-based, notably we had a great deal of enquiries from purchasers and investors from other African countries, who appear to be watching our auctions with interest before they participate. Certainly, general interest in the catalogue of properties ran high prior to the auction, attracting 30 000 unique page views.”

Aeriel of the premises

He continued to highlight that there has been huge interest in a vacant plot located in a popular holiday location in Struisbaai in Western Cape, the listing received 42 bids and got to R315,000 which is a 275% increase from the opening bid.

The property which was located in Midrand is strategically placed in Smuts Drive, Waterfall with just a short drive towards Mall of Africa, it has an office with storage lettable area of 4,464sqm with a further potential for development that can add another 1,973sqm.

David Murphy, head of commercial property for BidX1 South Africa, said: “The price achieved equates to R6 608 per square metre which is good value as the accommodation can easily be converted to suit a wide variety of businesses including offices, distribution, tech or education – as it sits within an educational hub.

“The ground floor of this property consists of an impressive double-volume lobby plus 1 040sqm of open plan office accommodation, canteen, kitchens, store and toilets. The basement includes a warehouse measuring 1 340sqm, together with additional offices, training facilities and toilets plus a further 268sqm of first floor offices, a kitchen and large balcony of 384sqm overlooking the N1 highway.”

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