Distressed sales among 20 prime properties to go under the hammer in Cape Town on Wednesday in "multiple auction".
Bargain-hunters and astute property investors are expected to pack out an auction venue in Cape Town on Wednesday when about 20 prime properties go under the hammer.
Distressed sellers are among those to have handed over their real estate to the Alliance Group for inclusion in a "multiple auction".
The number of properties on offer is a "sign of the times", said a source.
Interest rates have hammered property owners as well as businesses with high debt levels and, with inflation untamed, more interest rate hikes are expected.
On Tuesday, the Alliance Group issued a statement highlighting its big "Multiple Auction that is set to raise the bar as well as eyebrows in property circles".
Multiple Auctions essentially involve grouping a number of properties together, and auctioning them at a single premium venue.
"This method reduces the viewing process to one of simplicity, whilst simultaneously allowing market forces to freely dictate the ultimate price paid for each property," said the Alliance Group.
"The structure of multiple auctions is such that they create an exciting real time competitive market situation which realises the best prices and value for willing sellers and willing buyers respectively. "
Not only has this technique set the benchmark for property prices around the country, but it concurrently enables property fundis to keep their finger on the immediate pulse of the residential and commercial property markets.
The auction will be held on Wednesday, 21st May at The Table Bay Hotel, V&A Waterfront, Cape Town @ 12 o'clock.
The following 19 sought after properties will be on offer, said the auctioneer:
Heritage House in Cape Town - a national monument and true architectural gem
A truly excellent residential development opportunity in Clifton
A ‘once in a lifetime commercial investment opportunity' in Camps Bay
The fantastic exhibition building in Green Point
A prime residential block in Vredehoek featuring 11 apartments
A magnificent three storey retail building in Cape town
A ‘rare market occurrence' in the form of a guest house with restaurant and cocktail bar in Vergelegen
A prime redevelopment opportunity in Wellington
A ‘historical masterpiece' in Chelsea Village, Wynberg
An ideal retail opportunity in Woodstock
A tenanted mix use opportunity opposite Cape Town station
A massive mixed use development opportunity in Ottery
Fantastic retail space in Kenilworth
A retail shop in Mitchell's Plain
A proposed beach front development in Hout Bay
A redevelopment opportunity with general residential zoning in Hout Bay
Commercial and retail space in Parow
A high exposure site in Plumstead
An outstanding home on Sunset Beach
The Alliance Group recently sold a property on the Atlantic Seaboard at R92 000 per m², added the company.
Multiple Auction date: Wednesday, 21st May at The Table Bay Hotel, V&A Waterfront, Cape Town @ 12 o'clock