A highly in demand commercial property in Cape Town’s CBD, which captured the intrigue of international buyers, has been purchased.
The price tag for the sale, is shocking, reports Cape {town} Etc.
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The property, located at 14 Riebeek Street in Cape Town, has been sold for a total of R152 500 000.
The auction was guided by seasoned auctioneer and CEO of Bidders Choice, Pieter Geldenhuys.
The property consists of approximately 17 levels of office premises and has an occupancy rate of 50%.
Despite the property receiving interest from buyers located in London, Dubai and Germany, it has ultimately been sold to a South African Property Management company, which houses investments throughout South Africa.
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In order to participate in the auction, interested parties had to secure a R100 000 refundable participation fee, as well as their mandated FICA documentation.
The property’s leasable area equates to around 21 000 square metres.
Retail stores are based on the ground level and the property further hosts mezzanine and Atrium areas.
There are four elevators in total, which run from the basement to the rooftop.
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Entrances to the building are located in Riebeek Street and Thibault Square and the building also features two underground parking lots
IOL reported that the sale of the property was a ‘high profile matter’ which indicates that there still exists a high demand in the market for properties located in the CBD.
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