Huge price for South African coastal property
INVESTORS were so keen on a piece of land on the KwaZulu-Natal north coast the auction hammer came down at R190m.
The price is thought to be the highest price achieved for any property auction in South Africa, says Geoff Stroebel, business development manager for Pam Golding Commercial. It was the biggest property deal ever clinched by Pam Golding.
Stroebel doubted that the price was an overall SA record. He thought that belonged to Melrose Arch, where realizations are thought to have been R800-m.
At the auction in Umhlanga on Thursday, a “consortium of Gauteng investors†purchased 700 acres north of Ballito. They intend to develop it into an up-market residential equestrian estate.
CEO of Pam Golding Commercial Auctions, Pat Smuts told Moneyweb the auction was packed with interested investors.
Smuts said that offers were still coming in for the prime piece of real estate but would not be considered, as the consortium had already put down deposits.
Smuts preferred not to disclose the investors’ names until all processes are complete.
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