Auctions continue to shine in the first quarter of 2023

Broll Auctions and Sales recently took close to 50 properties to auction on 29 March, one of our biggest sales portfolios since the start of the pandemic, showcasing sellers’ confidence in the auction model for property disposal.

“The properties on auction were from around the country, and included industrial, commercial, retail, development opportunities, automotive, petrol station, hospitality and residential properties,” said Broll Auctions and Sales CEO, Norman Raad. “There was truly something to offer for every kind of property investor.”

With this many properties on auction, chief auctioneer Ismail Hendriks, certainly had his work cut out for him. The venue was packed with barely any standing room left as buyers clambered to outbid each other on the various lots. Hendriks had the audience on the edge of their seats and mentioned prior to the auction just how excited he was to be able to conduct this premier auction event.

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While the recent interest rate hike has hit the South African consumer hard, it works favourably for properties in the auction space as they can achieve a quicker sale time at more realistic prices to cash buyers not affected by the increases. The results of this recent auction certainly reflect this sentiment.

Our next auction will be held on the 11th of May and offers some true gems including but not limited to the following:

A 5202sqm commercial building in the heart of Sandton central. This multi-storey commercial property has corner site exposure, ample parking as well as A-grade finishes. It is load shedding proof and the ideal opportunity for investors.

Then we also have an immaculate 3-storey office building in Parktown offering facilities for 222 staff or student members. The property comprises of 1 elevator, boardrooms, meeting rooms, training rooms, a conference area as well as a fully fetched canteen area. A truly fantastic opportunity for those wanting to delve into the lucrative student accommodation space.

Next up, an exceptional block of 26 flats is situated in the sought after suburb of Bordeaux in Johannesburg, it offers a unique opportunity for residential investors. It is situated in a great location, with easy access to major transport routes, shopping centres, and schools.

One of the residential gems coming under the hammer is an 18-bedroom mansion in Houghton Estate. This property is perfect for a large family, an investor looking for a property with income-generating potential, or a business owner looking for a property with ample parking space and multiple rooms/offices. The property is not in the best condition but this provides for the opportunity to unlock value through renovating or fixing it up in this highly sought after area.

If you are considering the auction space to dispose of your property or would like more information on how auctions work in general, please connect with us.

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