Hatfield Strip is Set for Auction

Galetti Corporate Real Estate has announced that the iconic Hatfield Strip will go on auction in October, marking the end of an era and presenting a mixed-use conversion or residential development opportunity for investors.

?Looking to its long-standing history of Hatfield, the suburb was first established in 1859 as a portion of the farm ‘Koedoespoort’ with the University of Pretoria erected in 1908. With a steady influx of students entering the area year-on-year, Hatfield quickly became a developed student town, home to an iconic night life scene, ample student accommodation and trendy restaurants.?In 2010, the Gautrain was also introduced, making it easier for commuters to travel into the suburb and increasing foot traffic.

Today, more than 53,000 students are enrolled at the University of Pretoria and the university recently entered the Top 50 in the Global 2024 Times Higher Education (THE) Impact Rankings, ranked at 42nd in the world in 2024.

Speaking to the sale of Hatfield Strip, Ricardo Silva , Auction Director for Galetti Corporate Real Estate says: “This particular sale has sparked attention from both investors and the general public because of its long-standing history in the local community.”?

“Hatfield Square was at the height of its nightlife scene around 2010 but was demolished five-years later to accommodate 2,200 students. Thereafter, ‘The Strip’ became the new go-to for students, known for establishments like the Sunset Bar and the Jolly Roger.”?

Da Silva notes that while many students have enjoyed Hatfield Strip, “increasing concerns around high levels of crime have continued to drive down demand, presenting the ideal opportunity for developers to step in, clean up and reinvent the properties.”

?He adds that investors should follow in the footsteps of those who have done similar in areas such as Woodstock (Cape Town) and Braamfontein (Johannesburg).

“It’s the ideal opportunity to boost the area and to help it reclaim its status.”

?Speaking to the potential for development, Da Silva adds that while student housing is an obvious choice, a mixed-use precinct could too be on the cards.

“This expansive property lends itself to an array of opportunities – from student accommodation to retail and office space.”

Spanning a total GLA of 5,875m2, 285, 291, 293, 295, 297 and 301 Lynwood Road Menlo Park offers a projected net annual income of R8.6 million and offers ample space for further development with a bulk of 2,677m2 (zoned business 1). “The property can in fact go up five floors,” he adds.

Da Silva also explains that the property can be sold separately or as one lot. “Depending on the developer and investors’ vision, bidders may choose to bid on select lots or the listing in its entirety.”

“A steady, constant stream of students presents the perfect opportunity for a hungry investor or big developer who is able to take this property back to its former glory days. In addition, its proximity to the Gautrain could make it a great business hub too,” he concludes.

285, 291, 293, 295, 297 and 301 Lynwood Road Menlo Park will be auctioned on 16 October 2024 at 12pm. at the Killarney Country Club, Johannesburg.