Big interest in prime Sandton Gautrain property

The land above the Sandton Gautrain Station, valued at R800 million, has piqued the interest of local and international investors, Broll Auctions and Sales said on Wednesday.

Broll, which is handling the liquidation sale, said hospitality companies, international investors, pension funds, and private investment firms have thrown their hats in the ring. The sale is subject to approval of the liquidators on behalf of the creditors. Norman Raad, CEO of Broll, said the site presents an inexpensive opportunity for an international player. It is close to Sandton City, The Michelangelo, and Nelson Mandela Square, and is considered a prime location with constant footfall due to the activity in the area.The piece of land was originally meant for the development of Kgoro Central, a 65-floor tower with a hotel, luxury apartments, an art gallery, and a retail and restaurant component. However, these proposals bore no fruit.

Source: Loan Digest (loandigest.net)

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