An industrial property at 4 Chloorkring, Alton, Richards Bay, with a long-term international tenant is coming up for auction by In2Assets on June 19.
The sale is one of several prime assets to go under the hammer in a major multi-property auction to be held at 11am at the Durban Country Club at 101 Isaiah Ntshangase Road. At least 25 high-profile properties, with an estimated value of over R400million, will be offered.
The Richards Bay property is in the sought-
after industrial area of Alton South, which has a proliferation of large industrial operators. The N2 is accessed easily via the John Ross Highway to the east and the R619 regional road to the north, linking Richards Bay to both KZN north and south.
In addition, the John Ross Highway connects Richards Bay directly to Empangeni.
The international tenant has occupied the property for the past 14 years and has just signed a lease for another three years. It is the sole tenant of the 1.07 hectare site, which comprises workshops, storage areas and offices, all accessed via three entrances from Copper Corner and Chloorkring Road.
The tenant is an industrial engineering group which designs and supplies machines, process equipment and production lines for large global industrial groups in the aluminium, steel, glass, automotive, aerospace, logistics, cement and energy sectors.
Luke Hearn of In2Assets, who is handling the sale, says the property is in “great condition” and has been well maintained. He believes it would be a sound investment as it is in the right location with a loyal and committed tenant.
“The well-established harbour, industries and town of Richards Bay contribute significantly to the economy of uMhlathuze local municipality which is the third most important in KZN in terms of gross domestic product and total employment,” says Hearn.
To find out more about the property or participate in the auction, contact Hearn at [email protected].
In2Assets is a leading service provider to the South African real estate market and has already sold property valued at over R15billion in various parts of the country. - Auctions Writer