PROPERTY: Broll Sells Prime Cape Investment Properties
Recent Western Cape Business News
In a market frustrated by limited transactional activity, two prime investment properties in Cape Town have been sold by Broll Property Group.
43 Bloulelie Crescent in Plattekloof and 5 Ravenscraig Road in Woodstock were sold for R13.5 million and R33.75 million respectively by Broll Property Group part of the CB Richard Ellis Network.
Sean Berowsky, National Property Investments specialist at Broll says: “Each building met the requirements of the respective purchaser, including future redevelopment potential and an excellent tenant profile.”
Number 43 Bloulelie Crescent, which is fully let by mainly medical professionals, features 1,467sqm set on two levels with ample parking and enjoys superb views over the Plattekloof Mountains.
The Ravenscraig Road building – home to a large printing firm - is set in a traditional industrial area that is fast gaining popularity as a mixed use node due to its access and proximity to the nearby Cape Town CBD. Its 10,252sqm offers ample space with excellent redevelopment opportunities.
Berowsky maintains that investment buyers’ interest has been exceptional over the last two years, particularly for prime commercial and industrial properties and secondary properties with upside potential.
“Transactions have been restricted by the limited negotiability of sellers due to the low interest rates, generally low gearing and limited stock available for sale. In addition purchasers have been challenged by the difficult funding environment that requires the injection of substantial equity and risk as a result of uncertainty around the economic recovery,” says Berowsky.
“Well-tenanted properties with good income streams are proving easier to sell. Buildings with vacancies are less desirable.”
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