DALRIACH 4 STOREY FINALLY SOLD FOR E5 MILLION...

MBABANE – After failing to attract bids when priced at E8.8 million, the four storey house whose price was reduced by E3.8 million has finally been auctioned for E5 million.

Businesses and individuals had earlier not shown interest to take the property investment opportunity as no bids were received for the 13 bedroom house which had a reserve price of E8.8 million.
However, the property went under the hammer last Friday with its reserve price of E5 million. 
The four storey executive house which sits on a plot measuring 2 850 square metres, located at Dalriach on portion 647 was sold at the auction where only five people were in attendance.
Pursuant to a writ of execution in the matter between Standard Bank Swaziland and ADJ & Associates, the house which is host to various amenities including a gym and offices was auctioned at the High Court at exactly 11:45 am. 
On the conditions of sale, it had been mentioned that the purchaser would be expected to pay a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer.

The balance against transfer to be secured by a bank or bank guarantee, to be approved by the plaintiff’s attorneys should be furnished within 21 days.
“In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel sale and put the property on auction.
If transfer of the property is not registered within three months after the sale, the purchaser shall be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award,” reads the condition of sale in part.

The house remains a viable investment because it is a strategically located at a quiet residential area and has tarred road access.
“This is a good expansion opportunity for businesses in the hotel industry as well, apart from individual property punters mainly because it could be changed into either a guest house or mini-hotel.
When changed into a guest house, the investor could recover their investment quickly,” advised a property developer. 

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