E12.5M WAREHOUSES FAIL TO ATTRACT BIDS

MBABANE – Property development punters showed less interest to realise value of investment through the acquisition of a profitable property.

This was during the public auction of five fully let warehouses which generate up to E80 000 as monthly rentals that were up for grabs from a reserve price of E12.5 million at the country’s industrial hub, Matsapha.
The property sits on plot 561 at the Matsapha Industrial Sites which measures 1.0777 hectares.

Bogalajane Auctioneers’ Themba Dlamini conducted the auction where no bids were received from the seven potential buyers who were in attendance. He said the auction was postponed to a date yet to be announced following the unsuccessful auction. 

 
“Interested buyers can still make offers for the profitable business being sold,” said Dlamini.
He explained that each of the well maintained four of the Langa brick faced warehouses measures 500 square metres. He said only one of the warehouses measured 550 square metres.

Dlamini also mentioned that the property also comprised of the three tiled offices, three flats, a In terms of water access, the auctioneer said there was a borehole within the premises. He also mentioned that there was full connection to electricity to the property where a number of businesses were fully operational.

The property also has a paved yard and is well fenced.
 “This is definitely a good buy when taking into consideration the strategic location and good condition of the property. The mere fact that it is also fully let also provides another reason why the eventual buyer cannot be worried by whether he will be able to attract tenants or not,” said Dlamini.

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