Iconic Hatfield Strip in Pretoria going on auction next month
The Hatfield Strip in Pretoria is going under the hammer next month, with the popular nightlife area potentially being turned into a residential development.
The Hatfield Strip is located on Lyndwood Road and is home to several popular nightlife spots frequented by University of Pretoria (TUKS) students. TUKS Hillcrest Residence is across the street.
Galletti Auctions said that 285, 291, 293 & 295, 297 and 301 Lynwood Road will be going under the hammer.
This means that the buildings housing popular nightlife locations, including the Jolly Roger, Latino’s and the Sunset Bar, will be sold on auction.
Galetti said that the business-one-zoned area can be expanded, with developers allowed to build up to five stories.
It added that the Strip could be turned into a residential development.
Galetti will auction the property in a Live & Online Multi-Property Auction on Wednesday, 16 October 2024, at the Killarney Country Club in Johannesburg.
Despite the Hatfield Strip’s widespread popularity, recent media reports of the Hatfield Stipare paint a troubled picture.
Recent reports from Carte Blanche, News24 and The Citizen highlighted allegations of underage drinking, assault and murder on the Strip.
Despite the dangers, many commentators on Galetti’s TikTok post hope that the Strip will not be turned into a residential development. Many students at Tuks enjoy the party atmosphere.
Images of the Hatfield Strip can be found below:
Potential buyers may opt not to redevelop the Strip, as retail sales in South Africa are set to pick up in the medium to long term.
According to StatsSA, retail trade sales increased by 4.1% year-on-year (y/y) in June 2024 following a 1.1% y/y rise in May. This was well above the Bloomberg consensus expectation of 1.0% y/y.
“This outcome means that volume sales rebounded from -0.3 q/q in 1Q to 1.5% q/q in 2Q, implying that the retail industry will contribute positively to 2Q24 GDP growth,” said FNB Senior Economist Siphamandla Mkhwanazi.
Mkhwanazi said that the boost aligns with the lack of load shedding since March and a significant petrol price reduction in June.
Chief Economist at Investec Annabel Bishop also noted that some post-election relief likely spurred spending.
Specialised selling of food, beverages, and tobacco, however, reported a decline in sales of -1.5% y/y in June.
That said, retail sales are up by 0.9% year-to-date compared to the same period in 2023, with more relief around the corner.
“Data suggests that these gains have all come from the last three months – which coincides with load shedding cessation since March, a substantial petrol price cut in June, as well as the post-election improvement in sentiment,” said Mkhwanazi.
Mkhwanazi added that while June’s figures are positive, the South African consumer remains strained due to high living costs, unemployment, and tight credit conditions.
“The upcoming two-pot pension system is expected to have a limited impact on consumer spending, given concerns about rising debt distress.”
“However, there is potential for an improved consumer backdrop in the medium term as inflation eases and interest rates gradually decline.”
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