{"id":775770,"date":"2024-06-07T10:17:03","date_gmt":"2024-06-07T08:17:03","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=775770"},"modified":"2024-06-07T10:17:08","modified_gmt":"2024-06-07T08:17:08","slug":"landmark-precinct-up-for-auction-in-south-africa-including-its-own-shopping-mall","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/775770\/landmark-precinct-up-for-auction-in-south-africa-including-its-own-shopping-mall\/","title":{"rendered":"‘Landmark’ precinct up for auction in South Africa – including its own shopping mall"},"content":{"rendered":"\n

The 139-suite Arcadia Hotel, a residential, retail, and office block precinct in Pretoria, will be auctioned off at the end of the month.<\/p>\n\n\n\n

The Pretoria landmark is in the heart of the diplomatic district and can be found at the intersection of Steve Biko and Madiba streets. <\/p>\n\n\n\n

High Street Auctions Director Greg Dart said the lot comprises three buildings with a total gross lettable area of roughly 23,832 sqm on a site measuring 10,207 sqm. <\/p>\n\n\n\n

\u201cThe land, alone, in this diplomatic zone is invaluable. Properties like this simply don\u2019t come to market \u2013 let alone those that are thriving business concerns in first-rate condition,” said Dart. <\/p>\n\n\n\n

The hotel comes with single, double, and family units, as well as self-catering suites.<\/p>\n\n\n\n

The 3-star business hotel is part of the Arcadia Shopping Centre, blending residential and retail components. <\/p>\n\n\n\n

\u201cThe hotel features a welcoming reception foyer and breakfast cafe, complemented by the upper-level eMonate restaurant, which operates from 10 am to 10 pm and provides room service during these hours as well,” said Dart. <\/p>\n\n\n\n

\u201cOther facilities in the Arcadia Hotel are a patio lounge and English pub to provide comfortable settings for business meetings and social gatherings.<\/p>\n\n\n\n

\u201cThe hotel\u2019s facilities also include four conference venues for approximately 250 delegates that are well utilised by the surrounding embassies and corporates.\u201d<\/p>\n\n\n\n

The property also houses a triple-level retail component of roughly 10,804 sqm. <\/p>\n\n\n\n

With the retail space not fully let yet, Dart said that national chains are seeking a notable presence in a busy commercial district, and the new owner can take advantage of it to substantially increase gross annual rental income. <\/p>\n\n\n\n

The 3,297sqm, five-storey apartment block comes with 75 apartments. <\/p>\n\n\n\n

\u201cThey are both studio and one-bedroom units, and given that the building is fully let, it speaks to the high demand for affordable accommodation in this extremely busy government precinct,” said Dart. <\/p>\n\n\n\n

\u201cIt also presents a magnificent revenue stream development opportunity for the new owner of this prime site.\u201d<\/p>\n\n\n\n

Future growth <\/strong><\/p>\n\n\n\n

\u201cWith a total floor area of some 4,631sqm, there is massive potential to repurpose this tower into an upmarket apartment block accommodating \u00b1136 units, or even adding another floor that would enable a developer to create up to 150 apartments,” added High Street Auctions Sales Executive Greer Brewer. <\/p>\n\n\n\n

“For those investors focusing on student accommodation, this extensive component could easily accommodate up to 300 student suites.”<\/p>\n\n\n\n

\u201cThere\u2019s no doubt that the demand is there for long-term accommodation given the government offices and embassies in the area, as well as the site\u2019s proximity to the Union Buildings and the University of Pretoria.\u201d<\/p>\n\n\n\n

The precinct will go under for auction in a live and virtually-streamed 22-lot auction at the Bryanston Country Club on Thursday, June 27. <\/p>\n\n\n\n

Images of the property can be found below: <\/p>\n\n\n\n

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Read: These taxpayers don\u2019t have to file a tax return this year<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A massive mixed-use precinct in South Africa’s capital is going under the hammer later this month. <\/p>\n","protected":false},"author":95,"featured_media":775773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26],"class_list":["post-775770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/775770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=775770"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/775770\/revisions"}],"predecessor-version":[{"id":775816,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/775770\/revisions\/775816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/775773"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=775770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=775770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=775770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}