Selected News Article

Public Auction of 5 x Sectional Title Commercial U

On Wednesday, 11 May 2011 Ian Wyles Auctioneers, acting under instructions of the Joint Liquidators in the matter Suntech Property Holdings cc (in liquidation), put up 5 sectional title commercial units housed within the well-established commercial / industrial complex of Pinedale located in the “motoring sector” of Old Main Road, Pinetown.

The run up to the Auction Sale proved to be an electrifying one as the interest sparked in the sale reached as far afield as Johannesburg with certain national entities being prepared to fly into Durban for a chance at snapping up some of the last few remaining commercial / industrial units that have Main Road frontage in Pinetown.

Various Offers from eager Buyers had already been received up to 2 weeks prior to the auction with last minute Offers in the region of R11m being considered by the Joint Liquidators right up until the 11th hour. In hind sight, the decision to back Ian Wyles Auctioneers proved to be a “shot in the arm” for both the Joint Liquidators and the Bondholder alike as the final bids achieved well in excess of the pre-auction offers with the hammer falling at a total bid price of R13,8m plus VAT.

The format of the sale engineered by Ian Wyles Auctioneers set the platform for the final bid price and in essence provided each Bidder with a genuine opportunity at taking a crack at purchasing a section. Each Section was firstly offered individually, provisionally, with bids totalling R13,5m. Thereafter, Sections 1, 3 and 4 (being housed in one building) were offered together and the bid price for those Sections was raised from R5,6m to R5,9m. Sections 13 and 14 were offered together and achieved R7,9m. The provisional tally of R13,8m “as a whole” was then offered to the floor. With no further bids forthcoming the hammer duly fell and the Provisional bids of R5,9m and R7,9m stood.

Feedback from the majority of the Commercial / Industrial property brokers, all of whom had been marketing the Sections for some time, was mainly one of amazement at the final prices.

Yet again, the results speak for themselves and further prove that it is often a wiser option to consider selling by Public Auction.

20 May 2011 / CRAIG WOOD