Sandton Gautrain Plot Attracts Interest from Global Hospitality, Investors, and Funds.
Tender bids on the land above the Sandton Gautrain Station, there has been interest from local and international parties including hospitality companies, international investors, pension funds and private investment companies.
Located on the corner of Rivonia Road and West Street, Sandton, opposite Sandton City, the land lends itself perfectly to the development of a mixed-use opportunity in the heart of the Sandton CBD. The Gautrain has use of the underground property in terms of a servitude.
“This landmark development site presents an inexpensive opportunity for an international player,” said Norman Raad, CEO of Broll Auctions and Sales, which is handling the liquidation sale. “More than 10 years ago, the land was earmarked for the development of a 65-floor tower with hotel, luxury apartments, art gallery, retail and restaurant component, and the new owner will be expected to submit amended re-development plans owing to the significant changes the area has undergone over the years,” Raad said.
“We have received questions from potential buyers as to whether the two, 50-year leaseholds could be converted to freehold, which the City is considering.”
The sale will be subject to approval of the liquidators on behalf of the creditors for this prime development piece of real estate.
