Taxi City in Richards Bay sold for R120-million
The 13 400m² centre was auctioned on 25 May
RICHARDS Bay’s Taxi City Shopping Centre has been sold for R120-million to prominent local businessman and Managing Director of Schoonhoven Enterprises, Freddy Schoonhoven, at an auction on 25 May.
The bidding process conducted by property auction specialists In2Assets, drew attention from investors from across the country, as well as China.
The 13 400m² centre situated in Bullion Boulevard has a gross annual income of close to R20-million and was sold at a calculated yield of 11.5%.
It consists of more than 60 shops, including Boxer Cash & Carry as the anchor, KFC, Doves, Pep Stores, Price & Pride and Tansat Africa.
‘I was happy that Freddy Schoonhoven bought the property because he lives in Richards Bay and is very familiar with all that happens in this area,’ said auctioneer Andrew Miller.
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‘This successful sale underpins the value of selling a sought-after property by way of auction.
‘As an auctioneer I have been involved with many different sales, but this is the largest single property transaction that I have had the pleasure of selling under my gavel.’
He added the auction of the centre offered investors looking for value beyond metropolitan areas a great opportunity.
‘Strong national tenants and location are prerequisite variables for major property buyers when looking at busy outlying towns, and the Richards Bay Taxi City centre is just the type of property which ticked all of these boxes.’
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