Press Releases - 05 July 2010
Queensgate: Liquidation offers developers prime Midrand land sale
Press
Release
July 05,
2010
“Liquidation
offers developers prime Midrand land sale”
Prime
vacant land in Midrand, surrounded by various proposed developments, will come
under the hammer later this month.
The land,
portion 479 of the Farm Randjesfontein in Midrand, Gauteng will be auctioned in
Sandton at noon on Wednesday July 14, 2010.
The vacant
square-shaped 3 ha site is on the corner of Invicta and Third Roads and has
easy access to the Ben Schoeman Highway with Grand Central Airport and the
proposed Midrand Gautrain station just 3 km to the east. Third Road is one
of the main arterials that link Midrand to the East Rand further to the south.
A large
residential development borders the western boundary of the site, and an office
development is located across Invicta Road.
The
Randjiesfontein liquidation auction is part of the process of disposal of the
assets of the Queensgate group of companies, well known in the hotel and
leisure sector. Queensgate’s financial woes have brought about
outstanding opportunities for developers to take advantage of the various properties
now being put up for auction.
A proposed
residential township known as Highway Gardens Extension 113 has been approved
for the Randjiesfontein property by the City of Johannesburg, although not
proclaimed as yet. Whilst the property is currently still zoned
“agricultural” the rights make provision for hotel and offices of 2 storeys (a
third storey can be approved provided it is within 14 metres from natural
ground level) and all municipal services are available from the
Johannesburg/Midvaal town council. The only outstanding requirement in order to
meet all of the conditions for the establishment of the township is the
contribution to be paid by the developer towards the electrical infrastructure.
“This site
is ideal for development,” says Andreas Greeff of Auction Alliance. “There
is very little vacant land available in this area and the developers of other
sites in the vicinity have made it clear that they are going ahead with various
planned developments to meet the pent up demand for homes and office
space. The opportunity exists here to develop a 250 room hotel with
events centre, offices or residential units. The site is strategically
located 150m from the busy N1 highway and a mere 1.2km from Grand Central
Airport in Midrand. This area is by all accounts set to grow in the near
future as a result of its great access to arterial routes and growing demand.”
The
construction of a hotel is envisaged for the Randjiesfontein property for which
the Midrand area is identified as an ideal location. A feasibility study
was completed in 2007 by Deloitte for the development of a four star hotel with
conferencing and spa and wellness facilities.
Midrand is
located midway between the cities of Johannesburg and Pretoria, is situated
alongside the N1 highway and it is one of the eight Johannesburg tourism nodes.
The Midrand
area is considered one of the fastest growing centres in South Africa and has
seen tremendous growth in both commercial and residential developments.
Many businesses have relocated here due to the proximity to excellent highway
links and the proposed Gautrain Station (near the Grand Central Airport)
expected to open in 2011 as part of the second phase of the Gautrain project.
Midrand
will benefit from the improved accessibility of the area provided by the
Gautrain. This rail service is expected to be a catalyst for developments which
already include ambitious projects such as the R3 billion Zonk’Izizwe (All
Nations) shopping resort which is backed by Old Mutual and the R2 billion Mo
Africa (This Place Africa) Retail and Leisure Centre east of the Sam Rand
Development, to be built by Randjesfontein Race Course Investments and
Woolworths.
Recent
press reports forecast that Midrand is set to experience a R10 billion property
boom over the next four years.
The auction
will take place on Wednesday, 14 July 2010 at 12 pm at the Southern Sun Hotel,
Grayston Drive, Sandton. Viewing is by appointment only and
additional information packs are available from Andreas Greeff of Auction Allianceur
n be AfricaAfrica’s largested raft..
Call
Andreas Greeff on 072 118 7509 or email agreeff@auction.co.za.
Issued
by HWB Communications (Pty) Ltd
For more
information contact;
Martin
Slabbert
021 462
0416/ 079 500 1503
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