Central SA
A twist to the Georgiou’s 26 Bloemfontein properties auction─── TSHEHLA KOTELI 09:22 Tue, 12 Sep 2023
Just a few days before the auction of 26 properties based in Bloemfontein, owned by the Georgiou family, it has been announced that they will also be selling the biggest shopping centre in the Free State.
The Loch Logan Waterfront mall is estimated to be worth over R3.5 billion. The news comes on the heels of the mall’s Woolworths being robbed. According to the South African Institute of Auctioneers, bids are welcome until 29 September 2023, midday. Responsible for the auction of the centre is Broll Auctions and Sales. The family has decided to restructure their property portfolio, thus the sales.
The Windmill Casino Hotel is on sale.
Norman Raad, CEO of Broll Auctions and Sales, said they are in talks with several buyers who are doing their due diligence on the shopping centre. “Building a new retail development such as this today would cost north of R3.5 billion, which makes this a strategic investment addition to any large portfolio.”
It is close to the Free State Rugby Stadium, the cricket stadium, the Central University of Technology, and provincial government buildings.
The sale of the 26 properties belonging to the family will be facilitated by Galetti Corporate Real Estate, with the auction taking place on Thursday (14/9).
Sanlam’s Bloemfontein headquarters.
John Jack, CEO of Galetti Corporate Real Estate previously told OFM Business Hour the Georgiou family still owns substantive properties in Bloemfontein, despite the decision to restructure their property portfolio, which doesn’t sit only in the Free State capital. The Georgiou family, led by Michael, owns prime real estate like Fourways Mall and Cedar Square located in Gauteng and a hospitality property in the Western Cape.
The 26 properties belonging to the Georgious, which will go on sale on Thursday, include:
•Sanlam’s Bloemfontein headquarters;
•The Windmill Casino (hotel only);
•A Honda Dealership, Nelson Mandela Avenue;
•Rosebank College, Hoffman Square;
•76 Kellner Street;
•The RTT Distribution Centre – a prime industrial asset which is also home to Pepkore and Xeon Logistics;
•Ben Ludick Building, 107 Nelson Mandela Drive;
•Penbel Building, 29 Merriam Makeba Street;
•37 Fichardt Street; and
•96 Mega Park, Curie Avenue, amongst others.
