CEO of Galetti Corporate Real Estate, John Jack, said the auction was initially supposed to be on 31 August, but owing to the growing interest, the Galetti Auction team decided to move it to today to allow prospective buyers to get the necessary approval and paperwork ready for the auction.

The deferment also allows for the Galetti team to be adequately prepared for the mammoth event. The auction will be streamed live to the public from Johannesburg. It started at 12:00. The 26 properties in Bloemfontein are commercial, industrial, and hospitality properties owned by the Georgiou family. “As big as the properties being auctioned by the family is, this is not a complete disinvestment from the Free State capital by the family.”

In addition, the Broll Auction and Sales will be handling a different property sale owned by the family. The Georgiou family has decided to sell the biggest shopping centre in the Free State through a closed tender. Registrations for those who are interested in buying the Loch Logan Waterfront Mall will close at the end of September.

Norman Raad, CEO of Broll Auctions and Sales, said at the moment they don’t have an offer they are asking for, they have allowed those who are interested in buying the mall to place their bids. “We 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 more than R3.5 billion, which makes this a strategic investment addition to any large portfolio.”

The 26 properties belonging to the Georgious, which will go on sale 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 Pepkor and Xeon Logistics;

• Ben Ludick Building, 107 Nelson Mandela Drive;

• Penbel Building, 29 Merriam Makeba Street;

• 37 Fichardt Street; and

•9 6 Mega Park, Curie Avenue, amongst others.

OFM News