Controversial Blaauwberg property auctioned after fierce bidding

The semi-completed landmark Blaauwberg Hotel Development achieved a bid of R50.1 million on Thursday.

The ClareMart Auction Group acted under the instruction of Sanek Trust Recovery Services, liquidators of Midnight Storm Investments 386 LTD.

Midnight Storm Investments 386 LTD formed part of the Realcor Group of companies, which began building the development with funding from a multitude of investors, mostly members of the public.

"Due to the massive interest expressed by the media, investors and developers we anticipated large numbers today however there was an unexpected influx of members of the public with an interest in this much talked about liquidation" says Claremart Chief Executive Officer, Jonathan Russell Smiedt.

Bidding on the development was described as fierce and competitive with four serious investors bidding aggressively on the property.

"The bidding started at R25million and over a period of twenty minutes reached the final bid price of R44 million" says Smiedt.

The 144 room structure, situated at the corner of Beach Boulevard and Beach Crescent, is located directly on the well renowned postcard perfect beach and offers trademark views of Table Mountain and Table Bay.

"The hotel was initially designed for an international and acclaimed award winning group and the sale of this massive development opportunity is now awaiting final consent by the Creditors" adds Smiedt.

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