Alliance Group achieves record R42.9 million for commercial property on

News > news - 25 Apr 2008
Leading South African asset sales and services company the Alliance Group
defied the current downward trend in the property market when it
successfully concluded the sale on auction of the Newport House in Mouille
Point for a record R42.9 million. The sale was immediate at the fall of the
hammer, with the successful bidder remaining anonymous due to the winning
bid being relayed via telephone. The landmark property houses the iconic
Newport deli, as well as Wakame and Wafu bar and restaurants.

Rael Levitt of the Alliance Group comments: "This sale is proof that even
during challenging economic times that good properties such as this can
achieve fantastic prices." Levitt comments further: "This sale, in
conjunction with our recent record sale of a 400m2 Camps Bay property
apartment for R44m further displays the resilience of premium properties to
interest rate cycles."

The unquestionable success of this auction once again underlines the fact
that auctioneering is fast becoming the first choice method of property
disposal for high profile properties, as sellers gain national access to a
qualified pool of buyers and a superior marketing campaign, resulting in
potentially greater competition, with the probability of realizing a higher
selling price.
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