Despite tough market conditions, investment properties - particularly well-located commercial and industrial properties in and around Durban - are still in huge demand, says Hein Hattingh, managing director of In2assets, leading property specialists with their head office in Durban for the past seven years.
Hattingh says Durban industrial property is still out-performing all other regions in the country.
“When In2Assets auctions a Jacobs property, for example, there is immediate strong interest and fierce bidding. In fact, the main attraction at our most recent monthly multiple auction - a property in Hutchinson Road in Jacobs - was sold for just over R25million, with four of the six properties submitted to this auction successfully disposed of. In the current economic climate, a success rate of almost 70% reflects strong investor appetite for the right property as well as professional marketing.”
Hattingh says this year In2Asssets has achieved “great results” in retail property and residential apartment blocks.
The company sold the landmark Durban Sands building near South Beach for R30m, a hospitality and student accommodation complex at 105 Dr Pixley Kaseme Street for R31m and a retail block at 432 Dr Pixley Kaseme Street for R 16.3m. For office blocks, the company’s top sale was one at 2 Torsvale Crescent in Gateway which fetched R33m.
Looking ahead, Hattingh says at the start of next year In2Assets will launch a big shift and expansion to digital marketing and auction platforms which will dramatically change the way it has been trading.
“In2Assets will, for example, launch a new commercial, industrial and agricultural property portal that will allow property owners to market their own properties.
“Our highly successful monthly auctions at the Durban Country Club will continue but these will now include properties from across the country, thanks to new technology that will allow even global bidding via a mobile app, acquired from a Google launchpad company, as well as an online auction platform.
“This new technology will be coupled with live streaming of the auctions to the immediate areas where the various properties are based. Durban will, however, remain the main hub of all our activities.”
For more information about future In2Assets auctions, visit www.in2assets.com or call 0861 444769.