City to process results of property auction
03 October 2024
Thank you to all bidders who participated in the City of Cape Town’s property auction yesterday, Wednesday, 2 October 2024. Due process is currently being followed so the results of the auction can be finalised.
A total of 45 properties went on auction yesterday for sale and leasing.
They included a diverse range of residential, business, community and industrial uses. They were located in various areas, including Mitchells Plain, Goodwood, Somerset West, Kraaifontein, Century City, Fish Hoek, Atlantis Industrial and Constantia. Among the opportunities, were 42 erven for sale, which include nine improved properties (residential houses) in Constantia, Plumstead, Gardens and Woodstock. Additionally, there were three commercial lease opportunities available in Fish Hoek and Century City.
All bids received are subject to a 15 business days acceptance period following the decision of the Immovable Property Adjudication Committee. This means the results of the auction will be confirmed at a later stage once due legislative processes have been concluded.
'We thank bidders for their responses to these auction opportunities and now due legislative processes need to be followed to finalise the results.
'The properties are surplus to the City's needs and it is deemed prudent to place these opportunities on the market.
'This auction is a key part of the City's strategy to release land for private sector development. I believe no government should be a land bank, so we continually look for innovative ways to open land for new investment. Our previous auctions led to many successful transactions, and it's an exciting way to spark further development across the city. By unlocking land for commercial and residential use, we help businesses grow, create jobs, and boost economic activities essential for growth. The money generated will be reinvested into service delivery, ensuring lasting benefits for our communities. This approach maximises underused land, driving long-term economic sustainability.
'Not only will the sale and leasing of these properties generate revenue for the City to be used for the delivery of services, but the development and use of the sites will boost employment and Cape Town's economy,' said Alderman James Vos, the Mayoral Committee Member for Economic Growth.
For more details about the auction, visit HighStreetAuctions.com
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Published by:
City of Cape Town, Media Office
