COMMERCIAL BUILDING GETS NO BID

MBABANE – Auctions where premium property is sold at reasonable reserve prices, than what the current property market has to offer, continue to gain interest among bidders.

Nevertheless, this was not the case last Friday where the Webster Print building was being auctioned at the High Court at 11am.
The case involved a matter between Swaziland Building Society and Vertil Investments (PTY) Limited.
The building had a reserve price of E10.3 million.

It is constructed on a piece of land that is 495 square metres.
The commercial building got no bid from the seven people anticipating to bargain from the deal.
The building is located along Mbabane’s central business district (CBD) which is on Zwide Street.

improvements

The improvements of the property include four floors, a garage and an outbuilding.
Upon hearing the reserve price, silence was prevalent within the High court signifying that there was no potential bidder within the vicinity.
A bidder, who offered his opinion on condition of anonymity, highlighted that the property had a higher price, which could be hard to settle.

“The property is good but it being a double figure makes it hard to acquire after the festive season. If negotiations where possible concerning the reserve price it would be a profitable investment”, stated the anonymous bidder.

The sheriff, who was conducting the auction, stressed that there would be a re-auction so prospective owners should look out for its notice of sale in the following weeks.

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