Times Of Swaziland: COMMERCIAL BUILDING GETS NO BID

COMMERCIAL BUILDING GETS NO BID
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BY TINO CHIMUSORO on 29/01/2020 03:52:00


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.