The New Age property goes back under the hammer

PROPERTY used by The New Age Media and Islandsite Investments 180, currently in business rescue, will be auctioned for a second time after the previous bid fell through as a result of the guarantees of the balance of the purchase price not being met.

Park Village Auctions (PVA), in association with GoIndustry DoveBid Liquidity Services, accepted a bid in November which the business rescue practitioner subsequently had to cancel. The latter has since instructed the auctioneers to put the valuable property back on the block for reauctioning.

Clive Lazarus, director and head auctioneer of PVA, is again charged with conducting the auction of the premises that housed The New Age Media.

The property, in the Midrand Corporate Office Park South at 52 Lechwe Street, Midrand, will go under the hammer on April 9 at 11am.

Measuring 1.0519 hectares in total, it comprises three semi-detached warehouse buildings each with an adjoined double-storey office featuring a reception area; private offices; a boardroom and open-plan office areas; a kitchen and cloakrooms, with ample staff and visitor parking.

Lazarus says the property lends itself to occupation by one or three individual tenants.

“The property coming back on the market is a massive boon for investors as it represents unbeatable value in an area sought after by commercial buyers and tenants.

“Demand in Midrand has grown exponentially in recent years and sales figures indicate this trend is set to continue. What adds to this property’s appeal is its prominent position and visibility from the N1/Ben Schoeman highway.”

Viewing is on site on April 8 from 10am to 4pm. For more details, see www.parkvillageauctions.co.za, web reference 187.

Investors will have another chance to buy this prime property in Midrand, which was previously owned by The New Age Media.