ClareMart Auction Group has sold Stellenbosch Mountain Retreat to a South Afrian property developer for over R16 million. On Monday 27 February, ClareMart took opening bids, and a week later, the Mauritian liquidators accepted the auction bidder's R16.15m inclusive offer.
“The liquidators were delighted that our Group was finally able to bring down the curtain on a matter that had presented many challenges over the past eight years, with no secured offers received until our auction" said Jonathan Smiedt, ClareMart CEO.
Stellenbosch Mountain Retreat is bordered on the one side by Tokara Estate, owned by the Chairman of RMB Holdings and on the other side by Delaire Graff, owned by reknowned jeweller, Laurence Graff, The property has approved Resort development rights for 15 four-roomed villas, a hotel comprising 10 suites as well as a Conference Centre, Restaurant and associated infrastructure.
“It is acknowledged today by those in the know, that the auction floor is now the successful alternative real estate process, through which to sell property. We are simply quicker at securing a cash offer, than going the traditional route, which could easily take six to 12 weeks.
This result again demonstrates that the Mauritian liquidators preference for the auction, yielded the required result in record time", said Smiedt.
Stellenbosch Mountain Retreat is a blank canvass with development rights that could add superb value to the Cape Winelands, which remains a popular destination for local and international tourism.
For more information on upcoming auctions, visit www.claremart.co.za