Mobeni Industrial Property Achieves Record Sale of R285 Million at Auction

In an impressive turn of events, South Africa’s record for commercial property auctions appears to have been shattered as In2Assets achieved what is believed to be the highest sale price for a property auctioned in the nation.

The auction house based in Durban successfully wrapped up the unconditional public auction of an industrial investment property situated in Mobeni, Durban, fetching an incredible R285.5 million.

This figure surpasses the former South African property auction record of R205 million, set with the sale of Kyalami several years back. Porsche South Africa bought the famous Kyalami race circuit in 2014.

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Andrew Miller, auctioneer and co-founder of In2Assets, mentions that the property located at 25 Richard Carte Road was auctioned on behalf of the Collins Group, drawing considerable interest from institutional investors and private buyers across the country.

Miller further emphasizes that this property ranks among the top industrial investment assets in South Africa, anchored by a blue-chip tenant under a long-term triple-net lease, making it one of the most appealing industrial investments to surface in recent years.

A search on Google Maps confirms that the tenant is Nampak.

The identity of the buyer remains undisclosed at this moment.

“It was a highly competitive auction with numerous interested investors, all aware of the opportunity thanks to an effective marketing strategy that created exceptional interest from both institutional and private entities,” Miller remarked, noting that a five-week promotional period generated substantial excitement.

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Participants in the auction included listed property funds, investment syndicates, industrial property professionals, high-net-worth individuals, and other qualified investors who partook in a tense and competitive bidding process.

“I wasn’t aware of the previous South African record during the auction, but after conducting thousands of auctions over the years, you develop an instinct for recognizing something extraordinary,” Miller commented.

“As the bidding soared to unprecedented levels, I realized we were entering record territory. It wasn’t until after the sale concluded that we officially confirmed the previous record had been broken.”