Page turns for Newspaper House

The Times Media Group, which owns The Herald and Weekend Post newspapers, yesterday turned the page on a rich and enduring ownership era when the company accepted an offer to purchase its iconic Newspaper House premises near the Port Elizabeth city centre. The 19 Baakens Street, Central building – which for decades had been the bastion of the press for the Nelson Mandela Bay and Eastern Cape regions – was put on the market as part of an extensive property portfolio that is collectively expected to fetch R33-million when sold. The purchase offer was received by the Port Elizabeth branch of national property company In2assets just days before the portfolio was due to be put to auction by In2assets tomorrow. The portfolio consists of five buildings in Central and South End, all in close proximity to each other. It also includes the oldest and arguably the most iconic of the premises in the portfolio – the historic Eastern Province Herald building which was established in 1845 on the corner of Military Road and Baakens Street. The remaining properties are23 Baakens Street, 2 Horton Street and 5, 7 and 9 Produce Street. All of the properties listed in the portfolio enjoy various levels of heritage status. Each property had a variety of both short- and long-term leases, which attracted keen interest and demand from both investors and end users.