Former U’hage automotive manufacturing property to be auctioned
In one of Nelson Mandela Bay’s biggest industrial property sales in recent years, a former automotive manufacturing facility in Uitenhage worth more thanR60-million will go under the hammer in Johannesburg early next month.
Venture Pegu form Prop One’s extensive Brickfields Road manufacturing facility, near Volkswagen South Africa in Uitenhage, is valued at “north of R60-million”.
But under current market conditions it is expected to fetch between R40-millionand R45-million when it goes un -der auctioneer Pieter Geldenhuys’ hammer at the Hyatt Hotel in Rosebank, Johannesburg, on October 6.
Venture, which is selling the property in a corporate disposal as opposed to a stressed sale, is a former supplier to VWSA and operated an automotive plastic moulding facility at the premises.
The multinational company, which is now headquartered in Durban, yesterday confirmed the sale and referred all inquiries to the auctioneers, Aucor Property.
It did, however, confirm that it had vacated the facility about a year ago and no longer had a presence in the Bay, having concluded its business with Volkswagen.
Aucor spokesman Warren Aronson said the commercial property market, while depressed in the current economic climate, was still stable and the new industrial offering presented good opportunities, particularly for new industrial ventures.
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