Development for auction in Pacaltsdorp, George

VACANT LAND IN THE PROCESS OF BEING APPROVED FOR A DEVELOPMENT

Going on Auction: Wednesday 25 May 2022
Reserve Price: R1 400 000.00 (All offers will be reviewed)
Expected opening bid: R1 200 000.00
Non-refundable 10% commission plus VAT over and above purchase price to Rawson Auctions on fall of the hammer (Payable by the buyer)

In the process of being approved for a proposed Development opportunity zoned GR4 for 45 units. Currently a 3394sqm plot. Each unit is proposed for a 2 bedroom flat of 45sqm. Estimate resale of units is between R550 000 & R595 000. Resale value once complete is estimated to be between R24 million & R26 million.

Rawson Auctions (Southern Region) are obligated by law to market the property at the Reserve Price as listed herein. A "Reserve Price" is a minimum Rand amount the Seller will accept as the winning bid, and is not necessarily the property's market value, nor the amount the property is likely to be sold for on the day of the auction.