Farm for auction in George Rural
Web Ref: 1225989
Multi-tenanted guest farm.
Going on Auction: Wednesday 20 December 2023
Reserve Price: P.O.A. (All offers will be reviewed)
Non-refundable 10% commission plus VAT over and above the purchase price to Rawson Auctions on fall of the hammer (Payable by the buyer)
This 8.3537 ha farm, of which +- 2 ha is under irrigation, is situated adjacent to George Airport and on the banks of the Maalgate river about 9km from George. Although the property is currently zoned as agricultural, a lot of development is underway in George and applying for residential OR commercial rezoning can’t be verified but should be a strong possibility. As it stands at the moment there are the two main houses and an additional mixture of twelve houses, chalets and flats that are being rented to long-term tenants of which the majority have month-to-month lease agreements in place. The current rental income is R63 750 / month which is way below area rental average. The market related future rental returns could be +- R100 000 / month. It further houses a fully functional butchery and several stores / workshops. There is also several other farm equipment, vehicles and movables included in the sale. Alterations have been made to the property without approved plans.
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. The Seller reserves the right to consider all offers.
Monthly repayments will be calculating…
*based on purchase price at Prime over 20 years
Our goal is to sell your property at the right price and in the shortest possible time.