Bidders Vie for Camps Bay Property

January 29 - Camps Bay beachfront was the scene of a vibrant auction this week as the famous Tuscany Beach restaurant building went under the hammer.

The building attracted investors from all over the country - some 150 in all - with the opening price of R10 million quickly doubling.

The final sale on the Camps Bay property was at R22.5 million, which included the agent's commission.

The buyer, according to reports, is a prominent local businessman.

The Chief Executive Officer of the Alliance Group, Rael Levitt said about the auction: "We are very pleased with the result and it clearly shows that confidence is returning to prime beachfront real estate."

"Great properties always achieve great prices," he said. "This we have seen time and time again."

Levitt was extremely optimistic about the future of property in South Africa. "We have already seen a number of substantial sales this year which are setting the stage for one of the most prolific years in the history of South Africa," he said. "Eager investors are being attracted to our prime coastal areas and we are bound to see a number of fantastic investment opportunities being snapped up during the coming months."

Levitt believes that Capetonians underestimate the fact that an audience of over 2 billion people who will be exposed to the country through the world cup will have a great affect on the market.

1/29/2010 10:02:41 AM