The renowned Glencairn Hotel in the Western Cape’s Simons Town is being brought to auction via silent tender. Apart from the land on which the hotel sits, there is an additional 6 000sqm piece of prime land included in the sale.
The renowned Glencairn Hotel in the Western Cape’s Simons Town is being brought to auction on 24 February 2016 at a guided price of R15 million - click here to view.This is according to Tanya Jovanovski, franchisee of Rawson Auctions in Western Cape, who says Glencairn Hotel will be sold with restaurant, bar, shops and offices with leases in place, plus the additional land for further development or expansion.
Built in 1904, the hotel is a landmark - and as such has a rooted history in the area and with the locals.
Jovanovski says it’s a firm favourite among the residents of Glencarin, offering a restaurant, bar, tenanted shops and offices totalling 545sqm. The hotel covers 1 037sqm of the aforementioned 6 000sqm.
“As you can imagine, this leaves massive amounts of vacant land that’s ideal for future development. Outbuildings and covered areas take up another 111sqm and 164sqm respectively,” says Jovanovski.
“As a side note, this building is subdivided and zoned for business and general residential, but the owners do have approval for rezoning and subdivision of the property.”
The hotel’s ground floor has a reception and entrance hall. Five bedrooms with en suite bathrooms, ancillary service rooms and ablutions.
The restaurant has a front terrace with magnificent sea views and is used as an access point for patrons to the restaurant and bar, which is extremely popular with visitors and locals, says Jovanovski.
The top floor is made up of five bedrooms, four of which have en suite bathrooms, service areas and ablutions and a lounge with an enclosed stoep. The rooms are currently rented out as accommodation or office space.
Jovanovski says the hotel is a firm favourite among the residents of Glencarin, offering a restaurant, bar, tenanted shops and offices totalling 545sqm. The hotel covers 1 037sqm of the aforementioned 6 000sqm.Lastly, on the lower ground floor, Jovanovski says there are five retail outlets.
“The net revenue on the current leases turns over an incredible R1.2 million per year, but the potential development opportunities mentioned before provides possibility for a substantial increase in the annual net amount,” says Jovanovski.
“All leases are on a three-month notice period basis, and details will be provided to serious investors.”
There is a huge demand for a hotel in this area from travellers, tourists and locals alike, she says.
Although old and in need of a bit of maintenance, since the property is a historical landmark, Jovanovski says with minor renovations, TLC and a clever marketing strategy in place, the hotel will be one of the most popular destinations in Cape Town - for both tourists and locals.
The auction will be silent by tender, comprising written offers in a sealed envelope, with tenders closing on Wednesday 24, February 2016 at 12h00.
“We are expecting bids between R12 million and 15 million,” says Jovanovski.
The auction will be held at Rawson Property Group’s head office at 222 Main Road, Rondebosch, Cape Town.
For more information on the property, click here.
In following with the terms of Rawson Auctions, Jovanovski says there is no registration fee to bid. However, a deposit of 5% of the purchase price is expected on fall of hammer, as well as 10% commission plus VAT to be paid to Rawson Auctions.
Bidders are required to be registered and must have with them certified copies of their identity documents and proof of residence. Payment must be made strictly by bank guaranteed cheque or EFT.
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