Summer Place, a popular banqueting and conference venue in Hyde Park, Johannesburg, is back on the market after it failed to sell at auction in March.
The property was sold during a live auction conducted by Broll Auctions and Sales for R129 million; however, it did not go through and will be offered for sale by Cobus Odendaal of Lew Geffen Sotheby’s International Realty on September 1.
“The way we work and live has changed steadily since the millennium and, accelerated by the disruption of the pandemic, is now very different than it was just a decade ago, and real estate footprints are already being planned for a different and more flexible future.
“In most industries, the future of work is likely to involve a mix of office work and work from home (WFH), and this is fueling the growth of flexible and alternative spaces,” said Kobus Odendaal, CEO of Lew Geffen Sotheby’s International Real Estate in Johannesburg and Randburg.
“Office layouts are changing as the need for office space for all employees decreases and the need for meeting and collaboration spaces increases, and repurposing existing office space and updating building layouts are now the focus of many real estate companies and investors,” he said. .
“Around the world, we’re seeing new brands launch and established operators transform their products and business models from traditional hotels to serviced apartments, often with on-site amenities.”
Odendaal said a key challenge for future major metro development is a shortage of available land or suitable sites, particularly in prime areas.
“In Johannesburg, major commercial centers such as the Melrose, Rosebank and Hyde Park areas are already fully developed and developers are now repurposing older buildings to meet changing demands.
“This is why we are delighted to be marketing a very rare development opportunity that not only offers significant development scope but is also located in one of the city’s premier destinations.”
Summer Place has operated as a banquet and conference center since 1994, and now, nearly three decades later, hospitality developers have a chance to acquire nearly 40,000 square meters of prime real estate, he said.
“This property meets all the new trends in hospitality as the zoning rights allow for multiple adjacent uses including residential buildings, meeting rooms, ballrooms, dining, restaurants, hair salon, gym and other ancillary uses associated with the hotel” .
Odendaal added that the location is ideal for business and leisure travelers as everything they may need is right on the doorstep and the nearby Gautrain stop offers easy access to Johannesburg’s other main commercial hubs, as well as Midrand and Pretoria.
Summer Place is being marketed exclusively by Lew Geffen Sotheby’s International Realty and offers in excess of 150 million rand will be considered, it said.
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