Landmark Pretoria Mixed-Use Precinct on Auction

The 139 suite Arcadia Hotel, residential, retail and office block precinct is going under the hammer at the end of the month.

This Pretoria landmark is in the heart of the diplomatic district and dominates the intersection of Steve Biko and Madiba streets.

It comprises the hotel, including the eMonate restaurant, conference facilities, retail, a fully let residential block and an office block ideal for residential conversion.

High Street Auctions Director Greg Dart says the lot comprises three buildings with a total gross lettable area of approximately 23 832m² on a site measuring 10 207m².

Deluxe Hotel: ± 5100m²

“The land, alone, in this diplomatic zone is invaluable. Properties like this simply don’t come to market – let alone those that are thriving business concerns in first rate condition.

“The 139-key Arcadia Hotel enjoys long-standing diplomatic relationships and as a corporate accommodation site enjoys year-round occupancy.

“The hotel offers single, double and family units, as well as self-catering suites.

“This 3-Star business hotel is an integral part of the vibrant Arcadia Shopping Centre, seamlessly blending residential and retail components.

“The hotel features a welcoming reception foyer and breakfast cafe, complemented by the upper level eMonate restaurant, operating from 10am to 10pm. The restaurant provides room service during these hours as well.

“Other facilities in the Arcadia Hotel are a patio lounge and English pub to provide comfortable settings for business meetings and social gatherings.

“The hotel’s facilities also include four conference venues for approximately 250 delegates that are well utilised by the surrounding embassies and corporates.”

Retail: ±10 804m²

Dart says along Steve Biko Street, the property houses a triple level retail component of approximately 10 804m², that spans most of the block from Madiba Street to the Johannes Ramokhoase corridor.

“This retail space is not currently fully let, which presents a wealth of opportunity for national chains seeking a prominent presence in a bustling commercial district, and an opportunity for the new owner to substantially increase gross annual rental income.”

Apartment Block: ± 3297m²

The precinct also houses a contemporary five-storey apartment block facing onto the vibrant Madiba Street.

Dart says this 3 297m² building comprises some 75 apartments.

“They are both studio and one-bedroom units, and given that the building is fully let, it speaks to the high demand for affordable accommodation in this extremely busy government precinct.

“It also presents a magnificent revenue stream development opportunity for the new owner of this prime site.”

Maximising Potential

High Street Auctions Sales Executive Greer Brewer says the opportunity lies in the 11-storey tower block on Steve Biko Street.

“With a total floor area of some 4 631m², there is massive potential to repurpose this tower into an upmarket apartment block accommodating ±136 units, or even adding another floor that would enable a developer to create up to 150 apartments. For those investors focusing on student accommodation, this extensive component could easily accommodate up to 300 student suites.

“There’s no doubt that the demand is there for long-term accommodation given the government offices and embassies in the area, as well as the site’s proximity to the Union Buildings and the University of Pretoria.”

Dart says this Arcadia Centre is a platinum investment.

“We rarely see this type of mixed-use development come to market; one that is already generating substantial revenue in a prime location, with the potential to generate so much more.

“This is a long-term investment opportunity that will continue to grow in value as its income returns increase over the years.”

Dart says the precinct goes under the High Street hammer in a live and virtually-streamed 22-lot auction in the Bryanston Room and Marquee at Bryanston Country Club, 63 Bryanston Drive, Bryanston, at noon on June 27^th.

“This outstanding auction includes a number of Blue-Chip properties including several retail sites, banks, student accommodation and industrial properties – all outstanding income-generating options for investment buyers,” says Dart.

“For bidders who can’t attend the auction in person, download the High Street Auctions app free from the App Store or Google Play.

“High Street Auction Company proudly hosts Dr Adrian Saville, Professor of Economics, Finance & Strategy at the Gordon Institute of Business Science (GIBS), to open the event at noon with his topic “Under the Hammer: Unlocking Real Estate Potential in a Coalition Economy.

“You can register for the auction on the app, watch the auction live and bid on the app in real time.”

For more information on all the properties on auction on June 27^th, download the High Street app or visit www.highstreetauctions.com.