About 20 properties in Maboneng have gone under the hammer.
It is reported that the auction affected 10% of Maboneng which itself is valued at R3 billion.
Azania Mosaka spoke to Rode & Associates property economist and valuer Erwin Rode about how to rejuvenate inner cities.
It is always difficult to resurrect a precinct like that. Your profit margins are small.— Erwin Rode, Property Economist And Valuer - Rode & Associates
The area around Maboneng, I would suggest, hasn't got a very purchasing power.— Erwin Rode, Property economist and valuer - Rode & Associates
Some of the properties that were actioned are Arts on Main; the Bioscope; 64-room hotel/apartment development Hallmark House; and parts of Drivelines’s residential container development.