Massive industrial property belonging to British American tabaco company sold.

A 5ha industrial plant in Paarl belonging to British American Tobacco was sold last week by Auction Alliance for an undisclosed amount. Before being sold by Auction Alliance, the property had languished on the market for 4 years. Its sale demonstrates the efficacy of the auction mechanism to identify qualified buyers, and ensure that competitive, market related prices are achieved”, says Elias Tzouvanni of Auction Alliance, who has built a reputation for his ability to match buyer and seller for unique properties. The property was originally developed by the Rembrandt Tobacco Group in 1952, and at the time was considered to be one of the most modern tobacco manufacturing plants in the world. The large site offers an ideal redevelopment opportunity and consists of prime river facing land with numerous improvements which is bordered by three roads. The site is located to the east of the Paarl CBD, on the corner of Lady Grey and Berg River Streets. The property, with an approximate GLA of 17900m², lends itself to retail and mixed use residential redevelopment although it is currently zoned for industry. The property boasts an industrial power supply of 4000 KVA. Current improvements include 3 large warehouse spaces, 15 000m² of land previously dedicated to sport and recreational facilities, a recreational complex, shaded parking areas and three identical residential units.