Redefine Properties have once again partnered with Autioninc. to hold the second round of Lease Auctions following the success of the first auctions of Redefines Bryanston portfolio in 2021. This time on their West Rand Office portfolio, these will be taken to auction through May 2022.

The initiative was first launched in South Africa towards the end of 2021. According to AuctionInc CEO Ari Ben “multiple transactions were concluded in the first round; the signs are promising that the concept may have the potential to disrupt the leasing industry”.  The office sector has exhibited significantly higher vacancies rates across all metros over the past 5 years and the sector urgently requires novel methods of sourcing tenants at vacant properties.

These offices are spread over four locations which are on offer:

Constantia Kloof Office Park- Stand Alone Building

This landmark building is ideally located in the heart of Konstantia Kloof. It offers spectacular views over the West Rand and Standard Bank is tenanting the other building. This property is ideal for head office, call centres and larger corporate firms.

Warich Close Office Park

Neatly nestled is in close proximity to Clearwater Shopping centre and located off located off Christiaan de Wet Drive in Van Vuuren Street in Allens Nek. This is a secure office park with long standing tenants and very well maintained.

Clearwater Office Park

The park is a distinguishing property in the area with its creative design and manicured landscaping. It offers space to a multitude of tenants and boasts an on site coffee truck. Located across from the Clearwater Mall and major highways such as the N1 (5min) and the N14 (10 min)

Horizon View Retail Centre

This convenience centre is one of the oldest buildings in the West Rand and thus a has become the “go-to” mall in the area. There is Woolworths as an anchor tenant and SARS in the office space. The office space allows the tenant the benefit of further exposure through foot traffic of the retail space.

Tenants are given the opportunity to rent office space in prime locations at prices they choose by bidding on the AuctionInc. online auction app. Bidding is based on the gross price per m2.

After the successful first lease auction with Redefine held last year, numerous listed funds have booked auctions over the coming months. As this new leasing methodology gains acceptance in the market place, it is likely that bidding for office rental space may become the new norm.