In2Assets Sets South African Commercial Property Auction Record with R285.5 Million Sale

In2Assets Sets South African Commercial Property Auction Record with R285.5 Million Sale. Durban-based property auction house In2Assets has set a new South African commercial property auction record after selling an industrial investment property in Mobeni for R285.5 million during an unconditional public auction.

The sale surpassed the previous national commercial property auction record of R205 million, which was achieved with the sale of Kyalami.

The record-breaking transaction involved the property at 25 Richard Carte Road in Mobeni, which was marketed on behalf of the Collins Group. According to In2Assets, the industrial asset attracted strong interest from both institutional investors and private buyers before going under the hammer.

The property is occupied by a blue-chip tenant under a long-term triple-net lease, making it one of the country’s significant industrial investment opportunities.

Although the identity of the successful purchaser has not been disclosed, In2Assets said the auction followed an extensive five-week marketing campaign designed to attract qualified investors.

The campaign included targeted engagement with listed property funds, investment syndicates, industrial property specialists, high-net-worth individuals and other investors. Prospective buyers were provided with due diligence information and, where required, site inspections were arranged ahead of the auction.

The property was also promoted nationally and internationally through In2Assets’ database of more than 60,000 contacts, while online bidding technology enabled qualified buyers to participate remotely alongside bidders attending the auction in person.

Andrew Miller of In2Assets said bidding opened strongly and intensified throughout the auction before narrowing to a small group of determined bidders. He said the atmosphere became increasingly tense as the price continued to climb, eventually reaching R285.5 million when the final bid was accepted.

Miller said he was unaware during the auction that the previous national record had been exceeded, but recognised that the bidding had reached unprecedented levels before the achievement was later confirmed.

Founded in 2012 by Andrew Miller, Hein Hattingh, Rainer Stenzhorn and Rowena Moodley, In2Assets has established itself as a specialist auction house focusing on commercial, industrial, retail, agricultural and high-value residential properties.

The company said it has maintained membership of the South African Institute of Auctioneers since its inception and has received five industry awards from the organisation over the past two years.

Miller said the record reflected years of building client relationships and maintaining a professional auction process that encourages competitive bidding, while emphasising that the company’s focus remains on delivering certainty and value for buyers and sellers regardless of the size of the transaction.