Camps Bay beach property auctions for R20 million

A building on the Camps Bay beachfront "strip" was sold for R20 million at auction yesterday.

Holland House, which has as a long-time tenant the popular restaurant Tuscany Beach, was sold to an anonymous local buyer. The auction took place at Café Caprice, adjacent to the property in Victoria Road, Camps Bay. Tuscany Beach, the tenant, has not been sold and will continue to operate.

Holland House has a "luxurious" flat above the 364m2 restaurant, which is also rented by the Newhouse family who own both Tuscany Beach and Vanilla in the new Cape Quarter.

About 70 gathered to bid or out of curiosity. Alliance group chief executive Rael Levitt said there were 15 registered buyers, three international, which he said "was indicative of the type of market".

Levitt said properties along the Camps Bay beachfront were "prime pieces of real estate" and despite economic conditions prices remained constant.

A building just a short distance down the road, now known as the Grand Café, was sold for R44 million last year.

Posted at 09:22AM Jan 29, 2010 by Editor in Auctions  |  Comments[3]