Phumelela Gaming’s old Nelson Mandela Bay racecourse on the auction block
The sale of prime land forms part of the business rescue plan of SA’s largest horse racing and tote-betting operator.
Embattled Phumelela Gaming and Leisure’s defunct Arlington Racecourse in the Eastern Cape’s Nelson Mandela Bay, has been put on the auction block, opening the way for the 62-hectare site to be redeveloped into a residential estate or industrial park.
Read: Horse-racing collapse takes Phumelela to the brink (May 2020)
The largely vacant but prime property is one of the largest land parcels within the Gqeberha (formerly Port Elizabeth) city area to come to market, according to Broll Auctions Group, which is handling the sale.
“It has come to market as part of Phumelela’s business rescue process. We have been appointed by the business rescue practitioners to auction the property, which has not operated as a racecourse since 2013,” Ish Hendricks, group auctioneer at Broll Auctions tells Moneyweb.
‘Strong interest’
“The auction of the property is getting strong interest from both private businesses in the Eastern Cape as well as large national JSE-listed property companies,” he adds.
“It is a developer’s dream, as it is pretty much a greenfields site that can be turned into a residential or industrial estate.”
Hendricks did not want to reveal the reserve price of the property or its municipal valuation, saying the auction is meant to get the best price and gauge market interest by punting it nationally. However, legitimate bidders taking part in the auction on April 23 at the Radisson Hotel in Gqeberha will get access to this information.
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