Summer Place, a popular banqueting and conference venue in Hyde Park, Johannesburg, is back on the market after its sale during an auction in March fell through.
The property was sold during a live auction conducted by Broll Auctions and Sales for R129 million; however, it did not go through and will be launched for sale by Cobus Odendaal from Lew Geffen Sotheby’s International Realty on 1 September.
“The way in which we work and live has been steadily changing since the millennium and, accelerated by the disruption of the pandemic, it’s now very different than it was just a decade ago and real estate footprints are already being planned for a different and more flexible future.
“In most industries, the future of work looks likely to involve a combination of in-office and work from home (WFH), and this is driving the growth of flexible and alternative space,” said Cobus Odendaal, CEO of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg.
“The office layout is changing as the need for office stations for all employees recedes, and the need for meeting and collaboration spaces increases and the repurposing existing office space and updating building layouts are now a focus point for many real estate companies and investors,” he said.
“Globally, we are seeing new brands being launched and established operators converting their products and business models from traditional hotels to serviced apartments, often with onsite amenities.”
Odendaal said a key problem for future developments in major metros is the dearth of available land or suitable sites, especially in prime areas.
“In Johannesburg, the main commercial hubs like in areas Melrose, Rosebank and Hyde Park are already fully developed, and developers are now repurposing older buildings in order to meet the shifting demands.
“Which is why we’re thrilled to be marketing a very rare development opportunity that not only offers considerable development scope but is also situated in one of the city’s premier destinations.”
Summer Place has been operated as a banqueting and conferencing centre since 1994, and now, after almost three decades, property developers in the hospitality space have a chance to acquire almost 40,000 square metres of prime real estate, he said.
“This property ticks all the new hospitality trend boxes as zoning rights allow for multiple related uses, including residential buildings, conference facilities, ballroom facilities, a dining area, restaurants, a hairdresser, gym and other ancillary uses associated with a hotel.”
Odendaal added that the location is ideally situated for business and leisure travellers as everything they could possibly need is right on their doorstep and the nearby Gautrain stop offers easy access to the other main Johannesburg commercial hubs as well as Midrand and Pretoria.
Summer Place is marketed exclusively by Lew Geffen Sotheby’s International Realty and offers over R150 million will be considered, it said.
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