Beach bungalow snapped up for R20-million

A two-bedroom beach bungalow with a small garden on Fourth Beach‚ Clifton‚ has sold for R20-million in Cape Town.

More than 100 people attended ClareMart’s auction of the sought-after property with sea views‚ an open plan lounge and dining area‚ kitchen and bathroom. It was owned by the City of Cape Town.

ClareMart general executive director Andrew Koch said‚ “The sale is still subject to confirmation by the council. They have 12 weeks to confirm the offer. They are very likely to confirm it though‚ it was above expectation.

“There was a lot bidding on the property‚ with one bidder finally getting it at R20-million‚” he said.

Clifton's original beach bungalows rarely change hands. But the city said the sale of the 357m² property was in line with its policy of disposing of non-core assets.

“In the past three financial years (2014/15 to 2016/17)‚ the city has sold and transferred 163 properties that are no longer required for municipal services‚” Stuart Diamond‚ City of Cape Town Mayoral Committee Member for Assets and Facilities Management‚ explained earlier to TimesLIVE.

“One can actually say when you’ve got an item of high demand it really should go to auction‚ this is a case in point‚ that offer was considerably higher than the estate agents could generate for the previous owners‚” said Kock.

The identity of the buyer was not revealed.