Somerset West has become a property hot spot for semigrants and young families.

Another large tract of land, believed to be a big-ticket investment for developers, has been acquired by corporate real-estate leader Galetti Auction, which will auction off the 125 206 m² property on Wednesday 30 November.

Located in Stellenbosch Farms, adjacent to the N2 Stellenbosch Road, this development land is one of the last available parcels of land leading to the Overberg area. In addition, it is ideally sized and positioned for several possible uses, including high-density residential development.

“It’s predominantly flat, and the City of Cape Town has already conditionally approved the rezoning and subdivision of the property, making it especially attractive for developers with a good eye for a property with high potential,” explains Ricardo da Silva, Joint Managing Director of Galetti Auction.

Somerset West tops the list

With Somerset West the choice destination for the influx of semigrants to the Western Cape, Da Silva anticipates this property will be a hot ticket item come auction.

“Somerset West living is blissful and peaceful, giving residents a feeling of security and relaxation while they enjoy breathtaking views of the Helderberg mountains surrounding the area,” he notes. “This is a close-knit community that does not take its surroundings for granted. With many new schools being developed in the area, and a variety of activities available for all ages, this region is great for families”.

Why auctioning is the ideal platform for the sale of this property

Noting that Galetti’s new auction format makes for a more accessible and engaging experience, Da Silva believes the company’s live auction event is the ideal platform for the sale of 3888 N2 Somerset West. “Typically, the auction model allows for a more value-driven transaction as befits a property with so much amazing potential,” he concludes.

This property (number 3888 N2 Somerset West) is set to go under the hammer this Wednesday at the Galetti Auction live event, taking place at Summer Place in Johannesburg.

“We are excited to bring this incredible property to market. It’s one of about 37-plus properties valued in excess of R650 million which will be sold via our live auction.”