Joburg's iconic Ponte Tower up for sale by private tender

Stephen Grootes chats to  Norman Raad, CEO of Broll Auctions and Sales.

Johannesburg's iconic Ponte Tower is up for grabs, for sale by private tender.

The landmark building was erected in 1975, and has gone through a series of ups and downs during the last 50 years.

The cylindrical tower is currently used for residential and commercial purposes, with around 500 apartments and a range of shops and restaurants. There is even a primary school for residents' children.

Stephen Grootes talks to Norman Raad, CEO of Broll Auctions and Sales, which is handling the tender.

Raad points out that Ponte has been turned around from the time when it was considered a hijacked building, with a mountain of rubbish piling up in its centre.

"We had a walkthrough with the press this week and they were all pleasantly surprised. There's CCTV,  there's security, parking... the lifts are all working; so it's a fully functioning high-rise building in the middle of Berea."

Norman Raad, CEO - Broll Auctions and Sales 

Ponte's apartments are about 75% occupied, Raad says, simply because the current owners are very selective. 

"You're basically buying all the rentable income that's generated from the building."

Norman Raad, CEO - Broll Auctions and Sales

He speculates that a buyer would possibly break up the residential part of the tower into micro-units, and also market it as student accommodation.

The deadline for offers for Ponte is 10 April.

Scroll up to the audio player to listen to the interview