NPV Holdings have entered into an offer to purchase with Ingenuity Property Investments to dispose of both the Claremont Central and Toffee Lane properties situated in Claremont, Cape Town.
The Claremont Central and Toffee Lane properties both comprise of retail and office components and are adjacent to other properties owned by Ingenuity. This will result in Ingenuity consolidating the ownership of an entire strategically situated block bound by Main Road, Vineyard Road, Dreyer Street and Toffee Lane in Claremont. The bulk available on the Toffee Lane property is 4,042sqm.
This disposal is in line with NPV’s strategy to strategically ‘recycle capital’ where properties are at full value or have ‘special purchaser’ premiums. NPV has recently been granted permission by the South African Reserve Bank to open an offshore subsidiary to acquire further property offshore and the proceeds from this disposal will be used to part fund these future offshore opportunities.