Exclusive BeachBreak Auction starts today

The highly anticipated auction of various erven of the so-called BeachBreak development located at pebble beach will start this evening. Should all erven of the huge property be sold, the developer being the Spiranti and Lewies Family Trust, are set to make a humongous profit ranging in tens of millions of Namibian Dollars.

The entire erf 66 measures a couple of hectares and has been subdivided into various smaller erven. Initially the owner of the erf intended to develop a new hotel, but has now instead opted to develop apartments and houses and sell the remainder. The biggest subdivided erf is a long, large beachfront area on which the trust intends to develop a variety of apartments. One-bedroom flats will go for N$2.7 million, while the upper-class apartments or Penthouses (three bedrooms) will sell for N$8.5 million. As part of the development six beachfront erven were chosen to be sold on an auction, which is set to begin this evening. The erven measure between about 450 and 500 m² and have a reserve price of N$3.5 million each attached. Purchasers can thereafter choose between a couple of house options from a template to ensure unison with the entire development. The remainder of the huge property was subdivided into eight “developer erven,” which will also come under the hammer today. The sizes vary considerably with the smallest measuring 2816 square meters and the biggest being 5308 square meters. The reserve price for these properties ranges between N$9.4 million and a whooping N$ 17.7 million. Should all erven be sold today the developer is set to generate about N$300 million. According to recent media reports the property was bought in 1998 for N$1.5 million and is currently considered as one of the last prime proper-ties located on the beach in Swakopmund.

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