Assets that belong to the Gupta family , The New Age Media (Pty) Ltd and Islandsite Investments 180 (Pty) Ltd will soon be auctioned, Park Village Auctions (PVA) confirmed on Monday.
The auction will be hosted in association with GoIndustry DoveBid Liquidity Services and will take place on November 28 at 10.30am at the companies’ former headquarters in Midrand. TNA Media is currently under liquidation while Islandsite Investments is currently under business rescue.
Director and Head Auctioneer at PVA Clive Lazarus, charged with overseeing and conducting the auction, said, “The business rescue practitioner of Islandsite Investments 180 and the liquidator of The New Age Media have chosen to dispose of the assets by way of public auction in order to pay creditors.”
“The auction will commence with the sale of The New Age Media’s previous headquarters in the Midrand Corporate Office Park South, found at 52 Lechwe Street.
The property is made up of three semi-detached warehouse buildings each with an adjoined double-storey office featuring a reception; private offices; a boardroom and open-plan office areas; a kitchen; and cloakrooms, with ample staff and visitor parking. The property lends itself to occupation by one or three individual tenants.
“The demand for commercial space in Midrand has grown exponentially in recent years, and sales figures indicate that this trend is set to continue for a long time still.
“What adds to this property’s appeal is its prominent position and visibility from the N1/Ben Schoeman Highway.” Lazarus further said.
After the property is sold off, next auctioning of several lots of equipment comprising an assortment of Nikon cameras, lenses and speed lights, computers, laptops and accessories; a 100Kva diesel generator; office furniture and appliances.
“We do not doubt that an auction of this nature (prevalent in the public eye) will draw the crowds and achieve our clients’ desired outcomes.” concluded Lazarus.
People will be allowed to view the property on-site from November 27 from 9am to 4pm.
TNA and Infinity Media, previously owned by the controversial Gupta family, were sold to businessman Mzwanele Manyi’s Lodidox for R450 million in 2017. A year later, Manyi applied and was granted a provisional liquidation order for the company that owned the now defunct daily newspaper Afro Voice.
For more information, visit www.parkvillageauctions.co.za
-IOL
