Sun International's Carousel Casino in North West is for sale and, according to Galetti Corporate Real Estate, which was appointed to handle the sale, it presents plenty of redevelopment opportunities.
The 583ha property offers hotels, land and a retail portion.
At this stage, there is no set asking price but it is expected to sell for upwards of R200 million with a municipal valuation of more than R500 million.
In April, Anthony Leeming, Sun International's CEO announced the closure of both the the group's Naledi and Carousel Casino's following the Covid-19 lockdown. At the same time the group started investigating the potential disposal of the property and casino license.
Potential bidders have until the end of October to submit their expressions of interest.
"The property is a unique asset in that it actually needs two buyers, one being retail focused and the other mid-tier residential developer or alternatively we would look at a retirement estate given the game farm and other facilities on site," says John Jack, CEO of Galetti.
Architects have actually investigated and designed an entire scheme for the site following a competitive tender that was run a number of years back. With the casino site carrying a Special Zoning there are a number of alternative uses that the casino can be converted to while the staff village must remain residential under the current zoning.
"The tourism and hospitality has faced significant pressure under the lockdown rules implemented by government. This has seen marginal assets face closure or re-development. This has led to huge opportunity for investors with strong balance sheets to swoop in and buy well positioned properties that need a second life," says Jack.
* Compiled by Carin Smith
