World of Beer lease takes a hammering, leaving auctioneers staggering
The remainder of the iconic tasting room’s lease has sold for R5m, just more than half of what was expected
The remainder of the lease on South African Breweries’ iconic World of Beer tasting room in Newtown, Johannesburg, was sold to a telephonic bidder for R5m, far below the anticipated figure.
The seller had hoped for a whopping R9m for the remaining 32 years of the 60-year lease when the auction opened on Thursday at the Inanda Club in Sandton, via telephone and online.
Competition for the lease started slowly, with an initial offer of R3m. The ultimate offer was made telephonically...