- The Carousel Casino, one of South Africa's oldest and popular casinos, is up for sale following its permanent closure in April this year.
- According to Galetti Corporate Real Estate, the property on sale consists of 369 apartments, 57 hotel rooms, 582 hectares of land and 55 000 square metres of retail opportunity.
- Although the price has not been set yet, the property has a municipal valuation of over R500 million.
- For more stories, go to www.BusinessInsider.co.za.
Hotel group Sun International has put its Carousel Casino property in the North West up for sale.
One of the country's oldest and most popular casinos and entertainment centres, it was forced to shut its doors permanently in April after South Africa's nationwide lockdown to fight the novel coronavirus exacerbated an already struggling business.
Sun International said the complex “recorded escalating costs and declining revenues over the past few years,” – and the lockdown just added to its woes.
“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,” said John Jack, CEO of Galetti Corporate Real Estate, the property company appointed to handle the sale.
"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."
Here’s what’s on offer:
100 kilometres from Joburg and 50km from Pretoria, The Carousel has plenty of development opportunities.
It consists of the casino and 57 hotel rooms, 369 apartments, 583 hectares of land, a game farm ...
.... as well as a residential hub that has 352 homes.
There is also 55,000 square metres of retail opportunity…
… and 583 hectares of expansive land opening up.
Although the price has not been set yet, the property has a municipal valuation of R529 million and is expected to sell for in excess of R200 million, according to Moneyweb.
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