The Frans Indongo Group has put a prime Swakopmund central business district (CBD) property on the market for N$30 million, N$3 million below market value.
The landmark 2,425 square metre property, which includes the once-thriving Bundu ‘n See hotel, is one of the oldest buildings in town.
The building consists of retail shops, one of which is leased to Edgars, a parking deck with 45 parking bays, a hotel section with a restaurant and separate bar.
Bundu ‘n See, originally known as the Atlanta Hotel, has not been leased out since 2014, when the former tenants were evicted, after they ran into major arrears with rentals and overheads.
Since then the hotel and bar have been lying dormant, while the two retail businesses, which flank the hotel, are still thriving.
The Windhoek Observer has been informed that some vandalism and breakages have occurred to the hotel premises.
A Swakopmund based estate agent said there has been a lot of interest from companies wishing to buy the property, with an offer already on the table.
Frans Indongo Group Chief Executive Officer, Kobus Van Graan, was, however, not willing to divulge any details about the potential buyers, saying it was “non-conclusive at this stage”.
He said the property was just one of the many assets that belonged to the Frans Indongo Group, and that “everything is up for sale, if the price is right”.
“We do have alternative investment opportunities, which we can entertain for the future, but we have considered selling it first, by following business principles,” Van Graan said.
“If the sale does not go through, according to our satisfaction, we can consider a number of options with the hotel, such as renovating or destroying it completely.”
The property is situated across the street from the luxurious Hansa Hotel in Hendrik Witbooi Street. The previous hotel owner, from South Africa, changed the original name from Atlanta Hotel to Bundu ‘n See, and added a fresh touch, with renovations to the charming old-style building.
The previous owner also revamped the existing en-suite rooms, by adding a few more, to increase the capacity to 20 units.
The rooms are positioned on the first floor, above the reception area, as well as the Ombo Restaurant, and a once popular bar.