One company made R26 million in under two years buying and selling two properties in Cape Town

Spear bought Hamilton House and Chiappini House in October 2024 for R80.75 million. It is now selling the same properties for R107 million.

On Tuesday, 12 March 2026, Spear informed shareholders that it will dispose of the Hamilton House and Chiappini House

Hamilton House is situated at 30 Waterkant Street, De Waterkant, Cape Town, and Chiappini House is located at 26 Chiappini Street, De Waterkant, Cape Town.

Spear acquired the properties for R80.75 million. The disposal consideration is equal to approximately R107 million.

This means that Spear will make approximately R26.25 million on these properties, all things being equal.

The company said that the disposal aligns with its capital recycling strategy when clear shareholder value-unlock opportunities arise.

“Management remains entrepreneurial in the hands-on management of the core portfolio and seeks to exit non-core assets,” it said.

It added that the sale will create redeployment capital, which can be used in scalable, higher-yielding Western Cape investment opportunities.

“The properties were identified as non-core assets located within an increasingly residential and redevelopment-focused precinct,” it said.

This means that the best use of these properties lies in their redevelopment, which diverged from Spear’s income-focused strategy.

However, there was a clear value unlock opportunity in selling the properties, which the company capitalised on.

“The disposal enables Spear to crystallise value at a premium to the original acquisition price within a relatively short holding period,” it said

It also reduced Spear’s exposure to smaller, decentralised office assets and therefore simplified overall portfolio composition in line with management strategy.

The upliftment in value of approximately R26 million from the purchase consideration, added 5 cents to Spear’s net asset value since the acquisition of the Properties,” it said.

Hamilton House

Chiappini House