Business Day Home Front 04 November 2016

HOMEFRONT 13 OCTOBER2016 2016 WWW .BDLIVE.CO.ZA WWW.BDLIVE.CO.ZA 4 NOVEMBER

MUST READ

A mad meeting of beer and food PAGE 2

Stanley Saitowitz on architecture PAGE 6

Listed property: a sure bet?

PAGE 14

Free schooling at Somerset Lakes PAGE 18

Home brew

By actively contributing to affordable housing in their higher income developments, the private sector is promoting greater social inclusion

PAGE 10

HOMEFRONT

Dream big LIFESTYLE

In downtown Johannesburg, in a repurposed industrial warehouse, beer and street food intersect at Mad Giant and Urbanologi WORDS: GRAHAM WOOD :: PHOTOS: MICKY HOYLE, SHELDON EVANS

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n the urban regeneration node of 1Fox, on Fox Street in Johannesburg’s Ferreirasdorp, Mad Giant, a craft brewery, and its integrated restaurant, Urbanologi, have joined Fox Junction, 1Fox Market Shed and the Goodluck Bar, adding a gastronomic destination — and a fantastical flavour — to the mix. Its playful branding and design, and maverick ambition, belie a compelling vision of urban reinvention.

MAD GIANT BREWERY Mad Giant was started by 30-something chemical engineer Eben Uys two years ago as an idea, and opened officially in June this year.

“I built a small brewery for the University of Stellenbosch in 2006 as part of my undergrad final year project,” he says. He was hooked, endlessly intrigued by the combination of simplicity and complexity of the brewing process.

Although he went on to get a PhD and work for a large petrochemical company, Uys carried on brewing, developing recipes and gradually becoming more serious. A few years ago, he realised that if he was to brew craft beer, he would need to dedicate himself to it full time.

The Mad Giant brand grew out of the narrative of the brewery itself. Says Uys: “Mad Giant to me is a dream. You have this dream that is initially quite small, but when you think of taking the plunge, it’s quite a big move.” The sudden inversion of scale, the idea of pursuing a dream, struck him as almost fantastical.

“The yeti has become our symbol. It’s kind of mysterious, it’s a little bit

“We are rediscovering our habitat gastronomically” Angelo Scirocco, head chef, Urbanologi

Eben Uys

unrealistic, it’s scary, but it’s always got one eye on the prize,” he says.

After a long searching, he found an 80-yearold industrial shed in Ferreirasdorp that had the height, the right zoning and space to accommodate the brewery.

He realised, however, that he would have to make it a destination.

People would need a reason to go there, and so the idea of a restaurant took shape. He began courting chef Angelo Scirocco, who had a pedigree from The Test Kitchen with Luke Dale-Roberts and the Chefs Warehouse on Bree Street with Liam Tomlin.

URBANOLOGI The starting point for the restaurant was a menu to complement the beer.

Uys brews “massive, full flavour beers”. He says that as a brewer, he “wants to punt flavour” and not pasteurise his beers so that the full range of flavours come through, boosting them with his preferred method of dry hopping.

Scirocco knew that ordinary fare would not do.

They needed something unique. He began thinking about the urban context of the brewery, and searching for a point at which beer and an idea of urban cooking — street food — might intersect.

“When you look at street food in Japan, it’s usually associated with these guys with plastic mugs drinking beer and eating off a Yakitori grill,” says Scirocco.

There was cuisine that complemented beer, had authentic urban roots and offered something unique.

He developed the idea into a sophisticated, avant garde interpretation of Asian street

HOMEFRONT food, relishing the salty soy sauce and umami favours.

URBAN GARDE Chef Angelo Scirocco on Urbanologi’s philosophy:

THE DESIGN The shed, however, needed a lot of work. Says Uys: “It was an absolute mess, actually.”

It even needed new floors and electrics to support the brewery. He approached furniture and interior designer Haldane Martin, who had done inspiring work for the likes of Truth Coffee and Bos Ice Tea in Cape Town.

Says Martin: “The shed had been an engineering firm for the mines at one point, then it looked like a spray-painting factory.”

He stripped the building to its bare bones, ripping the walls out, pulling the roof off and replacing the floors. The metal trusses and beams were exposed.

“We painted all that red to highlight the structure of the building.” Other practicalities followed. “We opened up the front with some wide stacking glass doors,” he says. “And we extended the steel structure and created a patio, so we gave the building a face.”

But it was the melding of

“After the molecular gastronomy movement, chefs started cooking naturally again. It all started in Scandinavia, where they started to rediscover their habitat, where they’re from, their origins.

“People would need a reason to go there, and so the idea of a restaurant took shape”

the brewery, the context of Joburg’s industrial past and the Mad Giant brand itself that definitively animated the space.

Martin picked up on the inversions of scale at the heart of the brand, and something of its playfulness.

He designs bespoke furnishing for his interior projects, and, drawing on the urban heritage of the warehouse and surrounding sheds, he designed furniture to appear as if it was made

from giant Meccano toy construction kits.

Martin used building materials in unconventional ways, for example truing I-beams into basins and figuring the bar as a gigantic cast concrete beer-bottle cap. He added booths with a “traditional American diner seat typology”, but left their “lovely green avocado skin coloured leather” draping to the floor.

“It expresses the making of the furniture; it’s almost

as if it’s half finished,” he says, commenting on the visibility of the craft both in the cooking and the brewery in the space. Grey-scale murals by graffiti artist Nomad decorate the walls, introducing urban art with a hint of childlike innocence.

THE EXPERIENCE While transforming the narrative of Mad Giant into an experience for visitors, the brewery and restaurant bring something new to the

“And that was really intriguing to me — to rediscover where I am at that moment. Urbanologi is all about rediscovering the urban space. And that is where the street food came in: because we were here; it was urbanised.

We are rediscovering our habitat gastronomically.” urban realm. The industrial shed, through the playful imaginative interpretation of the brewery and restaurant, is transformed into something fresh. Uys, Scirocco and Martin have connected Mad Giant to it urban roots, and in so doing, have brought a reinvention. urbanologi.co.za madgiant.co.za

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ARCHITECTURE

An architect’s perspective South African-born architect Stanley Saitowitz talks about how he has responded to the challenges and demands of modern design over 40 years of practise WORDS: GEORGINA GUEDES PHOTOS: SUPPLIED

S

tanley Saitowitz, professor of architecture at the University of California, Berkeley, returned to his alma mater, Wits University, in September to present a talk at the ArchitectureZA conference.

He began his address in Johannesburg by talking about visiting the houses in Lorenzo Marques — now Maputo — of then Wits professor of architecture, Pancho Guedes.

“This was the first time I realised that modern African architecture existed. After my practical year, when I first went abroad, when I returned to Johannesburg, I began to see it completely differently, as a place with its own unique and powerful character. This was the start of my search for a Transvaal architecture.”

He spent the next five years driving around the roads east of Johannesburg, through the towns of Bapsfontein, Bronkhorstspruit, Delmas, Devon, Springs and many others, visiting not just the towns but the farmlands, open veld and homesteads of the Ndebele.

“I went to the same settlements again and again, watching them grow, decay and be revitalised, changing with the seasons,” he said.

“This architecture became my school. I was struck by how anchored the buildings were to the veld, how connected they

1022 and 1028 Natoma Street, San Francisco were to their place yet how transient they were in time, how easily they accepted change and how resourceful their makers were.”

The first houses that Saitowitz built emerged from these interests.

While his style has gone on to reflect a modern, and in some cases even machine-like, expression, the relationship between his buildings and their surroundings has continued to be a point of focus in his work. He now works

Transvaal House, Halfway House, Johannesburg

in San Francisco.

In Seitowitz’s talk at Wits, as in his current work, two trends emerged:

Ensuring that a modern building fits in its historical (or natural) surroundings.

“There are 197,000 building parcels in San Francisco; 173,000, or 87.8%, are residential.

San Francisco used to be made up of a variety of distinct neighbourhood architectures, which led to

a rich urban fabric. This is vanishing into anonymous averageness. Our work is a search to invigorate the unique characteristics of each site,” Saitowitz said.

This is reflected in his three buildings on Natoma Street (he is the principal of the practice based there, called Natoma Architects), which he describes as “the laboratory for our urban buildings”. His office is 1022; 1028 is next door and 1029 is over the road.

At 855 Folsom Street,

Yerba Buena Lofts, San Francisco

the crenelated texture of typical San Francisco streetscapes is transformed into a new scale.

And in the Van Ness Corridor, 1080 Sutter continues the wedding cake fabric grain of the surrounding buildings.

Creating residential spaces that support the vision of the occupant rather than the architect.

“Many architects are interested in freedom of expression and design

“My interest is in the freedom of expression of the occupants, in providing opportunities for the inhabitants”

HOMEFRONT STANLEY SAITOWITZ Stanley Saitowitz is a Johannesburg-born and educated architect and designer who lives and practises in San Francisco.

He is the principal at Natoma Architects, where he has designed houses, offices, museums, libraries, wineries, synagogues, commercial and residential interiors and urban landscapes.

He received his Bachelor of Architecture at Wits University in 1974 and completed his Masters in Architecture at the University of California, Berkeley, where he is currently the professor of architecture. He has taught at numerous schools and lectured around the world.

buildings as personal statements, private affidavits,” Saitowitz said.

“My interest is in the freedom of expression of the occupants, in providing opportunities for the inhabitants. I see buildings more as instruments than objects, as receptacles for changing events in time rather than static monuments in space. I aim to make buildings that facilitate occupancy and appropriation.”

In creating buildings that are “more like frames than pictures”, he has designed structures around modular cores that contain the home’s service, allowing residents the freedom to do what they like with the surrounding spaces.

“Our work emerges from highly modulated and systemic plans assembled

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“I see buildings more as instruments than objects, as receptacles for changing events in time rather than static monuments in space”

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and good when inhabited.”

He said the ensuing neutral spaces surrounding these modular cores resulted in far more difference than he could have ever imagined.

SAITOWITZ’S STYLE Saitowitz said that while there was no single unified Saitowitz style, he had devoted his practice to search for new forms that extended architecture’s language, amplified particular contexts and created expanded fields of freedom for the occupant.

“I used to worry about not having a signature style or central subject matter or fixed character for the work, but at some point that worry ceased, which gave me permission to continue to do what I’ve been doing all along.”

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HOMEFRONT INCLUSIONARY HOUSING

Home brew By actively contributing to affordable housing in their higher income developments, the private sector is promoting greater social inclusion WORDS: ANDRÉ FIORE :: PHOTOS: ISTOCK, SUPPLIED

T

alk about inclusionary housing first started in SA in the early years of the new century and recent countrywide commitments to a national spatial revolution are again bringing the concept to the fore.

No newcomer to the international market, where it has proved largely successful, inclusionary housing aims to achieve a conscious and better balance of race and income groups in areas that are well located and well serviced by jobs, social services and public transport. The goal is to provide lifestyle and accommodation opportunities for low and lower-middle income households in areas from which they might otherwise be excluded because of the dynamics of the property market.

INTEGRATION

Inclusionary residential housing units planned for Riversands and Linksfield in Johannesburg

The premise is involving the private sector in actively contributing to the delivery of affordable housing and promotion of greater integration by including affordable housing within higher income housing developments.

Although Johannesburg’s Inclusionary Housing Policy is being reviewed, the interim policy incentivises private developers to allocate a minimum percentage — currently proposed to be between 10% and 30% — of the total number of units of their development to the construction of affordable housing. This is defined as housing targeting households with a monthly income of R3,500-R7,000.

There are several projects nationwide that have been

inclusionary in nature, Jerusalem in Fairland and Fleurhof along Main Reef Road, both in Johannesburg, among them.

INCENTIVES ON OFFER No incentives were offered at the time Simon Waner entered unchartered territory in the Western Cape developing incremental houses at Westlake Village, near the high-end Nieuwe Steenberg Estate in Tokai, developed

by Waner’s Warner Projects.

“The property we purchased for development in 2008 in Tokai had an entrenched zoning condition which specified that of the 30 approved units, 20% be allocated for inclusionary housing,” says Waner, founder of Warner Projects.

“With some reservation — most specifically because the units we planned to develop would be sold at around R4m-R5m and the incremental units would be sold at around R400,000, making the project unviable — we decided to embrace (and subsequently subsidise) the incremental houses and ultimately the thrill and wonderment at seeing someone move from a shack to a beautiful home was beyond gratifying.”

A forerunner in this type of development, Waner points to the overwhelming number of candidates in dire need of housing. While home ownership is first prize, promoting social upliftment and buy-in, inclusionary housing developments “offer consumers a range of options with regard to tenure, providing ownership and rental opportunities”, says Wikus Lategan, Calgro M3 group MD. “Calgro’s wide range of

HOMEFRONT

“The real current barren space in outright homeownership, however, is really the band of income earners between R3,500 and R9,000 per month, simply because they are mostly disqualified from obtaining a first mortgage loan over the property due to affordability issues” Wikus Lategan, group MD, Calgro M3

rentals and sales) than someone who had invested the same amount in one single property.”

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Blythedale Hills multilevel units housing typologies caters for various income levels, targeting households with combined incomes ranging from below R3,500 up to around R15,000 per month and we have found that people of different income segments within the same developments create stable communities.

“The real current barren space in outright homeownership, however, is really the band of income earners between R3,500 and R9,000 per month, simply because they are mostly

disqualified from obtaining a first mortgage loan over the property due to affordability issues. If a price of R345,000 is assumed for a basic entry level apartment of 40m², then a purchaser will have to be able to prove to a bank that he has an available income for a mortgage payment of R3,561 each month, but will have to earn at least R10,791 per month.”

However, this market sector is generally good payers and longterm tenants, says Michelle Dickens of

TPN Credit Bureau.

Century Property Developments has inclusionary developments in Riversands and Linksfield, both in Johannesburg, planned for 2017. Says Century agent Jessica van der Walt: “There is huge demand for homes in this sector. For investors it’s a numbers game. Those who can extend their portfolios to include multiple units in this price bracket price could well ultimately enjoy a higher return on investment (both through

After 10 years of planning, work recently began on eLan’s Blythedale Coastal Resort on the KwaZuluNatal North Coast, which will consist of an anchor 1,200 sleeper resort hotel, a 3,600 sleeper resort hotel villa complex, a retirement village, 250 sectional title flats, 2,400 freehold homes and 709 affordable homes linked to some 600 homes for gap housing. The Blythedale Hills Village hosting the gap and affordable homes will be anchored by a shopping centre, an agri village, commercial, retail and residential living, and educational and sports facilities.

Owners in Blythedale Beach Resort, Ocean, Golf, Equestrian and Forest nodes will pay a contributory levy to subsidise infrastructure at Blythedale Hills. The village will be promoted as a secondary tourism node with cultural dancing, music, street cafés and the like, stimulating a united community, wealth creation, investment and business opportunities, and lifestyle.

Says Riaan Roos, CEO of Multi Spectrum Property:

“There is a huge demand for housing in the R3,500-R12,000 per month price bracket and many advantages will come out of investing in inclusionary developments” Riaan Roos, CEO, Multi Spectrum Property

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“While the perception may be that these houses will bring property values in the rest of a development down, many studies both in SA and internationally have shown that integrated developments are more sustainable and that they don’t affect property values at all.” The company is the developer of Cape Town’s Buh-Rein Estate, among others.

ANY ADVANTAGES? Says Roos: “There is a huge demand for housing in the R3,500-R12,000 per month price bracket and many advantages will come out of investing in inclusionary developments. In the old regime people were shunted to the periphery by apartheid from where they had to travel into the CBDs and towns, leaving them with minimal disposable income, a large percentage being spent on public transport. With people living closer through integrated or inclusionary developments, they have more disposable income and can afford a bigger home. Within the larger integrated developments people also have proper access to amenities such as libraries, schools and shops. There are so many advantages that come out of this.”

There are gaps in the legislation that need to be addressed. Says Van der Walt: “Building contributions payable to council are the same for a 400m 2 home or an inclusionary unit, making costs a challenge for developers. We hope to see incentives countrywide that include fast-tracking the planning process for developers, clearly defining the long-term operations of the units and a legislation drafted for developers who do want to provide inclusionary units, as we believe this will create certainty in the market and will attract buyers who want to invest and rent the unit out.”

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HOMEFRONT

FINANCE

Listed property shines in tough year Investing in listed property companies has proved a sure bet in the year so far, despite a difficult trading environment, with returns beating other asset classes WORDS: NEESA MOODLEY :: PHOTOS: ISTOCK

I

f you were invested in South African listed property between January and the end of September, you would have received a far better return on that investment than you would have on investments in the other asset classes of equities and cash.

The South African listed property industry posted returns of 9% in the first nine months of this year, about double what equities achieved over the same period at 4.82%, while cautious investors who stuck to cash saw a return of about 5.4% from January to September 30 this year.

If you invested in bonds, however, you would have seen a return of 15.05%.

According to Catalyst Fund Managers, the fundamentals in the office sector in particular were challenging, with landlords being forced to offer high tenant incentives and leasing commissions in order to minimise vacancy levels.

Fund manager at Catalyst Fund Managers Paul Duncan says there was a general oversupply of office space in an environment with

low gross domestic product growth. “South African property fundamentals remain challenging and the asset management skills of management teams will be a differentiating factor,” he says.

There were several developments at listed property companies in the first nine months of the year:

ATTACQ Attacq unveiled a new brand earlier this year and is extremely positive about the Waterfall development in Midrand, which it regards as the “jewel in the Attacq crown”. CEO Morné Wilken

“Based on studies by Urban Studies, the projected growth in office space is expected to be almost 30% per annum until 2020” Morné Wilken, CEO, Attacq

says projections show that the Mall of Africa alone will attract more than 15-million people a year.

“Based on studies by Urban Studies, the projected growth in office space is expected to be almost 30% per annum until 2020. The opening of the 26-storey PwC Tower will accelerate this growth even further.”

Looking forward, Wilken anticipates slower South African growth as a result of political uncertainty.

“Local services and utilities supply coupled with pressure on resources are potential business risks for the country, while uncertainty caused by Brexit and the US elections will, in my view, have an impact on Attacq’s offshore markets,” he says.

HOSPITALITY PROPERTY FUND Hospitality Property Fund was the best-performing JSE-listed property company over the first nine months of this year, with the hotel owner’s A shares achieving a return of 23%, while London-focused Capital & Counties Properties shed

50% over the same time, according to the latest figures from Absa Wealth & Investment Management.

The fund’s A shares have a preferential claim to earnings.

For the year to June 2016, the fund reported that despite tough trading conditions, there was some increase in growth in the tourism sector, particularly in the Cape Town area. This was reflected via improved occupancies and room rates for the hotel industry in the year, with a yearon-year increase of 3.2% in occupancy levels to 64,6% and an improvement of 8% in average daily rates to R1,133. The revenue per available room grew 11,4% to R733.

Note: Hospitality has since undergone a capital restructure, effective October 11 2016.

GROWTHPOINT PROPERTIES This group’s industrial portfolio delivered the highest returns to investors in its sector for the three years ending December 2015, as recorded in the

MSCI database. It was named the top-performing industrial portfolio at the recent MSCI South African Real Estate Investment Conference.

The portfolio of industrial properties owned by Growthpoint achieved total returns of 18.9% for the three-year period, outclassing the MSCI benchmark return of 15.5%.

Engelbert Binedell, Growthpoint’s industrial division director, says the company’s well-diversified portfolio of industrial properties makes it highly defensive. “Performance is driven by a great team that works hard to develop solid relationships with our clients and the broking community, and collaborate with developers to grow value from the portfolio.

“In this tough market, our relationships, flexibility and creative dealmaking are all strategic advantages,” he says.

Growthpoint is invested in a portfolio of 227 industrial properties in SA, valued at R11bn. This offers exposure in every significant industrial node

in the country, making it an attractive investment option.

REDEFINE Redefine announced its intention to buy 100% of The Pivotal Fund in a move that will help Redefine gain significant reach in Sandton and consolidate its position in Rosebank.

Says Redefine CEO Andrew Konig: “The acquisition demonstrates our strategic intent to become the landlord of choice in A-grade office space in SA. Redefine has shifted its strategy to become a more urban focused landlord by acquiring modern properties in better performing nodes.”

Pivotal’s property portfolio is valued at R12.9bn and its income-producing assets include eight retail properties as well as office and industrial sites.

While the economic conditions in SA remain challenging, these developments in the listed property sector paint a positive picture that points to continued consumer spending and high demand for industrial and office space in urban areas.

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HOMEFRONT ADVERTORIAL

Melrose Arch: get more, enjoy more, live more T An apartment at Melrose Arch is more than an asset, it’s an investment in the ultimate lifestyle experience. Now there is even more lifestyle to enjoy

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he latest developments at one of SA’s leading new urban precincts have unleashed an entirely new dimension of fresh choices and vibrant style. And its new luxury residential development One on Whiteley puts investors and residents in the front row to enjoy even more of the iconic Melrose Arch lifestyle.

DELUXE APARTMENTS What’s more, they won’t have to wait much longer because construction on the striking R2.4bn One on Whiteley development has already broken ground, with earthworks beginning in September this year, and the building scheduled to begin rising out of the ground in early 2017.

One on Whiteley interior perspective

One on Whiteley exterior perspective

Besides sought-after luxurious residential apartments, One on Whiteley also includes the first ever Marriott-branded hotels in SA. Johannesburg’s Marriott Hotel Melrose Arch will offer 150 rooms and Marriott Executive Apartments Melrose Arch will have 200 flats. They are set to welcome guests at the celebrated live-workplay-stay Melrose Arch precinct in 2018.

“Not only will One on Whiteley’s well-appointed apartments rest atop a new health club and the world’s most coveted investment motor car dealership, but the eagerly awaited luxury residential apartments also have access to the exceptional facilities of its neighbour, the Marriott hotels,” says Nicholas Stopforth, MD of Amdec

Property Developments.

This exclusive access is one of the many benefits of the Melrose Arch lifestyle, which is among the most compelling features of apartment living in SA’s quintessential new urban precinct.

The pristine Melrose Arch has everything residents need, including upmarket restaurants, entertainment, medical facilities, gyms, commerce and a host of international fashion and retail offerings, plus offices. These are all within a short stroll on streets designed to put pedestrians first.

The social and financial success of new urbanism has been proven, not only in SA at Melrose Arch but also in the US and other countries. Amdec Group, recognised as SA’s

HOMEFRONT Designed for elegance, style and quality all round, the apartments are also energy-efficient with LED lighting and naturally piped gas as well as backup power and plug-andplay fibre connectivity, so they are always switched on and have a lower cost of running.

And, while they come with appealing amenities, residents are welcome to stroll over to the adjoining Marriott hotels, meet up at the bar and take a plunge in the pool.

With all this and Melrose Arch’s prized lifestyle, it is little wonder that 60% of flats released at One on Whiteley are already sold out amid high levels of interest from investors.

Supporting this is the fact that Melrose Arch apartments have already established a compelling track record of capital growth and rental yields, making them a very attractive investment proposition, whether buying to live in or let.

A street view of the iconic JB’s Corner at Melrose Arch

“Not only will One on Whiteley’s well-appointed apartments rest atop a new health club and the world’s most coveted investment motor car dealership, but the eagerly awaited luxury residential apartments also have access to the exceptional facilities of its neighbour, the Marriott hotels” Nicholas Stopforth, MD, Amdec Property Developments

leading developer of new urban lifestyles, has used its 26 years of experience in the property industry to develop a signature portfolio that includes the iconic Melrose Arch mixed-use precinct, the award-winning Evergreen Lifestyle retirement villages; Val de Vie Polo and Wine Estate; Pearl Valley Golf and Country Estate; The Yacht Club on Cape Town’s rapidly expanding waterfront; and Westbrook, a 128-hectare residential suburb in Port Elizabeth.

JAMIE’S ITALIAN “In addition to Melrose Arch’s exquisite, established and eclectic mix of retail and leisure, we are adding even more of the finest shopping, wining, dining and entertainment to our lifestyle offering,” says Melrose Arch precinct manager Mike Vermaak.

SA’s first Jamie’s Italian restaurant is set to open at Melrose Arch this November, serving its famous rustic, Italianinspired dishes with a Jamie Oliver twist. Says Oliver: “I can’t tell you how excited I am to be bringing Jamie’s Italian to SA. Johannesburg is an incredible city with an established food scene, so to be opening a restaurant here is a huge honour for me.” He adds the restaurant will serve up beautiful, simple, great-value Italian food, all made with the very best ingredients, with friendly service and buzzing atmosphere.

Famous French patisserie PAUL is also making its South African debut at Melrose Arch. Set to open in February next year, the

127-year-old café-bakery brand is an ambassador to the French art de vivre concept, sharing a love of work well done and the joy of offering customers the best quality each day in a setting that is enchanting and unique.

Eternally cognisant of the latest trends and eager for new opportunities to collaborate, there’s always something new to delight in at Melrose Arch. However, consistent excellence in every detail is what keeps customers charmed time and time again.

“Residents, business and visitors choose Melrose Arch for its safety and security, amenity and convenience. They want the full experience. Melrose Arch provides this in an immaculate city with an unlimited choice for everyday needs,” says Vermaak.

All this is supported by

beautiful green spaces and — because Melrose Arch is privately owned, maintained and operated — its own excellent infrastructure, from roads to fibre optic technology and alternative energy.

It also connects easily with its surrounds, with excellent public and private transport links.

APARTMENT LUXURY The features and finishes of the new residential development are just as impressive. One on Whiteley boasts 197 exclusive upmarket flats with the highest quality finishes, including one-, two- and three-bedroom apartments with several size options, starting from 43m 2 up to 121m 2 three-bedroom homes.

Designs are intended to be flexible to match the lifestyle of residents and are priced from R1,85m.

Melrose Arch penthouse office suites

TO THE TOP Bringing together culture and commerce, yet another drawcard for Melrose Arch is its office space that is in high demand.

“Demand for offices at Melrose Arch continues to be strong. Its corporate appeal is enhanced by the many facilities it houses for businesses and employees.

“With internationally renowned hotels, conference and event venues, a host of quality restaurants and ideal everyday amenities, Melrose Arch is particularly popular with multinational businesses,” says Renee Feeney, head of sales and leasing at Melrose Arch.

There is a big representation of bluechip companies including DuPont, Bidvest Group, Lonmin, Mastercard, Royal Bafokeng Holdings, Stanlib, WorleyParsons, Sasfin and Bankmed among

the long list of corporate heavyweights that consider Melrose Arch to be the ultimate Johannesburg business address.

Now, responding to demand, Melrose Arch is about to launch its new exclusive rooftop office space. The new R130m development will boost Melrose Arch’s offices to new heights.

The Amdec Group is currently extending five office buildings situated around the landmark Melrose Arch Piazza with an additional floor.

It is set to redefine boutique corporate space in Melrose Arch.

The 4,800m 2 of new office space is designed in industrial steel and glass, providing a chic executive aesthetic and great views of the precinct and its surrounding vistas.

Feeney says the original designs of these Melrose Arch Piazza office buildings were always intended with rooftop floor additions.

Finally the time has come to crown them.

All five rooftop office suites will be complete before the end of the year, offering flexible space with lots of adaptability for big corporate users or multibusiness environments.

GET IN TOUCH Residential sales Call Tersia Taljaard on 010 020 4800 or 063 695 7571, email tersiat@amdec.co.za or visit oneonwhiteley.co.za Commercial leasing Call Renee Feeney on 010 020 4800 or 079 885 4405, email reneef@melrose arch.co.za or visit melrosearch.co.za

HOMEFRONT

Housing market slowdown

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A’s housing market slowdown has become more broad-based, with a loss in quarter-onquarter house price growth momentum across all four major metro area value bands recently, according to the FNB Property Barometer.

The affordable end of the market has held up slightly better, however.

On a year-on-year basis, FNB’s Major Metro Low Income Area House Price Index has even seen a growth acceleration of late.

But on a quarter-onquarter basis, all four of the major area value band segments have posted slowing house price growth recently.

The FNB Area Value Band House Price Indices provide a picture of the relative performances across areas, grouped by average price levels of those areas, in SA’s six major metros.

On a year-on-year basis, the Low Income Area House Price Index has shown the strongest growth,

Free schooling at Somerset Lakes

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omerset Lakes lifestyle estate in Somerset West began offering free private schooling at Reddam House Somerset with each property bought from the developer, Omwieco, from October.

Somerset Lakes spokesman Jan Minnie says all properties bought from Omwieco will include the price of one full year’s tuition for one child per family at Reddam House Somerset.

“With the rising cost of

education becoming a big concern for many South Africans, we know that this bold move will appeal to many parents who are also looking for the safety and convenience that lifestyle estate living provides.”

The main reason for this offer is to create a familyorientated residential community with schooling located right on the doorstep of these homes, says Minnie.

The company’s research shows that quality schools have a positive effect on

property prices.

“In June 2015, we commissioned an independent study by Urban Econ Development Economists into the demand and growth impact of including a school in a lifestyle development. The research revealed that lifestyle estates developed in conjunction with a school resulted in 10%-15% higher property price growth when compared to residential areas with pre-existing private schools in the area.

This trend was present throughout SA,” says Minnie. HOUSE PRICE GROWTH BY AREA PRICE CATEGORY — year-on-year % change The research found that residential property near junior primary schools 10% fetched an 18% higher price 6.0% than those further away; 4.2% senior primary increased 3.9% 3.3% property prices by 16% 0% and high schools by 12%.

Q1-2008 Q1-2010 Q1-2012 Q1-2014 Q1-2016 The study also showed that properties near to good quality schools — -10% irrespective of the school Upper income metro suburbs — year-on-year percentage change level — sold for 31% higher Middle income areas — year-on-year percentage change than properties located close Lower middle income areas — year-on-year percentage change Low income areas — year-on-year percentage change to lower quality schools.

New Devmark broking division

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evmark Property Group has introduced a new commercial broking division specialising in retail and shopping centres, to be led by Pieta van Wyk, who will service clients on a national level.

Van Wyk says retail and shopping centres are excellent investments. “It presents an opportunity

for a passive income. The very nature of retail assets allows landlords to sign long-term leases, rental amounts increase with annual revisions and this leads to an increase in the capital value of the asset.

Due to the passive nature of the increase, the demand for these types of investments will always be high.”

He uses research, networking and cold calling to connect with buyers and sellers.

Says Van Wyk: “Devmark is a dynamic group and to date didn’t have a dedicated team in this sector of the market. It’s an exciting industry and combines finance with consumerism.”

The team liaises directly

recording 6% year on year for the third quarter of 2016 compared with the previous quarter’s 5.8%.

The most steady growth area value band in recent years, however, has been the Lower Middle Income Area House Price Index, recording the second highest average price increase of 4.2% in the third quarter, mildly lower than the 4.6% rate from the previous quarter.

On a quarter-on-quarter basis, all four segments have shown a loss of price growth momentum.

On the Low Income Area Index, quarter-on-quarter growth slowed from 1.7% in the first quarter of 2016 to 1.2% by the third quarter.

At slower rates, and bunched together at very similar growth, are the lower middle income and middle income areas with 0.7% growth, and the upper income areas with 0.8%, all having slowed from the previous quarter’s growth rates.

with all major property companies, both listed and unlisted, and assists investors and/or sellers.

Says Van Wyk: “We can source excellent deals for our clients, whether it’s selling or buying shopping centres. This includes neighbourhood, convenience and regional centres.”

QUARTER-ON-QUARTER HOUSE PRICE INFLATION By area price category 3 1.2% 0.8% 0.7% 0.7%

1 Q1-2008

Q1-2010

Q1-2012

Q1-2014

Q1-2016

-1

-3 Upper income metro suburbs — quarter-on-quarter percentage change Middle income areas — quarter-on-quarter percentage change Lower middle income areas — quarter-on-quarter percentage change Low income areas — quarter-on-quarter percentage change

Citadel’s green head office

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ealth manager Citadel has opened its new 6,000m 2 head office, The Citadel, near Cavendish Shopping Centre in Cape Town’s Claremont.

The six-storey, fourstar green building has four basement parking levels below, adding a further 6,000m 2 to the gross built area.

Says Citadel CEO Andrew Möller: “The building has been created on a very tight budget — as careful fund managers we ensured expenses were controlled.”

All 12,000m² of The Citadel were constructed for R130m, equating to a construction cost of just over R10,000/m 2 — at a time when developers

are struggling to build for between R15,000.00R20,000.00/m 2 .

Says Robert Silke, architect and principal at Robert Silke & Partners: “Based on the ‘stylemoderne’ architecture of mid-20th century cities such as New York — and being the first stone panel building in Claremont — it is intended to be distinct.

“With it, we aim to convey the solid presence of Citadel, its heritage and its future.”

Green building elements, such as energy reduction and efficiency as well as the use of natural materials, were included in the design while sustainable practices were used during construction. For example, demolition and

construction waste was diverted from landfill and where possible, recycled steel was used.

The Citadel targets the efficient use of water and limits the impact of the building’s emissions such as light pollution and ozone depletion. From an interior environmental quality perspective, comfort factors such as external

views and glare control are taken into account.

The Citadel was awarded a four-star Green Star rating.

It was developed

by Citadel Investment Services in a joint venture with national property development as well as asset management group Atterbury and landowners Catalyst.

HOMEFRONT

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Priced from R1.85 million. No Transfer Duty.

One-on-Whiteley, the new residential phase of Melrose Arch, is the ultimate in luxury cosmopolitan living. When you invest in an apartment at One-on-Whiteley, you are investing in a secure, convenient and vibrant lifestyle.

One-on-Whiteley provides an amazing opportunity to be part of the success and attraction that this unique new urban quarter offers. By owning an apartment in One-on-Whiteley, you open the door to 21st century living.

On Show at the Pam Golding Office - No. 5 The High Street, Melrose Arch.

To be part of the ultimate in luxury cosmopolitan living, please contact: Victoria Russell 074 683 1222 • victoria.russell@pamgolding.co.za Peet Strauss 083 675 1212• pstrauss@pamgolding.co.za Tersia Taljaard 063 695 7571 • tersiat@amdec.co.za Office: 011 684 2995/6 • pamgolding.co.za/melrose-arch

THE BEST VIEW IN JOBURG IS

NO W ON SHOW. J O IN U S AT O U R

LUXURY PENTHOUSE APA RTMENTS TO SEE WHAT EVERYONE IS TALKING ABOUT

THE HOUGHTON OFFERS YOU: A unique lifestyle || Security || Luxury designed finishes || Lush green landscapes Superb return on investment

YOU DESERVE TO LIVE ONE OF THE BEST LIFESTYLES IN AFRICA. Come and view it from the rooftop of apartment 12720

* * *

OPPORTUNITIES FROM R5,2M APARTMENTS ALL BATHROOM EN-SUITE TOP DESIGN AND FINISHES · FULL AMENITIES

Houghton on 12th, 53 Second Ave, Houghton - Show apartment 12720 ALAN BECKER – 082 718 8100 || WARREN BECKER – 082 302 3004 || EMAIL – alan@thehoughton.com