BusinessDay
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FRIDAY, MARCH 18 2016
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PUTTING MANCHESTER ON THE RADAR
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NEW HOME FOR JOBURG TOURISM
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EAST AFRICAN PROPERTY GROWTH
Off-plan purchases: risk or reward?
The common advice is that if you pass a piece of land with a board that’s been there for more than a year, and nothing’s happening, beware. Buying property off plan has numerous advantages, but there are things to know WORDS: ANNE SCHAUFFER :: PHOTOS: ISTOCK
NOW FRANCHISING... UNIQUE FRANCHISE OPPORTUNITIES AVAILABLE! GET YOUR FUTURE IN GEAR WITH AN ADRIENNE HERSCH PROPERTIES FRANCHISE!
For more information contact Jacques Harmse +27 (0) 11 728 7013 franchise@ahprop.co.za W W W . A H P R O P. C O . Z A
CONTINUED ON PAGE 6
LIFESTYLE Friday March 18 2016
FOOD
Gamechanger When CEO Benjamin Trisk and shareholders bought Exclusive Books in late 2013, he had the idea of turning a parking lot into a top restaurant. With a prime location behind Exclusive Books Hyde Park Corner, the move has shaken up Joburg’s book browsing and dining modes WORDS: GRAHAM WOOD :: PHOTOS: SUPPLIED
Why did you open a restaurant in a bookshop? I want to sell more books. Take this as two engines that work side by side. Here is the restaurant; that’s an engine. Here is the bookshop; that’s an engine. Sitting in the middle is sales. These two engines must take the sales that used to be operated only by that one space, and work to create more sales of books. Why the Social Kitchen & Bar? The question that any retailer has to ask themselves today is: what can I do to make physical shopping in my stores more attractive, more of an experience? How do I give the consumer something they don’t get by sitting in front of a screen and clicking away? It’s not only about filling your belly. This is about having the most wonderful experience. And you decided to open your own restaurant rather than partnering with someone? Yes, it’s intimately involved with our brand, and secondly, I was vain enough to think we could do it as well as anyone. So the key was, find a great chef and make sure this is the most wonderful space in town. You must have thought it was a bit of a gamble. I never did, but my shareholders certainly thought so. Yet they allowed me to do it … our book sales are up significantly.
“We are trying to do things that Johannesburg has neglected for far too long” Benjamin Trisk, CEO, Exclusive Books
LIFESTYLE Friday March 18 2016
And Social Kitchen’s menu is designed to encourage sharing, interaction and conversation? I always wanted tapas. I also wanted quality and sophistication. But it’s not a casual café? In Johannesburg people are prepared to spend money; they’re quite open-handed. But we’ve had a number of people who say we’re too expensive, and the portions are too small. But they don’t understand the concept. Any dish on our menu would feed two people. We could eat happily between the two of us for R150 and you’d feel that you’ve had a good meal and eaten the best quality in Johannesburg. For a long time Joburg restaurants were thought of as second rate compared to Cape Town. Now they’re on the food map? We are trying to do things that Johannesburg has neglected for far too long. In the 1970s the food in this town was fabulous. Then the food became quite ordinary and predictable. Or pretentious. This is not pretentious food at all. You brought in a chef from overseas. Was that to bring in something new? Something new; something fresh. All of a sudden, Johannesburg is moving into the global
marketplace. I’m talking to a two-Michelin-star chef to do something else. SA can support 30 or 40 top chefs. And we should be doing it. How did you get Russell Armstrong on board? I have a very good friend, Liam Tomlin, who owns Chefs Warehouse in Cape Town. Liam told me the best chef he had ever worked with was Russell Armstrong. Russell had had a personal tragedy. He was fed up with Australia, and looking for a new challenge. I flew him here last June. We walked through the car park. I told him what I wanted to do and he said to me “I’m in”. You worked with architects Silvio Rech and Lesley Carstens on the design. I knew the kind of work they did was avant garde and different. We hadn’t owned this business a month when I phoned Silvio. He said he wasn’t interested in retail work. But I persisted and he agreed to work with us. I believe you were very hands on with the design. If anything, too much. I was here at 4.30 every morning for three and a half months. The design combines raw finishes with refined elements. I wanted something that wasn’t perfect, something that
“Perhaps what Joburgers aren’t used to is the idea that Trisk’s vision for The Social Kitchen & Bar is to be one of Johannesburg’s top restaurants, despite being in a shopping mall”
people could say “Oh I can actually sit here”. I wanted to show perfection in the food, but with a lot of other things that weren’t perfect. So you’ll see chairs that are irregular. A little kitchen table. The kind of Formica chairs that you sat on as a kid in your mother’s kitchen. I don’t allow laptops; I don’t allow iPads. This is about conversation.
another commercial venture. At a much deeper level, I want this to be so much more than that. I’m hopeful that people will see this as a social club, with people at this bar having constructive engagements about a whole range of issues.
And the broken tiles with cracks filled in with gold leaf on the coffee bar? I saw a picture of a restaurant in Paris, an Argentinian restaurant called Anahi, where they used it. What I loved more than the idea of the gold leaf was the fact that those are just Johnson bathroom tiles — as cheap as you can get.
TRANSFORMING RETAIL The Social Kitchen & Bar has transformed the idea of a restaurant in a shopping mall. Its 40m stretch of windows looking on to magnificent views of Joburg’s urban forest comes as a surprise to most — it’s as if the restaurant opens a window to a secret Joburg that people had forgotten about. Previously those views were hidden behind a wall (the old fiction shelves) and enjoyed only by vehicles in a parking lot. Architects Silvio Rech and Lesley Carstens are best known for luxury lodge and resort designs. They explain that the idea that shopping mall design should best serve retail by containing people, disguising exits and looping them around in a “doughnut” is mistaken. Says Carstens: “The whole mentality of shopping centres is that you shouldn’t look out.” Rech and Carstens see The Social Kitchen as a tool to reconnect retail spaces — insular shopping malls — to their urban contexts. Says Rech: “I suppose as urban architects that’s what we’re trying to do. Integrate it into the city in a better way.” The vast window makes it possible to feel a part of the city while you’re in a mall. “By doing what we’ve done here, we’ve really transformed that urban setting,” says Trisk. “I think it will end up being a transforming moment in how people see Johannesburg.”
Your hopes for this space? On the one level, it’s just
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AN EATING EXPERIENCE Perhaps what Joburgers aren’t used to is the idea that Trisk’s vision for The Social Kitchen & Bar is to be one of Johannesburg’s top restaurants, despite being in a shopping mall. Australian chef Russell Armstrong came highly recommended. He worked at three-Michelin-star restaurants The Connaught and Le Gavroche (both in London) and at Les Frères Troisgros in France. In Australia he was executive chef at Palazzo Versace, Australia’s first six-star hotel, and at Michael’s Riverside Restaurant in Brisbane. The Social Kitchen & Bar is a kind of high-end tapasstyle restaurant. “The whole idea is not to order an entrée, main course and desert,” says Armstrong. That doesn’t mean dishes are traditional Spanish fare, but rather that they are designed to be shared. Those that have gained local fame include the short rib, the lamb rump and roasted duck legs. The menu changes, but an entire section is devoted to the Josper Spanish coalburning oven. The desert menu includes simply the best panna cotta I’ve ever eaten. This is the paradox of the place for Joburgers: it’s a sharing/tapas type concept, so it is casual in that way, but the execution is fanatical … they really want it to be the very best. It’s aiming for real excellence — to compete with the very best the city has to offer — with dishes you can share. “It’s a bit of an education process,” says Armstrong. Its saving grace is that the food is not alienating or pretentious – while immaculately presented, it is simple. As Trisk puts it: “I think the food is actually very accessible, just better than you would normally have.”
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INTERNATIONAL Friday March 18 2016
Manchester on the move A key element of England’s North West economic powerhouse, Manchester’s rapidly expanding population and rail networks make it an attractive property investment WORDS: NICOLA JENVEY :: PHOTOS: SUPPLIED
“Manchester is a booming market driven by increasing demand and a shortfall of houses” George Radford, IP Global director for Africa
Manchester in numbers £7bn — projected
government investment in Manchester infrastructure to create a Northern Powerhouse
7.93% —
Manchester’s 2015 rental yield, topping HSBC Bank’s UK buy-to-let property hotspots list
22.2% growth — Manchester’s forecasted property inflation
6.02% — average
annual property rental yields over past five years
26.3% — predicted rental growth forecasts to 2019
26.4% — anticipated house price changes for 2015-19
Sources: HSBC, IP Global and www.selectproperty.com
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anchester’s central business district has changed beyond recognition in the past decade with the city witnessing an explosion in high-rise developments. The tallest and most well known is Beetham Tower, a mixed-use skyscraper completed in 2006, before the global economic crisis. At the time of construction, Beetham’s 47 floors earned a reputation as the second-tallest residential tower in Europe. According to the Countrywide Group’s Manchester City Focus Spring 2016 report, Beetham Tower became the highprofile face of a raft of new developments. While the recession changed the shape of this skyline, Manchester remains the poster child for MP George Osborne’s Northern Powerhouse concept, designed to boost economic growth in key North England cities. Says IP Global director for Africa George Radford, summing up the city’s investment opportunities: “Manchester is a booming market driven by increasing demand and a shortfall of houses.” Countrywide, the UK’s largest estate agency and letting network, acquired Hamptons International in 2010. Seeff is Hamptons’ southern African
partner. Spring 2016 report authors, Countrywide research analyst David Fell and Hamptons graduate analyst Aneisha Beveridge, say Manchester can lay a strong claim to the title of England’s second city. London aside, the Office for National Statistics’ method for calculating how many people conceivably work in an area credits Manchester with the largest travel-to-work-to-area ratio. LOWER PRICE THAN LONDON Manchester offers an investment option for anyone wanting UK property market exposure, but at lower prices than London, a city currently struggling to absorb its investment volumes. Radford says a higher ranking than London in terms of liveability, and the comprehensive motorway and railway network connecting Manchester to other northern cities, were contributing factors to the city securing more foreign direct investment (FDI) than any other UK city outside the capital. Currently 7-million people live within a one-hour drive of the city centre and 180,000 commute into Manchester daily. The expanded Metrolink system to areas south and east of Manchester has
boosted access to the city centre. With a High Speed 2 railway system linking London, Birmingham, the East Midlands, Leeds, Sheffield and Manchester, delivered up to six years early, the report also suggests that future travel to London and other larger cities has been simplified. Radford says for investors seeking to broaden their portfolio, international real estate offers long-term wealth generation, a leveraging ability and a low cost of finance. Real estate is a stable asset class, with the global financial crisis having created significant opportunities. A CITY EXPANDING Ernst & Young statistics reflect that FDI attracted by the city created 3,500 jobs in 2013-14. Manchester also has the country’s fastest-growing population, experiencing a 17.8% increase in the number of people living in its city limits between 2003 and 2013 — a rate twice the national average. The city centre’s population is expected to grow by 50,000 people in the next few years. There has been a 40% increase in the 20- to 25-year-old demographic since 2001, as more than 70% of Manchester metropolitan graduates
elect to remain in the North West after university. Last year the UK introduced capital gains tax on property transactions, after a 50-year hiatus. Nonresidents pay 28% capital gain tax on their sales compared with 13.3% charged in SA on those UK sales. However, SA and the UK have a double tax treaty and double tax relief, which means South African taxpayers are credited for tax paid in a foreign jurisdiction. The upside of the expanding population is a demand for property and a shortfall in supply. Radford says 55,000 housing units must be delivered by 2027, but Manchester has an annual shortfall of about 5,000 units and a 40,000-unit backlog. PROPERTY SHORTFALL Currently property prices are 13.6% below the 2007 peak and there are 2,987 residential units under construction for delivery by Q3 2017. Countrywide’s Fell and Hamptons’s Beveridge predict that a new city centre master plan launched by the Manchester city council in 2015 should see 17,000 new homes delivered by 2025. Yet how and where these homes will be built over the next five years will be significantly
AVERAGE PURCHASE PRICES AND MONTHLY RENTALS One-bedroom house: purchase £94,965, rental £674 Two-bedroom house: purchase £116,171 rental £797 Three-bedroom house: purchase £16,0397, rental £857 Four-bedroom house: purchase £292,555, rental £1,104 Source: Countrywide Group
different to the previous five. The city council has published an inaugural strategy for the fringe neighbourhoods that effectively expands central Manchester’s boundaries. Builders have sought larger sites on the edge of the city centre, with 15,000 of the proposed new homes being part of schemes comprising more than 50 units. Should it all go as planned, the Spring report’s authors predict that it will serve to change the look and feel of some of Manchester’s city centre fringe locations.
BUYING OFF PLAN Friday March 18 2016
CONTINUED FROM PAGE 1
OFF PLAN A TO Z
The buying process begins with a sale agreement and deposit — usually 10%. Blok requires that a cash deposit to be paid to the conveyancing attorneys within seven days of countersignature, and it’s invested in an interestbearing trust account until transfer, when the interest is repaid to the purchaser (less administrative fees). Summercon requires a flat deposit sum of R20,000. Raising a bond is handled similarly to any other property purchase with pre-qualifying checks and documentation. A second “deposit” may also be requested: the difference between the 10% deposit paid, plus the bond amount raised, and the purchase price. Some established developers have, over time, forged unique relationships with bond originators or banks. If you buy into a Summercon development and raise a bond through one of their dedicated consultants at one of four banks, Summercon covers the transfer fees (you may have to cover those costs for other banks used). When buying directly from a developer — off plan or not — one of the comehither drawcards is the “no transfer duty”. Note, you’re not saving transfer fees but transfer duty (government tax) because developers are invariably VAT vendors. If the developer is VAT-registered, or if your property purchase is more than R600,000 (transfer duty not applicable below that), you’ll save a maximum of about 7% transfer duty. But you will pay 14% VAT, included in the price of the property you’re buying (this often goes unnoticed). Some developers build a new clubhouse (and sales office) offering a good sense of the architectural language. Others install basic infrastructure. The cost per square metre of an off-plan sectional title unit is generally higher than that of a second-hand property ... do compare apples to apples. It’s difficult for buyers to visualise an off-plan unit, and as one agent said wryly,“the unit is never as big as they imagined”. Few developers build a show house — many have sophisticated 3D impressions and scale models. A Blok App (free on iStore) allows potential buyers a virtual walk-through of their future apartment.
Off-plan purchases: risk or reward? F
“Most importantly, ensure the developer has all the required zoning rights on the property in place, essential before the development plan can be submitted to the council for approval” Chris Renecle, MD, Renprop
or many, the promise of a new off-plan sectional title unit is the ultimate dream come true. For others, it’s a smart buyto-let investment. But listen carefully to those who’ve had their fingers burnt — or speak to reputable developers — and the recurring theme with off plan is always “do your homework well”. In the main, this refers to the developer’s track record: length of time in the industry; how many units built; reputation; build standard, and resilience — financial and otherwise — to bounce back should external factors impact. Chris Renecle, MD of Renprop, advises buyers to make very sure they know the precise terms and conditions attached to the sale. “Most importantly, ensure the developer has all the required zoning rights on the property in place, essential before the development plan can be
submitted to the council for approval,” he says. Summercon Property Development has a track record of more than 100 off-plan developments, or 10,000 units, over a 30year period. Explained development, marketing and sales manager Marc Frew of their business model: “We finance, market and construct in-house. When we launch a development, we fix the occupation date and no matter how many units are sold, that date is guaranteed.” No guesswork. PRESALES TO TURNKEY There are other developers who operate similarly, while many use variations of the presales model. Most developers raise funds for the development, and the fund’s release is premised on a specified percentage of presales — usually 50 to 70%. It’s difficult for those developers to specify your
BUYING OFF PLAN Friday March 18 2016
than they do their washing machine manuals.
“The concept of leaving it to the professionals is a driver in the offplan market. Purchasers understand what they’re getting in terms of quality fittings or fixtures and, for many, this certainty suits”
occupation date unless confirmed sales are brisk. That doesn’t mean there’s anything untoward about the development, but it’s less watertight than those who provide a guaranteed time frame. Jacques van Embden, MD of Blok Urban Property Developers, explains that their sales agreement stipulates that construction commences within a certain time frame from the development’s launch. “We don’t use our owners’ capital to fund the project, so construction isn’t dependent on these funds,” he says. Riaan Roos, MD of MSP Developments, has a different modus operandi. “For our turnkey developments, construction begins on site before the actual marketing of
a development,” he says. On the signing of the sale agreement, MSP provides an estimated completion date, and throughout the construction, the project team communicates with the buyer on any completion date changes.
track record also stands the test of time. In parts of Johannesburg’s northern suburbs “living in a Summercon” is a euphemism for “living in an apartment”. The concept of leaving it to the professionals is a driver in the off-plan market. Purchasers understand what they’re getting in terms of quality fittings or fixtures and, for many, this certainty suits. Depending on price, developers offer limited or wider choices of finishes. Some are more flexible. Says Van Embden: “Our buyers can customise certain elements of their apartment, as well as make changes to turn them into their home.” Each developer is different, and it’s imperative that buyers treat the small print with considerably more respect
BUYING POSITIVES Myles Wakefield, CEO of Wakefields Real Estate, believes there are many more positive issues at play than merely saving transfer duty when buying from developers. Says Wakefield: “Developers are drawing buyers because of the secure lifestyle, the sense of community and — via the levy — the shared responsibilities and cost of amenities.” A purchase from a developer with a reputable
INVESTING OFF PLAN Many buy-to-rent investors choose to buy off plan. In MSP Development’s Buh-Rein Estate, about 40% of sales are to investors looking to leverage the sustained demand for housing within the estate. Likewise at Summercon. “Good tenants are always looking for good Northern Suburbs rentals, so demand is high,” says Frew. Then there’s the cashflow advantage. “By buying a Summercon unit — if they secure a 100% bond — the total outlay for the investment is R20,000. Weigh that up against buying a second-hand property: deposit, transfer costs and maybe upfront renovations to get it tenantready.” Van Embden sees the advantage in better financial planning “where only a deposit is invested for 12 to 24 months from purchase to transfer, and that yields interest during the period before transfer”. There are numerous factors affecting a development, from escalation of building costs and interest rates to politics gone rogue. It’s essential that a buyer does rigorous research, enlists help if necessary with the documentation, and ensures that any finances proffered are, well, as safe as houses.
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INVESTOR BENEFITS OF BUYING OFF PLAN Free capital growth — investors who buy close to launch get up to 12 months’ free capital growth while the development is under construction. Investors typically only qualify for 90% bonds, which means putting down 10% in cash. Buying a new property means they minimise further cash requirements since all costs incidental to financing and transferring the property are included in the purchase price. Investors can optimise their tax liabilities through residential investment, subject to various provisions in the Income Tax Act. A primary requirement is that the property should be new and previously unused. Buying from a developer helps ensure that properties conform to those requirements. Source: MSP Developments
FOCUS ON RENPROP
Friday March 18 2016
Buying off plan is a smart investment choice Whether you are buying an off-plan apartment to live in, or an investment opportunity, there are many benefits to taking this route
THE MEDIAN
WORDS AND IMAGES: SUPPLIED
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uying property off plan through a reputable developer is a smart investment choice in the current property climate, says Chris Renecle, MD of Renprop. “And location is one of the single most important factors that contribute to a property’s success as an investment.” Renprop’s recent developments in Rosebank and Illovo have seen investors achieve strong returns over a relatively short period of time, which is a good indication of the level of demand for sectional title apartments in these areas.
THE BEACON
The Vantage in Rosebank, which is nearing completion, launched at R29,000/m2 in 2014. Subsequent sales of units that came back onto the market were pitched at R35,000/m2. These units have now escalated to about R38,000/m2. Says Renecle: “More than 20% appreciation on average during the construction phase of the project is a good indication of just how strong the capital growth possibilities are.” Renecle says good capital growth in Rosebank is driving the continued demand for and investment in apartments
in the area. “The demand for residential space has also been fuelled by the ongoing commercial development in the area, with upgrades of various buildings, all of which add to its investment appeal.” THE TYRWHITT The second apartment development launched in Rosebank by Renprop and its development partner Grapnel Property Group is The Tyrwhitt. To be situated on the corner of Bath and Tyrwhitt Avenues, the 200-apartment block will be 12 stories and offer investors well-priced
THE BEACON
apartments in one- and twobedroom options priced from R1.6m. Construction will begin soon, and should be completed within two years. There are only a few apartments left for purchase off plan. THE MEDIAN Renprop’s latest Rosebank offering is The Median, which will be ready for market in 2018. The Median is suited to those looking for an executive apartment close to the Gautrain, the Rosebank and Sandton business hubs and amenities such as shops, entertainment facilities and
fitness and medical centres. The exclusive 120-unit apartment block will be developed on the corner of Tyrwhitt and Cradock Avenues, opposite the newly upgraded section of The Zone @ Rosebank shopping complex. The Median will offer 14 floors of one-, two- and threebedroom apartments as well as penthouses. Ranging in size from 50m2 apartments to 160m2 penthouses, units at The Median will have a Mondrian interior design style. Residents will have access to basement parking. At street level, The Median
FOCUS ON RENPROP Friday March 18 2016
“More than 20% appreciation on average during the construction phase of the project is a good indication of just how strong the capital growth possibilities are” Chris Renecle, MD of Renprop
THE MEDIAN
will include a coffee shop that will open onto the pedestrian walkway on Cradock Avenue. The Median apartments will be priced from about R1.75m, with penthouses priced from R7.5m.
about R2.2m. “It’s not just the elevation that gives The Beacon great positioning; it’s the fact that it is well situated close to the business and entertainment hub of Sandton,” says Russel Peach, divisional manager of Renprop Residential Projects. He says that apartments at The Beacon are ideally suited to executives working in the Sandton/Illovo area, as well as investors who are looking to benefit from capital growth and rental income. “Aside from those who want to live close to their place of work, there is also a strong rental demand in the Illovo area due to its excellent positioning between Sandton and Rosebank,” says Renecle, who points out that the Illovo area is also developing into an up-and-coming office node, which creates further
THE BEACON IN ILLOVO Renprop has identified a strong demand for upmarket sectional title apartments in Illovo in northern Johannesburg. To cater to this gap in the market, Renprop launched The Beacon, a landmark 20-storey apartment building that will reshape the Illovo skyline. The Beacon will include a combination of one- and two-bedroom apartments as well as exclusive penthouses, designed in an art deco style. Communal facilities will comprise a clubhouse, a boardroom facility, gym, swimming pool and concierge service. Residents will have access to secure basement parking. The Beacon’s competitive pricing and the excellent positioning have made it an exceptionally attractive investment option. There are a limited number of units available for purchase off plan. The Beacon will be situated on Rivonia Road on the highest geographical point in the area. “The height of the land, and that it will be the highest apartment building in the area, means that apartments will offer residents some of the most incredible views for some of the best square metre costs within the greater Sandton precinct,” says Renecle. One-bedroom units at The Beacon are selling from about R1.5m while the two-bedroom apartments are priced from
THE TYRWHITT
demand for apartment living in the area. Says Renecle: “Buying sectional title property off plan is a smart investment option as sectional title properties are generally more affordable to purchase and maintain than their freehold counterparts. “When it comes to investing into an off-plan sectional title unit, the purchaser signs an offer to purchase based on the property’s current market value, pays a relatively small deposit and then benefits from the capital growth on the property while the development is constructed and completed. “This means that the new owner enjoys capital appreciation on the property before the first bond repayment is due.”
THE TYRWHITT
FOCUS ON OLGAS PROPERTIES
Friday March 18 2016
Chesham Close This new estate might be just the home for you WORDS AND IMAGES: SUPPLIED
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hesham Close is an exclusive, secure estate comprising six Georgian-style cluster homes. This new estate is located on a quiet boomed-off street with 24-hour access control and off-site CCTV monitoring by a private security company. The complex is within a kilometre of the Bryanston Country Club and within a five-minute drive of St Stithians College and Preparatory School. Access to the N1 highway is sufficiently close for convenience yet sufficiently far to avoid traffic noise and pollution. The area is a highly sought-after corner of old Bryanston, where the original 1,3ha plots have largely been subdivided to accommodate elegant residences of high quality. Stand sizes are about 1,000m2 and are individually secured with high walls, electric fencing and CCTV. Access to the estate is through an imposing gatehouse with electric gates linked by CCTV and remote controls to the individual houses, and each property is accessed by a landscaped community roadway with
separate gates controlled from the house. The homes are ecofriendly and energy-efficient. A water-fed underfloor heating system and highperformance, low-energy transmission glass in wooden door and window frames will ensure the homes are warm in winter. Energy-efficient LED lighting, solar water heating with heat pump backup, gas cooking and optional inverter backup power assists when there is load shedding. The 600m2 show house has been designed by awardwinning architect Gavin Warburton and features modern, spacious and elegant double-storey living. Enter through the impressive entrance portico into the double-volume hall framed by a Georgian-style cantilever staircase and enjoy the view through a large picture window over the garden and infinity pool. On the left there is a private office and guest bathroom. Ahead are the living areas which flow from the open-plan, customdesigned kitchen with
FOCUS ON OLGAS PROPERTIES Friday March 18 2016
GET IN TOUCH
Chesham Close 43 Chesham Road, Bryanston Contact Zita on 083 985 8053; cheshamclose.com The show house is open on Sunday March 20 between 2pm and 5pm, or by appointment only.
breakfast counter, separate scullery, laundry and pantry, to the generous-sized dining room and sunken formal lounge. Wander through an alcove to an entertainer’s dream consisting of a granite-clad bar, covered patio with built-in braai, and dining and lounge areas opening onto the landscaped garden. Ascend the staircase with stunning luminaire crystal chandelier through the full-height security glass wall into the study area and pyjama lounge to discover the completely private main bedroom suite with walkin wardrobe. Three more north-facing, en-suite double bedrooms with private balconies overlook the gardens below. A private roof terrace completes the private living area. En-suite staff quarters, a double automated garage with direct access to the home, a storeroom and ample driveway guest parking completes this exquisite residence. The remaining five houses are planned to be similar to the show house, but
detail changes can be made in the pre-construction phase by purchasers by private arrangement with the architects and projectbuilding contractors, Millennium Construction. Alternatively a complete redesign (within the parameters of the overall conceptual design) will be permitted by arrangement with the architect and contractor. Homes start from R8.495m, including VAT, no transfer duty. The property is owned and developed by Olgas Properties, a company formed specifically for this particular development, which is a subsidiary of Chesham Properties, an international property-owning company with interests in the UK. Construction will be executed by Millennium Construction, a South African construction company established in 1996, owned and managed by locally and internationally trained engineers, building science graduates and quantity surveyors with more than 80 years of collective experience in the construction industry.
PROPERTY NEWS Friday March 18 2016
New Sandton home for Joburg S Tourism
Shopping centres should adjust their hours to shoppers’ needs
Johannesburg’s tourism unit has moved to Sandton, SA’s economic hub, and now has a growing hold on the tourism market WORDS: GEORGINA GUEDES :: PHOTOS: NOVOS GROUP
J
oburg Tourism moved into its new home in the Sandton Library in December 2015, establishing a presence in SA’s economic heart. The move is designed to leverage on the fact that Sandton has become a tourism centre for the city thanks to the Gautrain, and its large number of hotels, restaurants, malls and cultural sites. “The library overlooks Sandton Square, and our most recent figures show that 12% of visitors to Sandton City are tourists,” says Laura Vercueil, spokesperson for Joburg Tourism. “With all the facilities in the area and the direct Gautrain line to the airport, it really is the perfect fit.” The Sandton Central Management District (SCMD) welcomes the move. Says Elaine Jack, city improvement district manager of the SCMD: “As the financial centre of Johannesburg, SA and the continent, Sandton Central is home to the JSE and most of SA’s major corporate head offices. “Sandton City — linked directly to Nelson Mandela Square — is the busiest shopping centre in SA, while Sandton Convention Centre is one of the busiest conference facilities.” Jack adds that MICE (meetings, incentives, conferences and events) tourism is a key part of the tourism activity in Sandton Central, and makes a
“The library overlooks Sandton Square, and our most recent figures show that 12% of visitors to Sandton City are tourists” Laura Vercueil, Joburg Tourism spokesperson significant contribution to Johannesburg’s tourism volumes. Joburg Tourism previously had offices in Rosebank. When their lease came up for renewal, they looked for appropriate city-owned office space instead. “We scouted around and found vacant space on the fourth floor of the iconic Sandton Library, which had been used as offices for the 2010 World Cup,” says Vercueil. “The space comfortably houses our executive team and support staff of 23 people.” ATTRACTING VISITORS Additional space was made available to run a visitor centre — still under construction — out of the library on the ground floor. “We will be moving two tourist information officers in there permanently, to provide advice and information to
tourists who can walk in right from the square. Our offices in Rosebank were a little off the beaten track, so this visitor centre will serve a far more useful purpose from an information dissemination point of view,” says Vercueil. Joburg Tourism is a destination marketing organisation promoting Johannesburg as a business, lifestyle, sport and leisure destination locally and internationally. Its operations include running a convention bureau and a visitor services bureau, as well as coordinating citywide tourism marketing programmes, tourism information gathering and analysis. Joburg Tourism also has visitor information centres at Park Station and at Walter Sisulu Square, Kliptown, in Soweto. Joburg Tourism will tailormake recommendations for visitors. “We’ll give very different advice to someone who wants to see art galleries than to someone who wants to go bungee jumping off the Orlando Towers,” says Vercueil. Any Joburg tips for newcomers? “It’s always good for visitors on a first visit with limited time to use the red hop-on, hop-off bus tour, which starts at Park Station, takes people downtown to see gold mining areas, through Soweto and the Origins Centre at Wits, through to Sandton,” she says.
uccessful retailer centres should stay open later in order to boost retail sales because modern South African lifestyles have changed. Marius Muller, CEO of shopping centre investor Pareto, believes the opening hours of many malls still lag behind the needs of the consumers that support them. “It’s time for this to change. It is important for malls and retailers to see the big picture when it comes to being open for shoppers. The times that many people can visit the shops have changed,” he says. “It simply isn’t a commercially minded model. Stores need to be open when shoppers can visit them.” Muller points out that many regional shopping centres, including some of the largest and most popular, still have standard minimum shopping hours until 6pm, which doesn’t make the cut for many consumers. He uses the example of a parent who works until 5pm, then navigates through peak-hour traffic to collect their children from afterschool care. Many consumers also work unconventional hours, from top executives
and professionals to nursery school teachers and taxi drivers. “The point is that to make the sale, you need to be open for shoppers when they are able to shop,” he says. Muller believes that closing before 7pm isn’t in the best interest of most regional malls, retailers or shoppers. He emphasises a smart approach to opening hours. “Being open later for shoppers doesn’t necessarily mean opening longer. It could mean opening the store a little later in the morning.” Pareto is SA’s premier shopping centre investor and one of the country’s leading retail property industry players. Besides being the full owner of Menlyn Park Shopping Centre east of Pretoria, plus Cresta
Shopping Centre, Southgate Mall and Value Market, and Westgate Regional Shopping Centre, all in Gauteng, Pareto wholly owns The Pavilion in Durban and Mimosa Mall in Bloemfontein. In Cape Town, Pareto co-owns Tyger Valley Shopping Centre. Pareto also holds 25% of Sandton City and its surrounding assets in Sandton Central. Modern trading hours won’t necessarily be the same for all retailers and shopping centres. Says Muller: “It comes down to knowing your customer, understanding how they live, work and play, and what times are most convenient for them to shop with you. It also means that retailers and malls need to work together to find their optimal opening times.”
East Africa property pockets show promise for continent’s growth
D
espite slowing growth on the back of global financial conditions, there are still economic opportunities for long-term sustainable investment in property and the broader built environment of sub-Saharan Africa for investors with a savvy understanding of local economies. Speakers at the Royal Institution of Chartered Surveyors (RICS) 2016 Africa Summit say African economies have been affected by the current global deterioration in emerging markets. But there are pockets of glory, particularly in East Africa, if investors do their homework before venturing in. At the recent RICS 2016 Africa Summit in Sandton Central, speakers zoned in on sub-Saharan Africa’s shift
in economic growth and the impact of sustainable investment, market credibility and the winning of business. Stanlib economist Kganya Kgare said the IMF predicts that sub-Saharan Africa will grow about 3.7% in 2016. While it is lower than the growth between 2004 and 2013, it is still positive, driven by good expected growth in East African countries such as Kenya, Ethiopia and Tanzania. Says Kgare: “These countries are benefiting from not being commodity-reliant. Kenya, Tanzania and Ethiopia have done a lot right on the infrastructure investment side in terms of deliberate planning and execution of planning. “The African growth story is still there, but the best opportunities are in East
Africa,” he says. There are opportunities in the real estate market around private finance initiatives and public-private partnerships. Anthony Lewis, a director at Jones Lang LaSalle, says the availability of local currency leases in East Africa, plenty of real estate being in private hands and an established platform for investors all help, but notes that uncertainty around US dollar leases is a primary concern for markets in West Africa. Says Lewis: “It is noteworthy that even in centres such as Lagos, with a slightly uncertain office market, there are great assets up for grabs.” RICS CEO Sean Tompkins says it’s important to create an environment where government, regulators and professional bodies hold one another to account because Africa has a competitive advantage in its young population, which is “its greatest asset”. Rand Merchant Bank Africa analyst Neville Mandimika says while the reality is that pain will be felt, the fundamentals are there in the long term. “Africa is not a short-term play — you need to get in there boots and all.”
H
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Epitomising the height of fine living, The Refinery features studio, 1, 2 and 3 bedroom apartments and 4 bedroom penthouses. Approximately 180 spacious, luxurious and modern apartments open onto an expansive sea-facing balcony, welcoming the salty breeze which flows gently from the Indian Ocean.
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CRADLED BY THE MOUNTAIN AND SUPERBLY APPOINTED IN HIGHLANDS ESTATE IN THE CITY BOWL Bedrooms 6 Bathrooms 5 Garages 4 Spectacularly positioned at the foot of the mountain, with views of the mountain, harbour and city that will keep you spellbound, this is a home with five suites which would suit a large family who have frequent guests. It is right across the road to the back gate of Herzlia Primary School.
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Baronetcy Estate, Plattekloof / R11.4 million
Ref# 1PV1109283
Bedrooms 4 / Bathrooms 4 / Garages 2 As from the palette of a master, the rich hues of the setting sun create a dramatic effect within this magnificent home. Its casual elegance allows for a lifestyle of easy living and entertaining. Set next to Baronetcy Estates lush greenbelt, this home resides beautifully within the surrounding nature. Pierre Nel 076 967 3766 / Tonja Ellman 082 978 3576 /PamGoldingProperties
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Ref# DBV1258561
Bedrooms 25 / Bathrooms 21 Investment property with multiple opportunities – residential or commercial. Two properties, adjacent to each other in a prime location. Sanet Schoonees 082 883 2882
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Ref# WM1019723
Bedrooms 4 / Bathrooms 3.5 / Garages 2 A gracious, double storey home built on the water’s edge of Kanonberg dam. Gené 082 975 2869 / Paige 082 901 7045 /PamGoldingProperties
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ADDRESS DETAILS Apartment 7015 (Entrance on Lloys Ellis Avenue, off Osborne Ave, at Houghton on the 7th). Office – 011 034 2201 || Alan Becker – 082 718 8100 Email – alan@thehoughton.com
WESTERN CAPE LIFE’S A BEACH COTTAGE Misty Cliffs is Cape Town’s best kept secret with striking views and its own quiet and pristine stretch of beach. Entirely surrounded by Nature Reserve. This exclusive coastal enclave has only 69 properties that mostly change hands by word of mouth.Don’t miss this ideal four bedroom, two bathroom cottage in prime position on Misty Cliffs beach. Features include open plan kitchen with breakfast bar and separate laundry, lovely open plan living area with fireplace to keep cosy in the winter time. Enchanting and charming and set in the middle of paradise. Perfect as a weekend getaway or self-catering opportunity. Lovely entertainment deck with terraced fynbos garden flowing down to the water’s edge.
MISTY CLIFFS R7.5 million
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This architect designed home is ideally located in the Artistic heart and of creative this décor small and exclusive use of space, estatehas where prosecurity duced anis appealing viewed asand topcomfortable priority. Open lifestyle plan–living with and warmkitchen welcoming areas reception flow out onto roomsspacious and sunny covered converanda servatory, and all spilling pool.out 4 to bedrooms, an inviting3pool, bathrooms, covered study patio and nook, leveldouble garden.lock-up The heart garage of this and home domestic is the accommodation. charming country-style Rated kitchen, as one open of Ballito's plan to besta addresses. delightful dining area/family room. The main house offers 3 bedrooms, (main en-suite), all with French BEDROOMS: 4 BATHROOMS: doors to the pool and garden plus a3cosy study overlooking a soothing water feature. A separate self-conLeonie Landman 229for 3842 | 032 946 3046or tained suite offers 083 options a teen-pad, guests, work-from-home. Web Ref: 94060 Plus staff suite, double garage, and off street parking. BEDROOMS: 3 BATHROOMS: 3
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