BusinessDay
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FRIDAY, APRIL 22 2016
HOMEFRONT PAGE 2
PAGE 6
INDUSTRIAL CAPE TOWN’S FOOD FIND
BREXIT: HOW WILL IT AFFECT UK PROPERTY?
PAGE 6
WHY SA SHOULD BACK SOLAR
PAGE 7
HOME LOAN HOW-TO FOR FREELANCERS
Can strong Reits weather economic turbulence? Although listed property funds have been outstanding over the past five years, the current climate could affect performance. Analysts shed light on the industry’s hedging strategies WORDS: GEORGINA GUEDES :: PHOTOS: ISTOCK
CONTINUED ON PAGE 4
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LIFESTYLE
Friday April 22 2016
“We knew if it was affordable, offered quality food and had enough safe parking (customers park inside a security boom) people would come”
Smoking hot
What made a mining exploration company repurpose a nondescript space in industrial Ndabeni into a smokehouse barbecue restaurant and microbrewery? To fill a gap for nearby residents to enjoy drinks and dinner WORDS: KIM MAXWELL PHOTOS: SUPPLIED
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n unused garage in an unsexy, industrial part of Cape Town might sound like an unlikely location for a modern take on a Texan-style smokehouse and a microbrewery, but director/ chef PJ Vadas never doubted that it would work. Vadas left a background in fine dining — he was head chef at The Roundhouse, and later opened Camphors restaurant at Vergelegen, both in Eat Out’s Top 10. He spent two weeks researching barbecued and smoked meats in Texas, and brought back to Cape Town a comfortable eating concept that hinges on craft beer and expert hot smoking of meat. Hoghouse Brewing Company in Ndabeni is the result. It’s a place to pop in after work to meet friends. The dinner-only customers are diverse, a mix of boys out with mates, hip couples, middle-aged women and families. Hoghouse’s proximity to the restaurant-starved suburb of Pinelands works in its favour. Says Vadas: “A few Stormers and Springbok rugby players
also recently discovered us. They tend to order smoked brisket by the kilo.” The menu is designed so diners order a few tasty dishes to share. It’s casual and meant for fingers, and you can finish sweetly with a pastry or a sorbet cone. Most people start with “Snacks” and move on to “Barbeque” and “Sides”. Don’t miss the potato and beef brisket croquettes — they will transport you to the Netherlands. BBQ chicken wings are tangy and ultratender. From the barbeque menu (sold in 100g cooked weights) whether it’s smoky-yet-crisped pork belly, velvety pulled pork or pink-and-smoky spare ribs, flavours are in tune. Despite the focus on meat, vegetarians eat really well — a wood-fired cauliflower, goat’s cheese, sultana and shitake side is a bestseller for good reason. A pineapple and Kimchi salad hits a fresh, spicy note, eaten with tender beef brisket ends doused in sticky barbeque sauce. Handcut chunky chips are moreish, dipped in truffle aioli.
Executive Chef PJ Vadas on why Hoghouse is cooking Why a Texan smokehouse? South Africans love meat and beer, so it’s a simple thing. We cook everything on fire (even our veggies) so it takes you back to braaiing. Hoghouse obviously offers pulled pork and pork ribs too, but beef brisket is what few other restaurants do well.
The secret? It’s all about the smoker. There’s no gas, just rooikrans wood and hot smoking. It’s low and slow. There’s only salt and pepper on the meat. Our pulled pork smokes for 18 hours, while free-range beef brisket is tender after 14 hours. What about beer?
It sounds easy. Is it? I came back from Texas and designed our mobile smoker, which we park out front. It took us a few months, trying different woods (we’re using rooikrans) to settle in. How it works is we put the meat in and wait. The technique is difficult because the meat has to be hung properly and can be sinewy, so there’s nowhere to hide. Ours is grassfed free-range meat from Spier. Does an industrial space work? Yes, it’s a working brewery and we can smoke meat for
18 hours at a time, without upsetting the neighbours. The cheaper rent allows us to have more space and more affordable food. People can eat well for R200 a head. The idea was always to have a restaurant for locals. We knew if it was affordable, offered quality food and had enough safe parking (customers park inside a security boom) people would come.
Five ales are all brewed on site. We can brew a 1000l batch at a time. Joachim Blackadder is a sommelier who manages the brewery and does our wine list — some wines are blended for us. What’s popular? Our homemade hot sauce,
beef brisket, and pig’s tails dipped in honey mustard. We’re offering a Scotch egg coated in black pudding. Every Friday we also smoke a pig’s head and then roast it to crispy — people are loving it. What’s on the side? We have a lot of vegetarian regulars, which sounds like a contradiction, but the cauliflower with goat’s cheese, caper and sultana butter is probably our most popular dish. Pineapple Kimchi is a hit too. We do a braai broodjie of Spier’s potato bread, Huguenot cheese, onion and tomato, cooked on the grill. Describe a Hoghouse regular. They range from 25-year-old students after a beer and brisket bun, to pensioners from Pinelands coming for a hearty supper. Pinelands didn’t really have a bar and meeting place. Now it does. hhbc.co.za/bbq/
LIFESTYLE Friday April 22 2016
PROPERTY 101 It was a vacant storage garage in Ndabeni owned by the MS Group, a mineral exploration company. They wanted a brewery. Chef Vadas wanted a fun, relaxed restaurant where he could use fire to cook and still have the freedom to be creative in the kitchen. Hoghouse Brewing Company opened in August 2015. Vadas also oversees Hoghouse Bakery and Café at Spier in Stellenbosch. The Spier bakery supplies the Brewing Company with artisanal breads and pastries. In turn, they smoke all meat used at Spier. Both businesses are owned by MS Group, which also owns the Ndabeni building. Spier is a daytime destination; the Brewing Company is only open
evenings. The two-level space has extra seating upstairs. Barflies and diners at tables in the bottom section enjoy Hoghouse beers on tap with a view of the grill kitchen’s activity. Brewing tanks are visible in the next room. Simple décor in white and blonde tones follows a sustainable theme: office cladding is repurposed as wall panels and shelves, collected rain water flushes toilets and fridge energy helps to heat water for beer brewing. Wood for oak tables was secured from a timber company moving from the Ndabeni premises. A charming chalkboard rescued from an Eastern Cape school lists menu specials.
“It’s a working brewery and we can smoke meat for 18 hours at a time, without upsetting the neighbours. The cheaper rent allows us to have more space and more affordable food” FINE DINING
“It’s fine dining but with heart. And the seamless service follows suit — your jacket gets taken at the door and hung on a coat rack, and the staff are meticulous without ever hovering”
On another level A Rosebank in-house restaurant feels like home, only it’s smarter WORDS: JULIA FREEMANTLE :: PHOTOS: SUPPLIED
PUBLISHED BY THE CREATIVE GROUP IN ASSOCIATION WITH TMG
The Creative Group CEO: Shaun Minnie shaun.minnie@thecreativegroup.info
Unit G4, Old Castle Brewery, 6 Beach Road, Woodstock, 7925 021 447 7130
EDITORIAL TEAM Editor: Catherine Davis Creative Director: Mark Peddle
J
oburg is sometimes bemoaned for its lack of fine-dining options, surprising for a city of its style and stature. But this might well be because people are looking in all the wrong places. Level Four restaurant at 54 On Bath in Rosebank, one of A
tsogosun.com/54-on-bath/ restaurants-bars
Tsogo Sun group’s premium boutique destinations, is a surprising discovery tucked away discreetly in this elegant corner hotel. The cosy dining room (on the fourth floor) is a homey space with rich claretcoloured wallpaper and gingham-upholstered tub
chairs — it’s like home, only smarter. In keeping with the feeling of the restaurant, and the tone of the hotel overall — it’s elegant but warm and welcoming — executive chef Phil de Villiers serves classically inspired dishes such as beef fillet, pork
belly and creamy gnocchi. Substantial though these dishes may be, this is no rustic pub fare. SOPHISTICATED SPIN These traditional favourites are given a sophisticated spin via their presentation — the gnocchi was especially lovely in a beautiful miniature copper saucepan with a mix of wild mushrooms. If you’re looking for something more lavish, the menu also has a variety of indulgent options including a lobster bisque with crème fraîche and Saldanha mussels. Or an Asian-influenced seared duck breast with ginger-andplum sauce and miso carrots. It’s fine dining but with heart. And the seamless service follows suit — your jacket gets taken at the door and hung on a coat rack, and the staff are meticulous without ever hovering. An especially nice touch is the credit next to each menu item — the restaurant believes in acknowledging the creators of your dishes. So you’ll find a chef’s name next to each, which makes the experience that much more personal. Try to time your visit so that you can fit in a leisurely drink next door at the Veuve Clicquot Champagne Bar — a plush and intimate lounge that looks onto the terrace garden. It’s stylish and a perfect spot for pre-dinner drinks.
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ADVERTISING SALES Michèle Jones Susan Erwee Yvonne Botha
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084 246 8105 083 556 9848 082 563 6685
INVESTMENT
Chetty adds that Reits will be tidying up their portfolios and selling underperforming assets.
CONTINUED FROM PAGE 1
Can strong Reits weather economic turbulence?
O
“The last five years’ returns have been phenomenal. We forecast lower returns over the next five years — higher single-digit total returns driven mainly by income or yield rather than capital growth” Keillen Ndlovu, Stanlib head of listed property funds
Friday April 22 2016
n March 17, the South African Real Estate Investment Trust Association held a conference at the Maslow in Sandton. The purpose was to address issues faced by SA’s listed property sector and provide perspectives on the Real Estate Investment Trusts (Reits) sector in SA and overseas. Laurence Rapp, chairman of the association, spoke about the successes enjoyed in recent years. “Our sector continues its solid track record of performance for investors. In 2015, listed property again outperformed all other asset classes in SA. We achieved this despite a difficult operating environment that intensified late in the year.” This was confirmed by analysts’ views. “If you look at listed property or Reits over the past one, three and five years, Reits are still the best performing asset class,” says Nesi Chetty, head of listed property at MMI Holdings. The JSE all-share index has delivered an annualised return of 13.71% a year over the past five years, while the JSE listed property index has delivered 19.52% annualised a year over the same term.
CONTINUED GROWTH Chetty attributes this ongoing growth to three key areas. The first is that property yields haven’t sold up as much as bonds, so as bonds have sold out, foreign investors are reinvesting in listed property. The second point is that listed property pays out most of its earnings as distributions every six months, and these distributions — 12% growth last year — are still showing real growth relative to the 6% interest rate. And finally, the “level of South African property companies with diversified asset portfolios and lots of acquisitions offshore, have done well as the rand weakened last year”, according to Chetty. ADJUST EXPECTATIONS Of course, while historical performance is always easy to track, it is less easy to project how an asset class might perform. Nonetheless, Rapp remains optimistic. He says: “While SA’s economy started 2016 on an uneasy footing, our sector benefits from the solid foundation established with our best-of-breed, internationally recognised
Reit structure. We also continue to move forward with best practice.” While Chetty agrees that there is a great deal of strength in the sector, his outlook for the next year is less optimistic. “The one-year performance will be a bit muted — probably between 5% and 7%,” he says. “The key thing for 2016 will be continued further growth in development and the fact that we can still buy assets offshore quite cheaply — funding them at 3% or 4%, and buying assets at 6% or 7%. Global yield spread investing is still a big theme for 2016.” In the slightly longer term, he is more optimistic. “On the other hand, on the five-year view, I think we’ll see between 9% and 10% compound.” RISKY OUTLOOK? Chetty believes the risks working against the listed property sector are a weakening rand, the increase in inflation and interest rates rising a lot more aggressively. “And there are also political risks — looming ratings downgrades and the Zuma presidency, which impact inflation and currency performance.”
STOCK SELECTION CRUCIAL Keillen Ndlovu, head of listed property funds at Stanlib, is also cautiously optimistic. “The last five years’ returns have been phenomenal. We forecast lower returns over the next five years — higher single-digit total returns driven mainly by income or yield rather than capital growth,” he says. “Given how diversified the sector has become — in terms of local and offshore properties — there is likely to be a big gap between the best-performing and the worst-performing property companies. So stock selection will be more critical.” The projected slowing of Reits growth in SA has been factored in by the Reit Association. “To put it in a nutshell, for the past 10 to 15 years, property has been in a good cycle. We’re in an interest rate-increasing cycle at the moment, so performance could go down, however our increasing offshore exposure — about 35% of our funds are invested in offshore businesses — is going to give us a buffer on the slowing South African economy,” says Fortress Income Fund CEO Mark Stevens, the Reit Association’s marketing committee chairman. He says the general performance of the asset class, as well as feedback from the conference, are indicators that the South African Reits market is in a strong position. “Reits in this country are only two or three years old. In other countries, they go as far back as 30 to 40 years. We have been constantly challenging ourselves and looking at the international market, and we believe we are as good as they are.” OFFSHORE DIVERSIFICATION Ndlovu has similar faith in the local industry. “The listed property sector has been wellrun and owns most of the best properties in SA. Offshore diversification will help to support earnings growth, given that South African companies are exposed to strong economies such as UK, Europe and Australia. “Most companies have timed the diversification into offshore markets well, but going forward, the market will be focusing more on retaining growth rather than just being about local companies chasing offshore acquisitions. Offshore acquisition, though compelling, now comes with currency movements risk.” So while it is virtually impossible for SA’s Reit market to continue to yield the high returns of the past five years, the sector remains stable and well hedged against local fluctuations.
INTERNATIONAL Friday April 22 2015
Brexit: best for Britain or not? June 23 promises to be a watershed moment in the UK when Britons vote to decide on their EU future. If it goes through, what impact could it have on British property ownership? WORDS: LEA JACOBS :: PHOTO: ISTOCK
T
he decision on whether or not to leave the European Union (EU) is a huge one, not only for the British but also for their European counterparts. June 16 is the date set for a referendum on whether Britain should remain part of the EU. Everyone of voting age who takes part will be asked to answer yes or no to this question. According to a report by Ollie McAninch in The London Economic, uncertainty has already hit the property market hard. It’s been estimated that as much as £4bn has been wiped off FTSE 350 real estate investment trusts since the beginning of 2016 — shares of some of Britain’s leading commercial enterprises dropped by up to 14%. Residential markets in upscale areas of London have also been affected with international investors becoming “increasingly reluctant to commit to luxury property as a viable asset class” in the current economic climate. Many
investors are also attempting to offload their British real estate assets, which is bound to affect prices. PREDICTING OUTCOMES Views on how Britain will fare if it pulls out of the EU has produced conflicting results. Some analysts predict a snap recession if the Brits go it alone; others maintain that the knock-on effect will be negligible. Potentially the ramifications could be big. Britain boasts the secondlargest economy in the EU, last year contributing £13bn to the budget. Should British citizens who own property in Europe be concerned that a decision to leave the EU could impact on their rights to own a home in any of the 28 member countries? A February 2016 document from the Secretary of State to the British parliament titled The Process for Withdrawing from the EU says European withdrawal would only be the start of a process. It concludes: “Many UK citizens would want any negotiations
to secure their continued right to work, reside and own property in other EU states, and to access public services such as medical treatment in those states. “UK citizens resident abroad, among them those who have retired to Spain, would not be able to assume that these rights will be guaranteed. At the very least, any terms which the UK seeks for its own citizens would have to be offered to EU citizens wishing to come to or stay in this country.” EU TAX CONCERNS Owning a property is only one aspect to consider. Foreign ownership will not necessarily prevent governments from imposing additional taxes
on that property and/or restricting access to it in the form of onerous travel visas and red tape. Britons may well feel the wrath of European governments if, as non-EU members, they decide to sell or let property. France imposes a steep capital gains tax of 49%, whereas EU residents pay only 19% on gains from selling or letting property. Other aspects that could hinder British buying power are the ability to secure a mortgage for a primary or second home and/or having to pay a higher premium for the privilege of owning a home outside of the UK. French banks have a reputation for applying lower interest rates for members of the EU, while tending to have different standards for foreigner buyers. Kate Palmer writes in The Telegraph that Americans will typically be charged a higher rate while buyers from countries regarded as “high risk” generally won’t qualify for a mortgage at all. French banks are also prone to hiking deposits for non-EU citizens: buyers from an EU country might be charged 20%, whereas other nationals could pay as much as a 50% deposit towards the purchase price. CROSS-BORDER TRAVEL Of course it wouldn’t be in governments’ best interests to alienate existing and future property owners. The United Nations estimates that about 1,3-million British expats are scattered around Europe, with 319,000 living in Spain and 171,000 in France. By the same token, it doesn’t make economic sense to stifle a very lucrative sector of the property market. Developers are always hungry for new business. British passport holders currently enjoy free movement across all EU countries. Although it is unlikely, The Telegraph’s Asa Bennett quotes former attorney general and MP Dominic Grieve as saying that expats could risk becoming illegal immigrants overnight if Britain doesn’t broker some form of free movement deal. Brits who already exercise their right to live in EU states would keep that right after Brexit. But should the deal go through, Britons’ ability to live and work in EU nations would require new UK agreements to be negotiated. Potential homeowners in and outside Britain have a lot to monitor during the next month or two.
“The United Nations estimates that about 1,3-million British expats are scattered around Europe, with 319,000 living in Spain and 171,000 in France”
Analyse it WORDS: PATRICK CAIRNS
Switch on the sun
S
A’s electricity problems and what the country should be doing to solve them have been major topics of discussion for some time. Currently most of the debate is around the government’s plan to build 9,600MW of nuclear power generation capacity and what this might cost. The figure of R1-trillion has been talked about, scaring a lot of people, since it’s difficult to see how the country could afford that. Some industry experts say this figure is overblown and that there are ways of funding the programme that do make sense. Nevertheless, SA has to find ways to produce reliable power at low cost. Constant electricity price increases are hurting consumers and businesses. That is why the country’s Renewable Energy Independent Power Producer Programme has been such a welcome initiative. Whatever else might be happening in the power generation sector, this programme has been extremely successful. To date, 6,363MW of renewable energy capacity has been procured. That is more than the eventual size of the new Medupi Power Station. What makes this even more exciting is that the cost of building and running these renewable energy projects is constantly coming down. Frost & Sullivan estimates the total running costs for Medupi and Kusile, including things such as water usage and CO2 emissions, at about R2 a kilowatt hour. By comparison, solar power in SA can now be produced at less than 70c/kWh. Of course solar power has one major limitation, which is that in the absence of any effective way to store electricity, it needs the sun to shine. Farms are not generating power at night and potentially in the early morning when power needs are greatest. However the benefits are so significant that it doesn’t make sense to focus on this issue. Most critical is that the greater the diversity of sources feeding into the grid, the more secure the country’s power supply becomes. So while the country needs to add more baseload capacity, it can
still benefit immensely from solar projects. What has already been achieved should be applauded. But more critically, the potential for what can still be done shouldn’t be neglected.
“Of course solar power has one major limitation, which is that in the absence of any effective way to store electricity, it needs the sun to shine”
HOME LOANS Friday April 22 2015
Can you own a home if you are self-employed?
A
s a freelancer, contract worker, sole proprietor or small business owner, expect to be scrutinised if you are looking for a home loan. Banks consider your application as high risk. Their reasoning? Permanently employed individuals earn a fixed salary and therefore offer a higher level of certainty. But home loans are not unattainable. Says Careen McKinon, provincial sales manager for bond originator ooba: “There is a misconception that being self-employed means you simply won’t qualify for a home loan. Yes, the process will require more effort, but it’s definitely possible.”
Be warned: it is not easy to buy a property if you are self-employed or a freelance contractor. But don’t be put off by those who tell you it is impossible
KEEP ALL FINANCIAL RECORDS “Self-employed applicants will have to substantiate their claimed sources of income, and will often have to present the bank with two or three years’ financial statements, tax returns and/ or bank statements,” says Tommy Nel, head of credit at FNB Home Loans. Get organised and keep track of all documents that could help your application.
WORDS: ANDREA KETTERINGHAM :: PHOTO: ISTOCK
KEEP BUSINESS AND PRIVATE EXPENSES SEPARATE Many business owners do not have a clear separation of their personal and business affairs, which makes it
difficult for the banks to understand the true cashflow, balance sheets and income statements of the person applying for the loan. It’s worth asking a professional to set out this information properly, providing a summary of what you’re earning and spending. “There might be short-term benefits in trying to blend the cashflows of your business and your personal affairs, but banks have a legal and moral obligation to look at your declared income (audited or submitted to SARS). So if you are hiding income or inflating expenses to avoid tax, this will come back to bite you when applying for a loan,” says Timothy Akinnusi, executive head of home loan sales at Nedbank. TIME IT RIGHT “Self-employed applicants who have successfully steered their business past the risky start-up phase and early years where cashflow tends to be under pressure are usually able to access finance quite easily,” says Nel. However, if you’re still in the early years, or have just given up full-time employment to start your own business, now might not be the right time to apply for a home loan. KNOW WHAT YOU CAN AFFORD “It is important to understand your financial position and
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affordability levels over the medium and long term, given the lengthy term of a home loan,” says Steven Barker, head of home loans at Standard Bank. Having a clear picture of where you stand financially will make the process easier, and ensure that you do not overestimate what you can afford. KEEP YOUR CREDIT IN CHECK A poor credit bureau score will affect your application, warns Barker. Keep a watchful eye on outstanding debts and ensure all payments are serviced promptly. SAVE FOR A DEPOSIT Putting down a sizeable deposit will make your application more attractive, as it means you have a significant equity stake in the property. A sizeable deposit in this case is 30% or more. USE A BOND ORIGINATOR Bond originators such as ooba and BetterLife will shop around to find the best home loan option, and be familiar with the requirements. “Using a bond originator takes the hassle out of the application process,” says McKinon. “Also, if you submit your own application, and it is denied, it can negatively impact your credit record.” Using an expert who understands the process may reduce the risk of that happening.
H
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