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FRIDAY, AUGUST 26 2016
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IN SERVICE OF FLAVOUR AT THE SAXON
COMMERCIAL INVESTMENT: RUSH OR RISK?
FOREIGN INTEREST IN SA FLATTENS
GOOD VALUE TO BE FOUND IN CHICAGO
In community of property Ethekwini is capitalising on a closer marriage between the government and private sector in KwaZulu-Natal that should boost property values and economic growth WORDS: ANDRÉ FIORE :: PHOTO: ISTOCK
DURBAN POINT WATERFRONT
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LIFESTYLE
Five Hundred at The Saxon. “Luke Dale-Roberts at the Saxon has been extremely well received,” said DaleRoberts in a statement. “Joburgers are loving it!” It closed doors for a refurbishment to reopen as a permanent fixture in May. There is change in the air in the fine dining scene in Johannesburg. Since the end of last year there have been three significant additions: Social Kitchen & Bar in Hyde Park; David Higgs’s new restaurant, Marble, in Rosebank; and Luke Dale Roberts X the Saxon (LDRS). In opening permanently at the Saxon, Dale-Roberts had to consider the differences between Cape Town, home of his success in SA, and Joburg in general, as well as the Saxon and the Old Biscuit Mill in particular. The high-end boutique hotel in genteel Sandhurst is a far cry from the edgy and raw industrial rejuvenation of the old mill in the urban suburb of Woodstock, at the heart of which is The Test Kitchen. As LDRS head chef Candice Philip — who was also head chef at its predecessor, Five Hundred, under Higgs — points out: “Joburg is more of a stopover, not a destination. I think that’s where the difference is.” Dale-Roberts’s response, in his collaboration with Philip, is certainly more plush and formal than his Cape Town restaurants. But at the same time, while this Joburg eatery is certainly a finedining experience within a five-star hotel setting, he has introduced a more casual, unbuttoned atmosphere than might be the norm.
Saxon and the City
In opening his new restaurant at the Saxon, chef Luke DaleRoberts joins the drive to reinvent Jozi’s culinary culture, all in the service of flavour
In opening his new restaurant at the Saxon, chef Luke Dale-Roberts joins the drive to reinvent Jozi’s culinary culture, all in the service of flavour WORDS: GRAHAM WOOD :: PHOTOS: SUPPLIED
Friday August 26 2016
A
fter The Test Kitchen’s
run at the Saxon between January and March as a pop-up restaurant, both the boutique hotel and chef Luke DaleRoberts were satisfied that the time was ripe to launch in Johannesburg. British-born Dale-Roberts has been named the best chef in the country on a few occasions, and The Test Kitchen has been steadily climbing the world rankings since it opened in Cape Town in 2010. It was ranked 28th in last year’s San Pellegrino World’s 50 Best Restaurants. It was almost impossible to get a table at The Test Kitchen pop-up, which ran from the former home of
THE DÉCOR The layout and open kitchen of Five Hundred have stayed. But the black leather and monochrome city slickness that Higgs and decorator Stephen Falke brought to it have changed. Sandalene Dale-Roberts, Luke’s wife, has done the interiors of all his restaurants in Cape Town. “We usually do radical,” she says, “but here we needed something plush, texturally soft. We needed to keep the tablecloths.” Sandalene was clear that the role of the décor was to be “a support act, not to show off”. While creating a setting that was warm and cosy, comfortable and welcoming, she wanted the décor to be unobtrusive. The star of the show is really “what’s ahead”, she says. At the same time, she
“We usually do radical, but here we needed something plush, texturally soft. We needed to keep the tablecloths” Sandalene Dale-Roberts, interior designer
LIFESTYLE
“It is about really tasting what you’re eating” Candice Philip, head chef
wanted to “lighten it up”. The wood panelled walls — with brass strips to add a glint of luxury — embody a traditional idea of luxury. Sandalene says she was inspired by the idea of an Orient Express train. But she upholstered the chairs in turquoise and carried the blues through with large Gonsenhausers rugs to give the room a blast of colour. She commissioned Cape Town artist Shaune Rogatschnig to do botanical drawings — all indigenous plants — which she says “brought the whole thing
together” and gave it a “South African feeling”. The less stiff atmosphere is introduced also in the waiters’ uniforms. “They wear bow ties and bright floral shirts to pick up the vibe a bit and to lighten the mood,” says Sandalene.
Dale-Roberts’s Asian influence comes through in the eight-course tasting menu, but it includes a wide range of culinary references. There is hazelnut dukkha and labneh yoghurt with the quail teriyaki, and the main course introduces local fare with springbok loin. While the flavours offer moments of surprise and delight — there is a coffee dressing with the foie gras and one dessert includes a fennel curd — it is by no means a threatening or unsettling menu. Its secret seems to be in the
THE FOOD Despite its slightly “more relaxed style” as Philip puts it, the new Dale-Roberts restaurant is undeniably suitable for the smartest of occasions. At the same time, it is a complete culinary adventure.
distinctness and intensity of the flavours. As Philip says, it is about “really tasting what you’re eating”. The menu is a balanced choreography of heavier and lighter courses with “different textures, different temperatures, different flavours all the way through”, as Philip points out. One of Dale-Roberts’s trademarks is a hollow concrete sphere brought to the table with the upcoming course inside. It is opened to release a magical aromatic puff before it is whisked away and the dish is plated.
Friday August 26 2016
The lamb scottati (seared fast and hot) and ginger is a show-stopper, with its theatrical prelude, which more than delivers on its smoky-gingery promise. The sometimes unusual flavour combinations, or the fact that you might find a familiar flavour transformed in the way it is presented — such as the coffee dressing, served with duck ham, Jerusalem artichoke sponge and pear, for example — is intended not to be deliberately strange or conceptual. It is all in the service of flavour, keeping the experience fresh and invigorating, without ever tipping into pretentiousness. By the time you are finishing off with the fennel curd, lime sponge and coconut sorbet, or the other option (you really should order both and share), beetroot blueberry mousse, vanilla frozen yoghurt and beetroot meringue, you will feel like there are certain familiar things you have tasted for the first time. For days afterwards, it is as if your sensory awareness has a new intensity. It just goes to show: sometimes art can be smart.
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WESTERN CAPE Southern Suburbs 021 673 4200 / Atlantic Seaboard 021 439 1614
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Bedrooms 6 / Bathrooms 8 / Garages 4 / Quintessential, cosmopolitan living on the leading edge of luxury. Comfortably nestled on 5 185 m² in a quiet and exclusive pocket, this executive family home epitomises the perfect marriage of architectural magnificence and offers understated opulence. This sumptuous accommodation offers inter-leading sun-filled reception rooms, undercover entertainment patio, separate tennis pavilion, swimming pool, Jacuzzi, squash court and fully fitted gym. Exclusive Agents: Myrna Duveen 082 443 8417 / Christiaan Steytler 082 658 0071
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Bedrooms 3 / Bathrooms 3 / Garages 1 / A home with heart and soul. Green Point gem situated in a quiet cul-de-sac on the slopes of the Atlantic Seaboard, commanding magnificent ocean vistas from the bougainvillea framed terrace. Super grounds including a private back pool area and sunny front garden with loads of potential to expand. Good security and plenty of secure parking.
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DESIGN Friday August 26 2016
Hidden value WORDS: CHRIS REID :: PHOTOS: SNAPP
P
eople will always seek novelty. It seems like we’re programmed to positively respond to newness. And with much greater access to information, and globalised design points of view, it seems that finding something truly unique is becoming harder than ever. However, there is a design trend at the moment that counters this by hiding features in products that only the user gets to see or appreciate. Joburg-based design studio snapp incorporates this trend into its products
through its design philosophy of eliciting a “smile in the mind”. Jonathan Fundudis, founder of snapp Design, says the company strives to create objects that speak to people on an emotional level. This approach can be seen in products such as the “trunk” jewellery tree, which features a hidden compartment made for treasured objects. Says Fundudis: “The delight factor which we incorporated into this seemingly simplistic product was a secret compartment which also played on the notion of a hidden treasure.”
In a world where the choices are infinite and, theoretically, available to everyone, it’s hard to find anything that’s really unique anymore. These kinds of products help to counter that homogenisation of design by keeping something hidden purely for the owner. There’s a phrase often thrown around in branding and design that a product or service should “surprise and delight” a user. While it’s often a stretch for more pedestrian items to deliver on that statement, products with hidden charms such as these really can. snappdesign.com
“The delight factor which we incorporated into this seemingly simplistic product was a secret compartment which also played on the notion of a hidden treasure” Jonathan Fundudis, founder of snapp Design
Analyse it WORDS: PATRICK CAIRNS
Huge growth potential in tourism
S
outh Africa’s tourism industry is one of the country’s greatest assets. Already it contributes about 3% to gross domestic product, and there is no doubt of its potential to be even more significant than that. Tourism can also have a significant impact on employment. And, as a knock-on effect, to property development. About 4,5% of SA’s entire workforce is employed in the tourism sector. Since 2008 tourism has added more jobs to the economy than construction, trade, agriculture or manufacturing. It is also an industry that offers great possibilities for entrepreneurs, as there are fairly low barriers to entry for small-scale businesses. Opening a bed and breakfast or offering services as a tour operator are highly accessible business opportunities. Brett Hendricks, GM of Thebe Tourism Group, says that this is something that the country really needs to take advantage of. He believes that tourism can be an example to other industries by supporting entrepreneurship through the transfer of skills rather than formal qualifications. Hendricks argues that because tourism is a service industry, what is most important in this business is not the level of your formal education, but the quality of the service you can provide to your customers. And this is a critical observation because it highlights how important training and the transfer of skills are to the development of new businesses. The tourism sector has two great advantages here. The first is that all of the necessary skills are already present within the industry and there are uncomplicated ways of sharing them. Internships and mentorship programmes are obvious ways for the private sector to identify and develop potential entrepreneurs. What makes this additionally appealing is that the scope for growing tourism in SA is so immense that established businesses needn’t be concerned about creating competition for themselves by doing this. In fact, they could be potentially
making their own service more appealing. A simple example could be a wine farm that supports the development of tour operators through programmes that teach business skills, customer service and provide a deeper insight into the wine industry. Those same tour operators will then bring customers back to the wine farm in what is ultimately a win-win for all concerned. This doesn’t take any great insight or resources. The main requirement is will. Already these kinds of initiatives are taking place, and the more they do, the more we will see tourism growing into the economic force for change it has the potential to be. And savvy developers who listen to their needs can take full advantage.
A recent PwC study projected that hotel room revenue in SA will expand at a compound annual growth rate of 7.8% up to 2020.
“Tourism can also have a significant impact on employment. And, as a knock-on effect, to property development”
COVER
In community of property A WORDS: ANDRÉ FIORE :: PHOTOS: GRANT PITCHER & ISTOCK
DURBAN ICONIC TOWER
“The old adage of location, location, location is changing. It’s now location, location and management” Edwin van Niekerk, KwaZulu-Natal regional chairman, Sapoa
DURBAN POINT WATERFRONT
new era of partnership between the government and the private sector has come through strongly at a number of recent property forums. The spinoff results promise an upsurge in urban regeneration, urban management, developments and job creation. Developers countrywide see this as marking a turning point that could significantly affect property values and economic growth.
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KwaZulu-Natal’s Ethekwini is not the only municipality pledging significantly tighter bonds with and greater commitment to the private sector. However, its dynamic portfolio of catalytic projects (developments earmarked to boost prosperity); One Stop Shop (office dedicated to facilitating developers); and commitment to the efficient rollout of the Spatial Planning and Land Use Management Act, 2013 (Spluma) are poised to
elevate the city’s positioning and competitiveness, markedly change the face of the city and region, and stimulate the economy by billions of rand. Implemented in June and carefully selected to have a mega-scale impact on the sub-metro and well beyond, Ethekwini’s catalytic projects focus on job creation and prosperity for the region, investment and revenue generation. They currently comprise about
COVER
in June, the South Africa Property Owners Association (Sapoa) 50th Anniversary Convention was sponsored by the city of Johannesburg and opened with an address by the Johannesburg mayor. The significance of this was not lost on those who attended. “The incredible synergy we are seeing in Durban too, represents both a real opportunity for urban transformation and upliftment, and a watershed moment in relations between the government and the private sector, a golden opportunity for economic growth in the country.” WARWICK JUNCTION
THE CATALYTIC PROJECTS Detailed information about the projects is available from the municipality’s One Stop Shop, but in brief they represent extensive development to and in areas, including: Point Waterfront — 40,000m2 office and retail space, plus 3,000-4,000 additional residential units; Durban Marina — redevelopment into a world-class facility; Warwick Junction — R1.3bn investment into improved physical environment, job stimulation and reduced criminality; Centrum Precinct — Durban’s former railway station to become a mixed-use transport precinct with a new city library, municipal service departments and boulevard;
25 colossal development projects that are all mixed use in nature, aligned with the Sustainable Development Goals, and situated along public transport corridors or national trade routes to stimulate spatial transformation. INVESTMENT Expected to increase values in residential, commercial and industrial nodes, the catalytic projects present business opportunities to
“The incredible synergy we are seeing in Durban too, represents both a real opportunity for urban transformation and upliftment, and a watershed moment in relations between the government and the private sector” Frank Reardon, divisional director for broking KwaZulu-Natal, Broll
Cornubia — multibillionrand mixed-use, mixedincome industrial, commercial and residential development; Dube Trade Port — R13bn private sector investment and 150,000 operational jobs; Inyaninga — multi-modal 1,617-million square metres commercial and logistics hub, about 8,755 residential opportunities; Rivertown — mixed-use redevelopment to service Durban’s International Convention Centre; South Illovo — R6,5bn vehicle supplier park; Clairwood — logistics park and 5,000 jobs; Natal Command — R7.5bn film city; Durban Iconic Tower — an iconic statement, strategically positioned on the beachfront; and Finningley — 3,000ha self-sustainable mixeduse development to the south of the city.
residents in KwaZulu-Natal and beyond. They represent investment of more than R160bn by the public and private sectors. To enhance investor confidence and pave the way for investors, the municipality last month opened a One Stop Shop at the Lion Match Factory. It focuses predominantly on these projects, providing centralised control and management dedicated to helping developers and
DURBAN POINT WATERFRONT
interested others, and improving efficiencies. Ethekwini has also created bylaws and design processes to ensure efficient processing of applications in response to the recent introduction of Spluma. “We aim to facilitate development within the law and assist developers every step of the way, dramatically improve response and turnaround time, and decide on applications within four months,” says Lekha Allopi, project executive in the development planning unit. RED CARPET While developers are promised a red carpet in KwaZulu-Natal and investors a wealth of opportunities, countrywide things are happening too. Says Frank Reardon, divisional director for broking in KwaZulu-Natal at commercial property broker Broll: “In Johannesburg
MANAGEMENT The old adage of location, location, location is changing, according to Edwin van Niekerk, Sapoa KwaZulu-Natal regional chairman and executive director of Maxprop. “It’s now location, location and management: the management of the public spaces surrounding location not only create excellent value for property owners but also for cities in terms of increased rates,” he says. “While Ethekwini municipality has identified a number of catalytic projects, which has led to a scramble by project promoters and developers, I believe the definition should be expanded into ‘catalytic initiatives’. Urban management is possibly the biggest catalytic initiative that can benefit SA at present and cut across a multitude of issues. Catalytic initiatives can be farencompassing and cast the net far wider than physical
Friday August 26 2016
projects, unlocking social upliftment through access to jobs and opportunities.” URBANISATION Says Deon van Zyl, chairman of the Western Cape Property Development Forum: “Urbanisation will result in the bulk of South Africans living in cities or large towns with ‘city states’ ultimately competing with each other on an international platform. It is imperative that cities in SA start to understand their role as economic facilitators in their own right. “The work in Ethekwini and in Cape Town is an illustration that the penny is starting to drop with political decision makers. “The mayor of Cape Town, Patricia de Lille, has a clear understanding that the property development industry is the bellwether industry reflecting economic cycles and investment confidence, as well as creating jobs through the construction industries. She is focused on reducing decision-making time frames and has implemented hitech submission processes which will allow land use and building plan applicants to submit their applications electronically, probably a first for SA,” he says. “Bearing in mind that development leads to a growth in the rates base and that municipalities will continue to receive income, local authorities should do everything possible to facilitate development, including implementing market sensitive planning processes and the proactive provision of bulk infrastructure.”
INVESTIGATION
Friday August 26 2016
Taking the long-term view Commercial properties can bring investors more financial reward than residential properties. But in doing so, they also bring greater risk. Here are the pros and cons WORDS: NICOLA JENVEY :: PHOTOS: NOVOS GROUP & ISTOCK
I
nvesting in property to secure annuity income and capital growth has been a favoured alternative to share trading as a means of generating wealth for centuries. The opportunity to branch into commercial property rather than remain in residential can offer savvy investors another dimension to their portfolios. Experts agree that commercial properties promise more financial reward than residential properties such as rental flats or single-family homes, but also carry higher risks. So understanding the advantages and disadvantages are key to making the appropriate investment decision. These are some of the considerations.
VIABILITY OF COMMERCIAL Speaking professionally, Smith Tabata Buchanan Boyes partner Stavros Anthias says commercial property is viable, but has its hurdles, with finance being the most significant one. Commercial bonds are difficult to secure and, should an investor qualify for one, the repayment period is 10 years compared to 20 years for a residential bond.
“Advice — do your homework and establish the amount banks will lend the syndicate or the individual members” Stavros Anthias, partner, Smith Tabata Buchanan Boyes
2 016
INVESTIGATION
will dictate the syndicate size, he believes four or five people are ideal for a R5m property, but less so for a R25m investment if the members are not overly wealthy. “Advice — do your homework and establish the amount banks will lend the syndicate or the individual members. Then find a good commercial agent and shop around,” Anthias says.
EARLY START Lawyer Stavros Anthias’s interest in property began after he was “turfed out” of two flats while he was serving his articles. The first time came when the rent was hiked beyond his budget, the second when the property was sold. His late father believed it could not happen again, so to ensure Anthias’s accommodation security, he put down a deposit on a small flat for him, with the balance of the loan structured to be equivalent to the rent he was paying. Anthias paid off that flat and bought a second one he could not afford to live in, but could rent out to pay the expenses. Over the years Anthias has geared properties to now own three residential properties as well as a sectional title investment in an office complex. He recognises that holding costs are expensive, with commercial rates in Umhlanga, one of SA’s premier commercial districts, demanding monthly rates of R5,200 and R2,500 in the levy — on only 145m2. However, the reward is watching the loans shrink monthly and gaining capital growth over the long term.
Friday August 26 2016
“Commercial and industrial property remains an attractive investment for entrepreneurs” Gerrie van Biljon, executive director, Business Partners
Banks will also only lend 70% of the purchase price, meaning investors must have a large deposit when they are entering the commercial property market. Speaking personally as an investor, Anthias adds that investors need an appetite for risk. He wholly bonded his home to fund a commercial investment when the banks turned down
his application. That meant “paying cash” for his office and paying off the bond on his house over the 20-year residential bond term. FNB commercial property finance head Attie Anderson says that investors, especially small and medium enterprise (SME) owners, can benefit from monthly rental income and long-term capital returns on a commercial
property investment. Commercial leases are also typically longer than residential ones, providing more certainty on the income stream and, when spread among multiple tenants, reducing the risk when a tenant relocates. SOUND RETURNS Any building used for business purposes, including retail space, office parks and industrial properties, qualify as commercial properties. Anthias says attractive investments include commercial offices, small shops and light industrial factories and warehouses. Storage facilities are also now emerging as popular investments given the shortage of these types of facilities. Location again determines price, with the going rate for commercial property being R18,000 to R22,000/m2. One exception to this is Umhlanga Ridgeside, where premier office spaces in a sought-after town commands R24,000/m2. B-grade properties may sell for R12,000 to R15,000/m2. There are opportunities to acquire commercial property as sectional title units rather than owning a complete building, Anthias says, but he believes a minimum R2m investment will allow investors a foot in the door. CHOOSING SYNDICATES Using syndicates to get a toehold in the commercial property market is a popular financial option as the risk is spread across the members rather than a single individual. However, Anthias believes that syndicates should not exceed 10 members, otherwise investors are better off putting money into listed property funds on the JSE. While the purchase price
TIME COMMITMENT Owning a commercial retail building that has five tenants demands more commitment in time than a residential property with only a single family. Broll Property Group CEO Malcolm Horne says maximising the returns on the investment means investors cannot be absentee landlords. They should realise they will be juggling multiple leases and compounded amounts of maintenance and health and safety issues. That means owners should be in the public eye with their tenants in the same way that their tenants are in the public eye for their customers. Affiliated to worldwide commercial real estate and investment firm CBRE, Broll can offer investors local expertise and global market knowledge, enabling investors to maximise the potential of their properties. BUSINESS INVESTMENT SME owners, essentially commercial property investors in their own right, can significantly benefit from owning their premises rather than renting. Business Partners executive director Gerrie van Biljon says: “Commercial and industrial property remains an attractive investment for entrepreneurs. “This is either as a sound long-term investment or to secure tenure for the business operations,” he says. “The importance of investing in property for SMEs lies in the protection it provides, as businesses are not subject to landlords’ demands and they can use the property as retirement income by leasing it back to entrepreneurs.” Business Partners has a R200m Property Fund that provides 100% finance to SMEs in owner-occupied properties that range from R500,000 to R30m over a maximum 10-year period. The R250m Joint Venture Property Fund provides equity or term finance (or a combination of these) for investors to buy a multi-tenanted commercial, industrial or retail property worth between R2m and R120m. Business Partners coinvests with the SME to acquire the property, acquiring shares in the business, which are bought back over 10 years.
THE CURRIE GROUP ADVERTORIAL Friday August 26 2016
Take comfort in The Winston In the heart of Johannesburg’s Bryanston and close to all the amenities demanded of a modern lifestyle, the 40-unit complex offers a luxurious take on estate living
WORDS AND PHOTOS: SUPPLIED
T
he great Georgian novelist Jane Austen once said: “There is nothing like staying at home for real comfort.” This is most certainly true of the Georgian-inspired Bryanston development, The Winston. With luxury inside and out, this apartment complex will make a comfortable home for any discerning buyer or tenant looking to invest in one of Johannesburg’s most sought-after areas. One of Currie Group’s most recent developments, The Winston is a beautiful interpretation of Georgian architecture. Staying true to its rigid symmetry, strong geometry, generous proportions and luxurious
finishes, it also offers modern-day features such as en suite bathrooms, Miele kitchen appliances, state-ofthe-art lifts, secure basement parking, 24-hour security and onsite leisure facilities. The two-, three- and four-bedroom apartments in both the north and south blocks of the complex are laid out practically with spacious open-plan living areas, eat-in kitchens, north-facing bedrooms, spa-like bathrooms and ample storage. ESTATE LIVING The Winston more than responds to the security and lifestyle choices that are increasingly driving
THE CURRIE GROUP ADVERTORIAL Friday August 26 2016
the property trend towards secure estate living. “The complex has 24-hour security with a manned gatehouse, access control, full perimeter walling and CCTV coverage,” says Brendan Raubenheimer, head of marketing for The Winston. “The three-storey complex also only has 40 units, ensuring a close community.” Situated just off Mount Street in the heart of Bryanston, The Winston is close to some of South Africa’s top restaurants, shopping centres and golf courses, and is a short distance from the best private schools and healthcare facilities. “We have a unique arrangement with the Virgin Active Health Club on Cross Road giving residents of The Winston direct access to its facilities via a turnstile,” says Raubenheimer. “This saves residents travel time and the hassle of trying to find parking at one of the busiest gyms in South Africa.” There is also a beautifully landscaped and lawned communal area with a pristine swimming pool for the exclusive use of residents and their guests.
ENTERTAINERS’ DELIGHT Hosting and entertaining family and friends at The Winston is seamless, according to Raubenheimer. “The layouts of some of The Winston’s three- and four-bedroom units include a separate entrance guest suite with spacious bedroom and en suite bathroom, and all apartments have large open-plan living areas as well as either an enclosed balcony or private patio and small garden.” Construction of The Winston will begin in early 2017. There are 10 different floor plans of the two-, three- and four-bedroom apartments and prices range from R3.3m-R5.2m. From its luxurious finishes, such as granite counter tops, black and white passage and entrance floor tiles, herringbone-patterned wood finish interior tiles, ecofriendly lighting and sanitary fittings, and Miele kitchen appliances, to its generous welcoming rooms; from its idyllic urban-chic location in Bryanston, to its convenient access to the neighbouring Virgin Active, the Gautrain bus stop and main commuter routes, Jane Austen is sure to approve of The Winston and all its Georgian charm.
“We have a unique arrangement with the Virgin Active Health Club on Cross Road giving residents of The Winston direct access to its facilities via a turnstile” Brendan Raubenheimer, head of marketing, The Winston
GET IN TOUCH
For more information on The Winston contact Brendan Raubenheimer on 073 343 2449 or visit www.thewinstonjhb.co.za
INVESTMENT
Friday August 26 2016
Foreign buying settles Estate agents are seeing no change in the number of foreigners buying property in SA, although the number of investors from other African countries is increasing WORDS AND PHOTOS: SUPPLIED
F
oreigner buying of domestic property appears to have settled down to a sideways movement after some years of strengthening, according to the Q2 2016 FNB Estate Agent Survey – Foreign Buying of Domestic Residential Property. It reports that 81% of respondents saw “unchanged foreign buyer levels”, 1% of respondents perceived “a lot more foreign buyers”, 9% “a little more foreign buyers”, 8% indicated a “little less foreign buyers” and 2% a “lot less foreign buyers”. Respondents were asked to provide an estimate of the percentage of total home buyers who were foreigners. Using a two-quarter moving average for smoothing purposes, the estimated percentage of foreign buyers moved in a “narrow” range near to the 5% level over the last three quarters, moving slightly from 4.8% of total buying in Q1 2016 to 5.11% for the two quarters up to the second quarter of 2016. After a noticeable recovery in the estimated levels of foreigner buying from a 2% low late in 2010, the estimated percentage of foreign buyers peaked at 5.77% in the final two quarters of 2014. Viewing foreign buying in a different way, agents were also asked if they had experienced foreign buyer numbers to have increased, decreased or remained the same. An equal percentage of agents saw an increase in foreign buyer numbers compared to those seeing a decline and the percentage of agents seeing an increase
from the rest of the African continent in recent years. The share of African continent buyers of total foreigner buying of South African property declined mildly in the first half of 2016 to 27.5% from a two-quarter moving average of 31% for the first quarter of 2016. However, this is still high compared to the 8.5% of 2010. A 2016 survey by New World Wealth supported this change in foreign buyer patterns. The South Africa 2016 Wealth Report, published by New World Wealth, notes that wealthy African citizens made up the largest share of foreign
showed a declining trend since a peak reached in the final quarter of 2014 — 10% pointed to more foreign buyers, 10% to less foreign buyers, down from 16% pointing to more foreign buyers and 2% to less foreign buyers in Q4 2014. This suggests a more-orless sideways movement in recent times, or at least no further strengthening, after a prior strengthening trend through 2012 to 2014. AFRICAN BUYERS Of interest is the gradual change in the key sources of foreign buying over the longer term, with more coming
property buyers in 2015, increasing considerably since 2007. “Most of them came from Nigeria, Angola and Ghana,” says Andrew Amoils, head of research at global wealth data capturer New World Wealth. “We expect more than 10,000 African millionaires to move to SA over the next decade.” Africans are purchasing local property for a variety of reasons, says Andrew Golding, CEO of Pam Golding Properties. “Some Africans are seeking investment properties or personal residences that provide access to an upmarket lifestyle.”
Foreign buyers by percentage Origin
2007
2015
2017 (projections)
UK
35%
22%
18%
Germany
27%
19%
16%
Africa
7%
24%
30%
Other
31%
35%
36%
Total 100% 100% 100% *Other buyers mainly from Switzerland, France, China, India, Russia and UAE Source: The South Africa 2016 Wealth Report, New World Wealth Foreign buying percentage by major region Percentage of buyers estimated to be foreign buyers – two-quarter moving average % 0 5 10 15 20 South Africa
5
Namibia
13
Johannesburg Tshwane
5 2
Cape Town Mandela Bay
8 2
Ethekwini
6
Windhoek
9
Swakopmund/Walvis Bay
Source: FNB Property Barometer
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However, using Namibia as a comparison, the FNB estimate was significantly higher than that of SA, measuring 13% of total home buying in that country compared to SA’s 5%. This was possibly a reflection of Namibia’s higher economic growth rate in recent years. BREXIT EFFECT Although SA has never been a major residential investment destination for foreigners, foreign buying from UK residents was perceived to have been a significant source of demand. The Brexit vote may have had a mild impact on British demand for property in SA, insofar as currency fluctuations have any impact. This is because Brexit made South African property instantly more expensive for those buyers operating in pounds following that currency’s weakening as a result of the referendum. However, part of the story has been a noticeable recovery in the rand too. While fluctuations in the rand exchange rate, which cause movements in domestic house prices for
aspirant foreign buyers, can conceivably influence foreign buyer levels, FNB attributes a global dip in property popularity as an asset class as a major influencer. OFF THE BOIL Since late-2013/early-2014, globally property has gone “off the boil”, it would appear. Using the Knight Frank Global House Price Index, a post-2008-09 recession peak in global house price growth was reached in Q3 2013 measuring 6.3% year on year. By the first and second quarters of 2015 the rate of increase subsided to 2.1% before recovering somewhat to 3.4% early in 2016. FNB’s Estate Agent Survey points to a previous strengthening in foreigner buying of domestic residential property as having more or less come to an end. However, the bank remains of the view that the performance of residential property globally influences its popularity as an asset class, and is the key influence on foreigner buying direction.
INTERNATIONAL
Chicago average prices:
$66.50 — three-
course restaurant meal for two
$5 — 500ml draught beer
$3.98 — cappuccino $0.68 — litre
of petrol
$23,000 — price of a VW Golf 1.4
$124,74 — monthly utilities (electricity, heating, water and rubbish) on 85m2 flat
$49.19 — internet connectivity (10Mbps, unlimited data)
$3,447.51
— average monthly disposable salary
4.15% — annual
mortgage interest rate
$1,629.76 — rental on onebedroom CBD flat
$1,043.76
— rental on noncentral one-bedroom flat
$3,216.90
— rental on threebedroom CBD flat
$1,860.53 —
rental on noncentral three-bedroom flat
$3,245.50 —
city centre purchase price per m2
$1,896.14 —
noncentral purchase price per m2
Source: numbeo.com
Investment homes The median price for investment homes was $149,300 in Q1 2016. Prices climbed 8.2% from Q1 2015. But they remain 40% below 2008 levels. Source: Home Union Chicago Market Report Second Quarter 2016
Friday August 26 2016
Banking on Chicago If you are in the market for international buy-to-let investments, the Windy City in the US offers a great value proposition WORDS: NICOLA JENVEY :: PHOTOS: ISTOCK
H
ome to more than 2.7-million residents and another 10-million in the surrounding metropolitan area, Chicago — the Windy City — is a leader in technology, communications and transport. It has one of the world’s busiest airports in O’Hare International Airport and the largest number of railroad freight and highways in the US. According to American real estate investment management firm Home Union, the city is the thirdlargest American economy and hosts that country’s largest labour pool. That presents a strong market for buy-to-let property investors given the high demand for rental properties. IP Global Africa director George Radford says condominium prices remain significantly below prerecession peaks. However, there is a severe inventory shortage with housing permits— the permission to construct — 24% below the eight-year average. Average monthly rentals grew 7.9% in 2015, meaning the city offers “a great value proposition”.
CHEAP VALUATION Echoing Radford, the UBS Global Real Estate Bubble Index for housing markets in selected world cities 2015 stated that Chicago real house prices were still 31% below their 2006 peak and had only begun recovering in
2013. However, that recovery remained comparatively weak, dragged down by the sluggish local economy. The investment group’s cheap valuation rating was supported by the lowest priceto-income and price-to-rental multiples across the 20 cities selected in its survey. In the Urban Land Institute and PWC Emerging Trends in Real Estate 2016 report, Chicago fell out of the top 20 to number 26 in the markets to watch survey. The report said this was more likely attributable to pricing and not to Chicago’s relative attractiveness. FOREIGN CAPITAL Radford says that in the past two years in Chicago, technology jobs have grown nearly 20%. In addition, China’s largest private property developer, Wanda Group, has secured the rights for an $800m (R10.6-trillion) mixed-use development. In August last year the city announced a $1.7bn expansion of its rail capacity. Writing for Chicago Business online in December last year, journalist Ryan Ori said more foreign capital had poured into Chicago real estate in 2015 than ever before. International investors had paid $3.27bn for properties by the beginning of December, significantly above the full-year record of $2.18bn set in 2013. This meant international
buyers accounted for 16% of sales in Chicago last year, with Ori attributing the attention to low interest rates, readily available debt and relative uncertainty in other parts of the world. However, the investment opportunities come on the back of economic issues
“There is a severe inventory shortage with housing permits 24% below the eight-year average and average monthly rentals growing 7.9% in 2015” George Radford, director, IP Global Africa
from which Chicago is slowly recovering. Housing data and analytics group RealtyTrac says there are currently 13,500 properties in some stage of foreclosure and another 4,500 listed for sale. The July foreclosure figure was 18% below that for June and 36% lower than the same time last year, reflecting both the opportunities for investors and the difficulties the city faces. RECESSION Writing in the Chicago Market Report Second Quarter 2016, Home Union research director Steve Hovland says Chicago is among the last American metropolitan areas to emerge from the recession. The city’s rental market is forecast to improve steadily as the economy continues its recovery and job growth is expected to exceed 2015 as several companies relocate and consolidate into Chicago. These include global food group Kraft Heinz closing the Oscar Mayer plant in Madison and food group ConAgra shifting its headquarters to Chicago. Hovland says the development of the Marriott Marquis Hotel and renovations to the Wrigley Field baseball park are generating thousands of construction, leisure and hospitality jobs. In terms of property developments, permitting activity has reached its highest levels since the economic downturn, although developers are focused on multi-family projects. Most
units are coming online in The Loop and Streeterville/ River North sub-markets, which Hovland says limits the impact on singlefamily rental operations in suburban areas. RENTAL GROWTH In Q1 2016, developers concluded an annualised 7,900 single-family and 8,900 multi-family permits and Hovland expects rentals to grow 4.6% to a monthly average of $1,972. He also expects buyers chasing above-average rental demand and high occupancy rates to find properties in the Central Cook County, Lincoln Park/Lakeview and South Cook Country sub-markets. Earlier this year, Chicago’s One Arlington development, a luxury multi-family property created from the conversion of a former Sheraton Hotel, received a $50m loan from Square Mile Capital Management for refinancing. That property features 214 residential units, 1,598m2 of ground floor retail space and 313 underground parking bays. When the deal was announced, Square Mile principle Matthew Drummond said that One Arlington represents the first phase of “an exciting master-planned urban redevelopment” overlooking the Arlington Park race track. “Elevated asking prices are reshaping the investment landscape across the Windy City,” Hovland said in the company’s Q4 2015 report.
Priced from R2 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
INTRODUCING ...
STEFAN ANTONI
STEFAN ANTONI
Prices starting at: R7.7m for 350m2 house + land R9.7m for 475m2 house + land (all costs inclusive)
V
al de Vie Estate presents an ultra luxury all inclusive plot and plan design offering from one
of South Africa’s most celebrated architects, Stefan Antoni. The Stefan Antoni Signature Series offers two exclusive designs (350m2 single storey and 475m2 double storey) that enable any buyer to choose
a top quality and contemporary design paired with any developer plot on Pearl Valley, Val de Vie Estate’s premium neighbourhood. This is an ideal choice that eliminates the often lengthy and stressful process of conceptualising, designing and finding a builder to build your dream home. These Stefan Antoni Signature Series homes provide you with the opportunity to celebrate the best South Africa has to offer in residential, urban and estate design. Stefan Antoni’s designs have become iconic and is globally recognised with some of his work featuring in LA, Bahamas, Turkey and St. Tropez. Stefan Antoni has also designed the very successful Val de Vie Polo Village, a development that won multiple awards at the International Property Awards and reached new heights for sectional title developments in the Cape Winelands. He is regarded as one of a number of architects who have contributed to setting a new standard of top end design and professionalism in South Africa.
OFFICIAL MANDATE SALES AGENTS:
+27 (0) 21 867 8002 | property@pearlvalley.co.za | www.pearlvalley.co.za | www.capewinelandsproperties.co.za
+27 (0) 82 496 8296 | property@sirpearlvalley.co.za | www.sothebysrealty.co.za | www.sothebysrealty.com
esign: The character of this home with interiors designed by ARRCC, is in keeping with Pearl Valley’s style and also has the Stefan Antoni and ARRCC signature of crafting contemporary interiors which captivate and move. Strong horizontal lines and floating elements create an interesting play with the more traditional pitched roof maximising views and natural light through the clerestory windows. Integration of inside and outside is a strong design feature in terms of the large glass sliding doors that open up to green courtyards and the estate’s beautiful natural surroundings. The home is built for the perfect balance between family living and entertaining guests with an open-plan layout, centered around the indoor braai area. Natural modern materials are used, such as exposed timber rafters, off-shutter concrete and natural stonework, which contrasts against the crisp, clean white plastered walls and modern joinery.
Superior Finishes • Aluminium external windows, doors and shutters • Automated garage doors • Belgotex carpets • Built-in braai area • Built-in gas fireplace • Ceiling bulkheads • Daikin inverter air conditioners • Energy saving LED downlights • Europlugs • Exposed Trusses • Fully automated irrigation system • Geberit concealed cisterns • Granite countertops • Hans Grohe taps • Heatpump • High speed fibre connection • Siemens gas hob and electric oven • Superior quality 600mm x 600mm porcelain tiles • Swimming pool • Timber Pergolas • Wine Cellar OPTIONAL: • Solar energy plant including lithium batteries • Water feature * The developer is entitled to change any of the finishes to another finish of a similar standard at its sole discretion.
Conveniently located in the Paarl-Franschhoek Valley PROPERTY | EQUESTRIAN & POLO | SPORTS & LEISURE | RIVER & LAKES | WINE | RESTAURANT | EVENTS
Safe Home Award in South Africa 2015 Best Single Unit Development in Africa 2014 Best Multiple Unit Development in South Africa 2013
PROPERTY NEWS Friday August 26 2016
Buyers flock to Infinité
S
ome 50 units in phase one at Infinité were snapped up before the official launch by Pam Golding Properties earlier this month, signalling a strong demand for secure, convenient upmarket living in Bedfordview. Infinité is a 10-storey, 200-unit sectional title apartment building, opposite Eastgate shopping centre. It includes a swimming pool, clubhouse with kitchen, gym and two meeting rooms, plus a lobby with concierge. “We anticipate a quick sell-out of the first phase as we are currently dealing with a further 40 buyers,” says
Dave Coutinho, development manager at Pam Golding Properties Johannesburg East special projects division. “With its close proximity to OR Tambo International Airport, we’ve received enquiries from a mix of local career-minded men and women seeking lock-upand-go living and a sound investment, as well as those from elsewhere in Africa. Others are downsizers wanting a more compact residence in a great location — a trend increasingly evident worldwide. “Notably, with potential monthly rentals from R7,500 up to R13,000 and even
R36,000, we are seeing some investment buyers acquiring four units at a time.” Prices start from R890,000 for 40m2 onebedroom, one-bathroom studio units to R4.49m for 144m2 with three bedrooms and three bathrooms. The interest ties in with what Knight Frank has identified as a trend to provide fit-for-purpose rental accommodation. In Knight Frank’s Tenant Survey 2015-16, London tenants said they would pay a rental premium for access to either a gym or swimming pool — 33% and 31% of respondents respectively.
Val de Vie named top estate
V
al de Vie has been named the top estate for 2016 by global market research company New World Wealth in its Top 10 Residential Estates in South Africa report, released this month. This after the Paarl estate merged with Pearl Valley in March 2016. Highlights of the combined estate include vineyards, polo fields, an equestrian centre, Pearl Valley’s definitive Jack Nicklaus signature
golf course, natural fynbos scenery, parks, lakes and mountain backdrops. House prices on the estate range from R5m-R40m. Construction of phase one of a luxury five-star Mantis Collection boutique hotel has started at Pearl Valley. Says Val de Vie Estate MD Ryk Neethling: “Having joined forces with Pearl Valley, Val de Vie certainly has an offering like no other estate in the country, or on the continent.”
EMIRA POSTS STRONG 2016 RESULTS
The top 10 residential estates are selected by New World Wealth annually, based on criteria including security, activities, facilities, quality and design of houses, space, views, scenery and wildlife, appeal to wealthy buyers, and resale and price growth potential. Other estates on the New World Wealth 2016 list are Zimbali in Ballito, Fancourt in George, Steyn City between Fourways and Lanseria, and Pezula in Knysna.
MSP takes a new direction
M
SP now offers a full spectrum of property services, from developments and financing to advice and property solutions, including residential and commercial sales and rentals, following its rebranding earlier this month. The Multi-Spectrum Property (MSP) Group was launched by CEO Riaan Roos in 2002. The company
is known particularly for the success and design of its 87ha Buh-Rein Estate. MSP operational director David Britz explains the new direction. “MSP was previously known as MSP Developments, but we are reverting to just MSP, which now encompasses Multi-Spectrum Property solutions. “While we will still construct developments,
MSP is diversifying its development offerings from traditional affordable housing, security estate living and sectional title apartments to include retirement estates and other residential as well as commercial offerings such as retail spaces and offices. We are also venturing into residential rentals as well as offering letting/rental management services to
individuals and companies.” The company will broaden its footprint over the next 12 to 24 months by rolling out MSP as a franchise. This will start in the Western Cape and expand nationally. Says Roos: “We will make innovative use of technology to make the whole process of buying a house and getting the right advice on property easier for everyone, from buyers of affordable housing
up to homes of R3m-R4m, and to provide quality and accessible lifestyle investment opportunities and solutions in property. When it comes to big life decisions, whether wanting to find a better home or investment for your budget, or wanting to find a better way of maximising your home or investment, we have multi-spectrum solutions at hand.”
Emira Property Fund Limited has reported distribution growth of 8.8% per share for its full-year ended June 30 2016, claiming to meet its market guidance with a strong set of results for Emira investors. Emira is a medium-cap diversified JSE-listed real estate investment trust. Emira Property Fund CEO Geoff Jennett attributes the solid performance to contractual escalations across most of its portfolio, benchmarksurpassing occupancy levels, tight cost controls, effective recycling of capital and Emira’s strong balance sheet. Emira closed the year with moderate gearing with a loan-to-value ratio of 35.4% and 93.1% of its interest rate exposure fixed. Its listed investment in Growthpoint Properties Australia (GOZ) grew 22% because of increased distributions from GOZ, the lower dividend withholding tax and the rand depreciating against the Australian dollar. Says Jennett: “Emira’s revenue increased by 5.6% during the year because of the effect of past acquisitions as well as organic portfolio growth. Besides top-line growth, we kept expenses contained and improved recoveries of municipal expenses. In general, we’ve made good leasing progress and vacancy levels match or better industry benchmarks.” The company forecasts negative growth of 2% in distribution per share for its year to June 30 2017, projecting a total dividend for that year of 143 cents a share.
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S T E P I N S I D E O U R B E S P O K E L U X U R Y A PA R T M E N T S A N D Y O U ’ L L S E E W H AT W E M E A N . ON SHOW DAILY L U X U R Y A PA R T M E N T S - O P P O R T U N I T I E S F R O M R 5 , 2 M I L L I O N O R $ 3 8 5 , 0 0 0
* *
APARTMENTS ALL BATHROOM EN-SUITE TOP DESIGN AND FINISHES · FULL AMENITIES
Houghton on 12th, 53 Second Ave, Houghton - Show apartment 12423 ALAN BECKER – 082 718 8100 || WARREN BECKER – 082 302 3004 || EMAIL – alan@thehoughton.com
WESTERN CAPE AN ECLECTIC MIX OF MODERN AND EUROPEAN LIFESTYLE, A MASTERPIECE FOR THE DISCERNING FEW! This glorious property embodies the essence of style and sophistication. A distressed bold and natural raw brick passage connects the dual living properties. The separate wings include modern kitchens with elegant reception areas. An entertaining patio leads to the manicured garden with sparkling pool set on 2600sqm. The bedroom sections comprises of 3 bedroom suites as well as 3 luxurious suites with lounges and a large office situated upstairs. 2 sets of double garages and ample visitors parking plus 2 separate automated entrances. Situated in the heart of the Constantia Winelands.
UPPER CONSTANTIA R17.9 million
BEDROOMS: 6 BATHROOMS: 6 Ingrid Hoaten 082 490 6246 CharnĂŠ Shipper 083 274 6336 Web Ref: 102387
GAUTENG MODERN MASTERPIECE The theme is set with the large garden and shards of sunlight streaming into this superbly crafted, modern cluster with breath-taking architecture. The story unfolds with stone cladding, travertine complementing the wonderfully proportioned reception areas. The upper level offers 4 glorious bedrooms, with elements of wood, high ceilings and views. Staff suite, superior security, 24hour guarded complex and prime position. Truly exceptional! BEDROOMS: 4 BATHROOMS: 3 Norma Robinson 082 554 7260 011 656 0888 Web Ref: 106018
BENMORE GARDENS R13.5 million
GAUTENG TASTEFUL ELEGANCE IN THIS SINGLE STOREY GEM Light and vast open spaces will be your lasting impression of this stunning home. The living area features extra high ceilings, a TV lounge, built-in bar, dining room and sun room all opening to the wooden pool deck and landscaped garden. The spacious master suite which boasts a walk-in dressing room and sumptuous bathroom, plus two bedrooms all open on to the garden. A separate en-suite cottage is perfect for visitors. The spacious gourmet kitchen leads to a private sound /entertainment room. 5 Garages and staff are an added bonus. BEDROOMS: 4 BATHROOMS: 3
KYALAMI ESTATE R6.3 million
Brian Hickson 083 405 0000 Tracy Stuart 082 921 3980 Web Ref: 103278