Business Day HomeFront 10 September 2021 by The Creative Group

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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA WWW.BUSINESSLIVE.CO.ZA 10 SEPTEMBER 2021

MUST-READ

Demand for luxury homes PAGE 2

Property investment made easy PAGE 5

Insure your art collection PAGE 7

Workshop17’s co-working space in Paarl

Flexible working spaces

The Sky is the limit PAGE 11

As the way we work continues to shift, we learn more about Workshop17 - an offering featuring a portfolio of flexible working spaces with branches mushrooming all over SA. We sat down with Paul Keursten, co-founder and CEO, to discover more about this co-working model

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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA

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HOMEFRONT PROPERTY NEWS

Increased demand for luxury homes

This 1,200m² seven-bedroom home in Simbithi Eco Estate was sold for R22m through Pam Golding Properties

ne of the noticeable trends in the residential property market this year has been a discernible uptick in demand for luxury homes over R10m – a sector where freehold properties have enjoyed an increase in demand, says Andrew Golding, chief executive of the Pam Golding Property group. “Much of this demand has been driven by local buyers who have identified specific areas of interest and understand that the current market,

characterised generally by motivated sellers and well-priced stock, presents opportunities which offer exceptional value for money. “In regard to freehold homes, these have clearly benefited from lockdowns and the shift to remote working, experiencing 6% price appreciation since the start of the year compared to 3% for sectional title homes. “That aside, generally we find that in the apartment living genre, penthouses are highly sought after and,

due to their nature, limited in supply and as a result yield very good returns on investment, enjoying a premium of 20%-25% over other apartments in the same building. They are luxurious and spacious – usually with the very best finishes and features such as large windows with abundant natural light, expansive patio and private swimming pool and, importantly, offer privacy, often with their own elevator and entrance. Penthouses such as those in Cape

Town’s V&A Waterfront, can fetch above R40m.” Golding adds: “We’ve also seen a notable increase in demand for properties listed above R10m on the Cape’s globally renowned Atlantic seaboard, particularly in upmarket Camps Bay and Clifton, where recent high-end transactions concluded by our agents extend to homes achieving individual prices of R70m.” “Prices of sales which we’ve concluded in Baronetcy Estate range from about R10.5m

to in excess of R60m. Interestingly, we’ve also noted an increase in demand from UK and American buyers in our area,” says Pam Golding Properties area principal for Cape Town’s northern suburbs, Pierre Nel. Secure estate living ticks all the boxes for many home buyers on the Cape’s western seaboard, where Emarie Campbell, Pam Golding Properties area principal, cites Atlantic Beach, Water’s Edge Estate, Waterstone Isle and Sunset Links as popular among

such buyers, offering highly appealing, luxury living in a secure environment. In Gauteng, Lambert Bezuidenhout, Pam Golding Properties area principal in Steyn City, says heightened activity in the upper price band has been more of a catch-up than a recovery, having been stifled by the stringent lockdown measures. “The majority of our sales are around the R20m mark for completed houses, with sales of more than R35m and upwards not uncommon. However,

while land is still available from just more than R3m, many purchasers then make a further capital investment in luxurious high-end homes which may ultimately enjoy a market value of up to and in excess of R60m. Of our 14 highest recent sales, all except one were to South African buyers. “Covid-19 has brought with it the notion that we might be living with it for some time to come, which implies that lockdowns and ‘work from home’ will affect a significant portion

of the high-end buyer population. As a result, we’ve seen a trend towards larger properties – even in apartment sales – to accommodate the workfrom-home’ way of life. Lifestyle estates such as Steyn City, with its diversity of homes, offer an abundance of outdoor spaces, facilities and activities, which also greatly enhances apartment living. Buyers believe that if they are going to be in lockdown, it should be in a space that facilitates some form of normality.”

This six-bed, six-bath home in Durban North was sold for R13.5m

This three-bed, three-bath home in Simola Golf & Country Estate in Knysna was sold for R14.6m

This four-bedroom home in Water’s Edge Estate on the Cape’s western seaboard sold for R16m

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HOMEFRONT PROPERTY NEWS

Who moved my Stern? As an investor, you could be sitting with valuable art right under your nose worth thousands. We take a look at how to insure these investments as part of your property portfolio WORDS AND PHOTOS: SUPPLIED

ocal art collectors and consumers who own high-value drawings, paintings, photographs and sculptures should be concerned by the rising number of art-jackings and thefts reported in SA. A brazen heist carried out on the N1 Highway near Pretoria saw 31 paintings by nine local artists stolen, leaving an unfortunate collector “out of pocket” to the tune of about R500,000. “This type of criminal activity should serve as a warning to art collectors to reassess the security arrangements around their priceless collections and to check that their art is insured at market value,” says Christelle Colman, MD at Elite Risk Acceptances, a subsidiary of Old Mutual Insure. She adds that too often local victims of art theft are disappointed to find that the insurance cover they

have in place is not adequate for their art collection. This is partly a result of pieces having appreciated significantly in value over time – either upon the death of the artist or depreciation of the rand-exchange rate – but also because many general household insurance policies apply a minimum value limit per item insured and would therefore fail to provide sufficient insurance cover for fine art that far exceeds this assigned value. Although media tends to focus on high profile art thefts, with a recent example being the theft from a Dutch museum of a Van Gogh painting valued at €6m, Colman says the reality in SA is that the value of stolen work varies. “Big ticket thefts make good headlines when in reality there are countless artworks valued at between R5,000 and R100,000 reported damaged or stolen each year,” says Colman.

A recent investigative exposé zoomed in on how organised criminals were selling expensive artwork on the black market. “Although this type of crime is not yet endemic in SA, it is something that high net worth individuals with global exposure and personal art collections should take note of.” She offers four tips to avoid disappointment at a claims stage: Complete an inventory of your art assets and collectibles or get a professional valuation done, which Elite can facilitate. “I cannot imagine anything worse than discovering you were sitting on a truly valuable, uninsured or underinsured piece of art after suffering a burglary or fire,” says Colman, who adds that priceless collectibles could be hanging on the walls of many unsuspecting homeowners. Who knows, perhaps the painting handed down by your grandmother, and now gathering dust in your living room, turns out to be an early Battiss or Sekoto; you won’t know until you have it valued. Determine whether your high value art collectibles are covered by your existing insurance policy. You should check your policy wording for what items are covered and what excesses and exclusions apply. “Individuals who have single high value art works or a collection of pieces should consider placing their contents insurance on cover with a specialist insurer who understands the unique risks associated with collectables to avoid costly surprises at the claims stage,” says Colman. Ensure that each art

Christelle Colman, MD at Elite Risk Acceptances

collectible is correctly insured at insurance replacement value and review this valuation frequently. “Art prices tend to fluctuate widely based on their perceived collectability, the success or death of an artist and even movements of the rand against the dollar. We can accommodate this volatility by recommending a team of experts to assist our clients with facilitating this important value calculation,” says Colman. Be prepared for unexpected losses, as art collectibles can be damaged or lost in the strangest circumstances. Imagine, for example, that your newly commissioned sculpture is destroyed in a studio fire, or your newly acquired painting goes missing while in transit between Paris and Johannesburg. Colman points out that Elite’s clients enjoy peace of mind thanks to features such as deposit and transit cover built into the policy. “If you have commissioned an artwork that requires a deposit and it gets stolen or damaged before it is completed, your insurance cover should allow you to recover this amount, provided you specified it in the ‘fine arts and valuables section’ of your policy,” she says. “It is impossible to insure the sentimental value linked to your favourite artwork, but you can take steps to secure financial compensation at replacement value for any loss suffered due to damage or theft. To avoid disappointment, we suggest dealing with a specialist insurer that has the knowhow to correctly assess and value art collectibles and the financial clout to pay out high value claims,” says Colman.

HOMEFRONT

The changing pace of the workspace

HOT TOPIC

hen the commute to traditional office spaces became obsolete in the midst of lockdown, remote working took centre stage. This has thrust co-working models like Workshop17 into the spotlight. Offering a myriad flexible work space solutions for everyone from individuals to large corporations, it fosters an environment for collaboration, productivity and functionality. Since the vision for Workshop17 was conceptualised ten years ago, it has been thriving. But now more than ever, as working preferences evolve and the pandemic impacts the economy, it is set to support SMEs, freelancers and big business alike with its practical and customisable approach to the traditional workspace. Co-founded by Paul Keursten and Mark Seftel, Workshop17 was created

to enable people from different spheres of life to work together in an inspiring and energising environment. These spaces enable community building, accelerate entrepreneurship and innovation, help drive the economy and encourage dynamic networking. Now with more than 1,700 members nationwide, Workshop17 is setting its sights on expanding its footprint to enable what it calls “working close to home”. Keursten provided some further insight:

HOW WAS WORKSHOP 17 CONCEPTUALISED? We opened our first place called Open in Maboneng in 2012 and it has since become Workshop17. We felt there was a need for a place where young and seasoned entrepreneurs could connect and make magic. We were inspired by Steven Johnson’s book Where Good Ideas Come from: The Natural History of Innovation that explored

what fuels innovation. Some of the best ideas take shape through accidental meetings - you speak to someone and something they say lingers in your mind and, before you know it, an idea comes alive. We wanted to create a space that facilitates that process. We wanted to create a level playing field for startup entrepreneurs, professionals, NGOs and major corporates to come together in one environment. This is why we also created an events element to the business, to ensure proper networking could take place. We wanted a situation where a CEO of a large multinational company could interact with a local entrepreneur and create synergies.

TELL US ABOUT THE TENANT MIX AT WORKSHOP17? It includes everything from budding entrepreneurs to business owners who are already on their fourth business, having sold the

previous ones. We also have former executives and international corporates. We even have two banks as members. You will find professionals from financial, marketing, IT educaion, and the list goes on.

HOW DO YOU FACILITATE MEMBER INTERACTION? We have a member directory through which people have access to everyone using Workshop17. We also use a noticeboard that can be accessed online and we are launching an app that further helps members to connect their needs to the right person. Every location has a community manager who can facilitate personal connections with relevant people. We also host events that allow for social interaction and networking. Workshop17 has built a network with ecosystem partners like Heavy Chefs, Future Females, HookUp Dinner, StartUp Grind, TedX and Silicon Cape. These

partners can use our spaces for their respective events. These events are often open to our members, connecting them with nonmembers who are attending. This adds value and has the potential to create those accidental meetings.

HOW IS WORKSHOP17 GOING TO PLUG INTO THE HYBRID OF WORKING FROM HOME AND A FIXED OFFICE SPACE? A workspace is actually not one place. It is your home, a shared space and your corporate office, and all three play a role. I think we are moving from “work from home” to “work near home”. You don’t have to sit in traffic to go to an office five times a week to work from a desk. Conversely, you don’t want to grapple with your kitchen table competing with homeschooling, dogs and cleaning in your actual home. But if you’re going to

work elsewhere, it should be a beautiful and exciting place that isn’t too far. Across the world we see individuals create a 15-minute economy, where everything should be within 15 minutes from your home.

HOW DO YOU WANT TO GROW WORKSHOP17? We want to be closer to the areas where people live and not just in the business hubs. The semigration trend of people moving into an area where the quality of life is high and they can still be productive is increasing, so we’d like to accommodate that. We want to create beautiful workspaces with a homely feel to offer the best of both. Productivity can wane when you work exclusively from home, because you’re not able to feed off other people. Social energy, input and learning from others, helps generate more ideas. We want to create that social and cultural element of work without it being a cold office space. We also want to support companies with dispersed teams, by offering advanced IT solutions that enable them to have a secure network in our space and enjoy corporate-level security for data protection and safety from hacking.

WHAT KEY AREAS WILL YOUR UPCOMING REGIONAL NODES BE IN?

Paul Keursten, Workshop17 co-founder and CEO

The Kloof Street co-working space in Cape Town

We have already established ourselves in the fastgrowing area of Paarl. We are looking into Newlands, Muizenberg, Tygervalley, George, and Pietermaritzburg and Umhlanga in KwaZuluNatal. We are focusing on Fourways, Bedfordview and Menlyn in Gauteng.

HOW TO BECOME A MEMBER:

An interior view of the Firestation co-working space in Rosebank, Johannesburg

Workshop17’s co-working space in Paarl

The Watershed co-working space in Cape Town

Workshop17 prioritises creating an aspirational and exclusive feel without being elitist. In this vein, membership levels are accessible, starting at R1,060 per month to use the space regularly. A Flexi Connect membership works like prepaid airtime and gives you access to the space at your discretion and you can top-up when necessary. This is best for sporadic visits, while an On the Road membership package offers access twice a week. Full-time membership with 24/7 access is covered by the Adventurer package. There are many packages to suit every need, from the corporate that needs over 60 memberships to the individual who works from home and wants to tap into the feeling of a “team” as a part-time solution.

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FOCUS ON: SKY CITY

ADVERTORIAL

The Sky is the limit An integrated housing development like Sky City truly comes to life through the people who live and work there. We asked residents about their experiences buying and living in Sky City, and also chatted to some of the people working behind the scenes to make this development a success WORDS AND PHOTOS: SUPPLIED

osmopolitan Projects, the property developers behind Sky City, are justifiably proud of what’s been achieved so far – an integrated housing development that balances private, community and government interests. “This is a development of the future,” says Godfrey Mokabane, director at Cosmopolitan Projects. “It’s an integrated model where we incorporate housing with all other aspects of developments that are necessary such as transportation, a shopping mall, a church, sports facilities and a private school. This quality and lifestyle is unheard of in this segment of the housing market in SA. We also have the support of Ekurhuleni government in terms of infrastructure and bulk services. That co-operation between the government and us is what enables developments like these.”

FLISP SUBSIDY South African citizens earning between R3,500 and R22,000 who have never received the government’s support and never owned a home qualify for the Finance Linked Individual Subsidy Programme (FLISP). “We were renting in town but were tired of it because it cost a lot of money,” says Jacob Segabutla and Kamogelo Boshomane, whose dream of owning their own home in Sky City was made possible in 2018 through a FLISP subsidy. “We saved money because we thought we would have to pay transfer fees, but that wasn’t necessary because it’s a new development. We then used the money from the subsidy and our savings to pay the deposit.”

BUY TO LET With buyers at Sky City seeing 13% capital growth per annum, there are also buy-to-let opportunities for investors. “Buying a house was an

achievement, then renting the house out lessened the financial burden,” says another owner known as Clement, who bought a property at Sky City to lease. “It also created an opportunity to open another business. Sky City presents lots of business opportunities and I have found that people there are supportive once you start a business.”

RENTING AT THE BRONX The Bronx @ Sky City is situated close to Sky City Mall and offers a broad range of apartments, from bachelor to twobedroom units, to rent from R3,200 per month. Jabulile Mavimbela, who has been living at The Bronx apartments for the past six months, says: “The security is great, which was the most important aspect I was looking for in terms of accommodation. The outside premises are kept clean at all times and it’s well maintained. It’s

quiet and peaceful, with no extreme noise which is very good for someone like me who is studying.”

ROYAL SCHOOLS SKY CITY Offering an affordable quality education from Grade RRR to Grade 12, the private Royal Schools Sky City opened in 2018 and currently has 1,129 pupils. “Among the reasons why I love staying in Sky City is the convenience of having my son attend Royal Schools Sky City,” says Kgomotso Morubane, parent of a Grade 2 pupil. “Besides the school offering great education and extramural activities for their students, I was able to cut costs as it is reasonably priced at R2,090 per month. I’ve also managed to reduce transportation costs as he can now walk to school. His friends living near our house are also his school friends, and they do homework and projects together. I’m proud that my son attends the school and

what makes me very happy is he also loves the school!”

SKY CITY MALL Retail amenities are a must-have in any suburb and the Sky City Mall is not only giving residents convenient access to shops, but it’s also creating jobs. “It’s amazing what’s happened in four years,” says Anthony Henstock, GMI’s asset manager for Sky City Mall. “The infrastructure and the retail side that has come up are quite impressive. Ultimately, there’ll be about 800 permanent jobs created and it will form the heart of the economy for our local people. What you see here now is 15% of what’s coming – we’re expecting another 14,500 houses to be built.”

GET IN TOUCH Tel: 010 045 9099 Email: mel@cosmo.co.za www.skycity.co.za

WORKING WITH LOCAL COMMUNITIES The GEPT Business Forum is an integral part of the Sky City development and has enabled members of the local community to be employed and upskilled during the construction process. “We’ve been working well with CDP Construction and Cosmopolitan Projects. At first it wasn’t easy because when you’re strangers you question other people’s motives, but as time went on that changed. Today, we’re a family. Some people from the community didn’t know how to build, but together we taught them to build a house from scratch,” says Mfundiso Fodo, chairperson of the GEPT business forum.