Business Day HomeFront 14 July 2017 by The Creative Group

HOMEFRONT AtlanticSeaboard 021 439 7415 / Southern Suburbs 021 673 4200

WESTERN CAPE

AtlanticSeaboard 021 439 7415 / Southern Suburbs 021 673 4200 13 OCTOBER 2016 WWW .BDLIVE.CO.ZA WWW.BDLIVE.CO.ZA 14 JULY 2017

MUST READ

Warehouse office with creative flair PAGE 2

Mouille Point / R33.75 million

Ref# AS1323351

Bedrooms 4 / Bathrooms 4.5 / Garages 3 / With spectacular views of the ocean, this apartment is an amazing find on Mouille Point’s Platinum Mile. This is a home where luxury is the standard. Over-sized reception area with an indoor and outdoor pool, exceptional formal dining area and triple lock-up garage. Price excluding VAT.

Avoid the pitfalls of servitudes Paul Levy 083 300 3001 / Mariël Burger 082 372 2573 / Kim Bailey 083 448 2632 PAGE 12

Mouille Point / R33.75 million

Ref# AS1323351

Paul Levy 083 300 3001 / Mariël Burger 082 372 2573 / Kim Bailey 083 448 2632

Boom rumbles on in Cape Town PAGE 18

The rise of Century City

V&A Waterfront / R15 million

Ref# AS1325403

Bedrooms 2 / Bathrooms 2 / Parkings 2 / The moment you step inside this lock-up-and-go apartment you are welcomed by canal views and excellent finishes. Living areas and front-facing bedrooms enjoys north-facing sunshine. Rare opportunity to attain 2 apartments next to each other which offers the possibility to either consolidate or to keep as 2 separate units for investment purposes.

Constantia Hills / R15 million

Ref# KW1326512

Bedrooms 5 / Bathrooms 5 / Garages 3 / Ultra-modern sensation. Stunning entertainment areas include a covered patio overlooking the shimmering turquoise pool set in timber decking, beautiful lounge and dining rooms, a superb open-plan kitchen, breakfast bar and family lounge plus a home theatre room. 5 Luxurious bedrooms plus a pyjama lounge and gym/playroom, triple garaging and housekeeper’s accommodation complete this simply exquisite home.

Since the turning of the first sod 20 years ago, Century City

Top performance has grown from barren into Cape Town’s Mark one Bayly 083of 270 2446 / Julia Torrente 083 633 7614 083 448 2632 / Mariël Burger 082 372a 2573 / Paul Levy 083 wasteland 300 3001 from Waterfall Kim Bailey PAGE 22

most popular suburbs to live and work Constantia Hills / R15 million Ref# AS1325403

V&A Waterfront / R15 million

PAGE 8

Ref# KW1326512

Kim Bailey 083 448 2632 / Mariël Burger 082 372 2573 / Paul Levy 083 300 3001

Mark Bayly 083 270 2446 / Julia Torrente 083 633 7614

HOMEFRONT DECOR

Vibey office revamp Hotshot businesswoman Sue Lederle transformed a gritty Salt River warehouse into a vibrant workspace for her family companies WORDS: HILARY PRENDINI TOFFOLI :: PHOTOS: SUPPLIED

ive minutes from Cape Town’s city centre, in Brickfield Road, Salt River, there’s a massive, brilliantly coloured mural on the side of what was once a factory building. Old rag trade turf. Where the cool brigade is now moving in. Interior designer Sue Lederle is one. This driven, multitalented businesswoman has several entrepreneurial strings to her bow, and they all operate from here, under one roof in an imaginatively decorated warehouse. Lederle Holdings includes a property development company that has built a beautiful luxury safari lodge in the Kruger Park and is busy on another, having just completed an Italian villa in Umbria where the first guests arrive in August. Mauritius is in the pipeline. Concierge Travel is Lederle’s boutique travel consultancy. It handles business and leisure clients. Loveables is a gifting store she’s opening in August in a showroom in the warehouse and online.

— for the Cape Town office of their advertising agency Brandnew Creative, which also handles their mother’s PR, marketing and property websites and so on. Lederle moved the business from a Wynberg cottage to Salt River a few years ago to be closer to town. When the enterprise grew she relocated to the warehouse nearby. “It was the same landlord so we thought we’d get in at ground level and create our own space,” she says. “We were on site for nine months.” Six months ago they moved in.

COLOUR

She has created an engaging cluster of offices that make for a positive work environment. Colour plays a key role. Walls separating areas are brilliant pink or battleship grey, butting against stretches of exposed brick. Walls in the toilets are a bright sun-splashed yellow. With her signature chandeliers, comfortable wingback armchairs dotted about and a pink velvetupholstered sofa and chairs in the boardroom area, this SPACE is not your normal oneAnd since there’s a considerable amount of room dimensional workspace. Thanks to its centrally in the former factory building she’s given some space to her located kitchen and bar children — son Dean Lederle counter it functions more like a home from home. and daughter Tam Holmes

“I believe colour can be therapeutic. If you have beautiful colour and furniture, you never notice industrial pipes in the ceiling” Sue Lederle, Lederle Holdings

HOMEFRONT DESIGN SPECS What challenges did the conversion bring? Splitting up a huge space to make it cosy and workable. With all the dynamics involved, I was desperate for a quiet studio where I could design away from the day-to-day busyness. So we put in a couple of walls topped with cottagepane windows for light. It is designed so that everything works around the central kitchen. What design features were used specific to offices? I’m not prepared to spend thousands on office furniture as it has no resale value. So we used home decor pieces as office furniture. We can relocate them to any of our other projects if necessary. The boardroom chairs are dining chairs, the table a 40-year-old oak table from my first home in Hermanus and so on. Mostly we’ve used décor pieces we’ve picked up. I did, however, commission desks with solid oak tops that could be used in a home study. This worked out at less than a standard office desk and has the

PRODUCED BY BLACKSTAR PROPERTY PUBLISHING Unit G4, Old Castle Brewery, 6 Beach Road, Woodstock, 7925 021 447 7130

bonus of being pretty! Having both the design and travel aspects in the business I thought I could get away with some lovely Moroccan accents in the office such as the beautiful tiles on the kitchen counter. What’s the secret of marrying an industrial feel with soft textures and bright colour? My world is full of colour. I believe colour can be therapeutic. If you have beautiful colour and furniture, you never notice industrial pipes in the ceiling. The best way to deal with them is to not do anything to draw attention to them. Clients and suppliers love coming to this office. One said it’s so inspiring that if we move out, she’ll make it her home. Which artisan furnituremakers have you used? It’s been more a case of recreating old pieces. Someone I work closely with is Kathy Dodds. Give her an old cupboard and it becomes a French armoire. How did you get into property development

and how do you manage diverse businesses? My late husband and I developed and sold property together. I’ve always been able to operate better when I’m busy. My friends think I’m crazy! However I love what I do so much that I’m constantly finding new opportunities. As an interior designer I’m busier more and more on my own properties. It’s lovely being my own client.

A EDITORIAL TEAM Editor: Kim Maxwell Creative Director: Mark Peddle Designer: Samantha Durand

PUBLICATION

Copy Editor: Michael van Olst Content Business Manager: Catherine Davis Production: Joanne Le Roux

ADVERTISING SALES Michèle Jones Susan Erwee

michele.jones@thecreativegroup.info susan.erwee@thecreativegroup.info

084 246 8105 083 556 9848

HOMEFRONT HOMESENSE

Keep your (eco)base covered If you’re planning to green the roof, make sure you’ve done your homework WORDS: ANNE SCHAUFFER :: PHOTOS: ISTOCK

n 2017, homeowners are increasingly pursuing materials and technologies that follow the global trends of sustainability and energy efficiency, even for their roofs. Affordability will always be a factor, but now we are rethinking affordability in a more long-term context — it’s not what we pay today, but what, over a period, we ultimately save. While solar panels aren’t exactly roofing, dark, more attractive panels integrated into the roof (rather than on it) are gaining traction. If you’re considering installing solar panels, start with the roof structure.

RECYCLED Eco-friendly roofing goes beyond materials. Factor in its recycled material content, how long it will last and whether it can be reused. You may not be able to go the whole way with sustainability, but take it as far as you can. Even if you buy secondhand roofing tiles, you have made a difference. Clearly, the type of roofing depends on the

building’s design, aspect and purpose. For some, allowing in light saves on electricity/lighting; translucent materials such as polycarbonate, acrylic clear glass and most tinted options can introduce direct light into a building. For others, a silver-look component reflecting sunlight away saves on electricity/cooling. It is estimated that some eco-friendly products can reduce about 60% of the sun’s radiated heat, substantially lowering the interior cooling requirement and increasing the energy saving. A number of manufacturers of reflective roofing products quote reductions in interior temperatures of between 5˚ and 7˚C, with energy savings of between 10% and 30%.

DURABILITY When you weigh options against costs, it’s wise to factor in the durability of roofing materials and tiles. Look at the weight, because heavier tiles mean a more robust, more costly roofing structure. If you’re thinking of installing solar

“A green or living roof is an option if you’ve decided against solar panels” panels, a contractor should inspect your roof — ideally it should have another 10 years left in it. If not, you’ll need to renovate before installing the panels. A green or living roof is an option if you have decided against solar panels. You may have different sectors of the home which allow both. They are cooling, can be low maintenance, can draw in birds, bees and butterflies and look soft, sculptural or natural. Depending on where you live, plant nearly anything local; choose indigenous, self-seeding flowers and grasses that are easier to maintain.

GREENING It’s simpler to plan a green roof on a new building, but it’s also possible on an existing flat-roofed building or one which you can convert. Ideally, bring

in an expert. The thick waterproofing required needs professionalism and experience and it’s vital to accommodate roots and a drainage system. And talking drainage: gutters are not the most glamorous aspect of a roof, but from a sustainability perspective they are important. If you are a DIY fundi, channel rainwater into holding tanks. If you aren’t, employ somebody who can.

THREE TOP TIPS To balance aesthetics and functionality, do your homework thoroughly. Bring in an eco-roofing expert to explore new technologies. Do the maths carefully so that you balance longevity, durability and sustainability.

WESTERN CAPE AtlanticSeaboard 021 439 7415 / Southern Suburbs 021 673 4200

Mouille Point / R33.75 million

Ref# AS1323351

Paul Levy 083 300 3001 / Mariël Burger 082 372 2573 / Kim Bailey 083 448 2632

V&A Waterfront / R15 million

Ref# AS1325403

Constantia Hills / R15 million

Ref# KW1326512

Kim Bailey 083 448 2632 / Mariël Burger 082 372 2573 / Paul Levy 083 300 3001

Mark Bayly 083 270 2446 / Julia Torrente 083 633 7614

CAPE WHALE COAST Arabella: 028 284 9385 • Betty’s Bay: 028 272 9145 • Hermanus: 028 312 1110 Kleinmond: 028 271 3423 • Onrus: 028 316 3390 • Pringle Bay: 028 273 8326

We are Arabella

Arabella Country Estate / R6.4 million Bedrooms 4 / Bathrooms 4 / Garages 2 Sunny and spacious with amazing views. This north-facing 4-bedroom home has wonderful mountain, golf-course- and lagoon views. It boasts a sheltered private pool and outdoor area plus an enormous garage. Ref# KN1295492 Mike Bisset 082 889 5300 / Hugo Basson 083 386 6299

Ref# KN1320817

Ref# ON1321346

Ref# ON1312698

Kleinmond / R3.4 million

Vermont / R3.75 million

Onrus River / R3.95 million

Bedrooms 5 / Bathrooms 4 / Garages 2 Superb home with space and lovely sea views. Double-storey home with open-plan granite kitchen that flows to dining room, lounge with indoor braai and enclosed stoep. Beautiful garden with water future and borehole.

Bedrooms 3 / Bathrooms 2 / Garages 2 Perched on a hill with mountain and sea views. Huge open-plan living with high-end finishes throughout.

Bedrooms 5 / Bathrooms 3 / Parkings 4 Entertainers dream on large stand in a quiet cul-de-sac. Beautiful mountain and sea views. Farmhouse jewel.

Lise Götz 083 609 7215 / Adri Wernich 071 157 6689

Annamarie Gaigher 082 578 3334

Sandra Boshoff082 873 0166

Ref# HF1322462

Ref# HF1327068

Ref# SW1315242

Kwaaiwater / R10.75 million

Kwaaiwater / R19 million

Gordon’s Bay / R6.8 million

Bedrooms 6 / Bathrooms 6.5 / Parkings 6 Absolutely beautiful and well established bed and breakfast located in the heart of Kwaaiwater and close to the golf course and cliff path.

Quintessentially the best position for whale watching, this Heritage Site is an opportunity to restore a great landmark. Set on 4 plots with spectacular views over Walker Bay and Sievers Point. The possibilities are endless.

Bedrooms 3 / Bathrooms 4 / Garages 4 Luxury home for all seasons over-looking False Bay. This distinctive home with large study is ideal for family or dual-living. Separate spacious 1-bedroom flat.

Allan Lotter 072 768 9984

Rose-Marie Marais 082 877 6160 / Sue Ralph 082 892 8772

Trish Hartley 082 929 7767

CAPE WINELANDS Franschhoek: 021 876 2100 • Paarl: 021 871 1480 • Somerset West: 021 851 2633 Stellenbosch: 021 887 1017 • Wellington: 021 873 4557

Sante Winelands, Paarl / R7.3 million Bedrooms 4 / Bathrooms 4 / Garages 3 Gentleman’s Residence in Secure Estate. Executive villa situated on the edge of the lake with exquisite views of the surrounding mountains and set on over a hectare of land. Experience expansive living and entertainment areas leading onto a private patio and a rim-flow pool. Ref# TK1321806

I am Paarl

Lynette Schoeman 082 553 3045

Ref# TK1320044

Ref# TK1312948

Ref# FWI1248338

Paarl / R4.495 million

Val de Vie, Paarl / R24.95 million

Franschhoek / R8.5 million

Bedrooms 3 / Bathrooms 3 / Garages 2 Family home in Central Paarl in sought after position. This home is in a ready to move in condition. Situated high up on the mountain in Carletta Street in a private and tranquil setting. Easy to maintain garden and stunning mountain views.

Bedrooms 5 / Bathrooms 6 / Garages 2 Vie Estate, offering views from the deck and upstairs patios over the lake, stretching to the Franschhoek Mountains. The imported resilient vinyl flooring throughout the living areas creates cool, industrial feel.

Bedrooms 4 / Bathrooms 4 / Parkings 3 Set in the exclusive Deltacrest Equestrian Estate, is this elegant, bright and spacious home. An open-plan, double-volume lounge with built-in wood burning stove and dining room, French doors either side.

Lana Du Toit 083 407 9659

Hayley 082 926 8587 / Jordan 083 298 1481 / Igna 082 884 8492

Doug Gurr 072 610 7208 / Jeanine Allen 082 410 6837

Ref# FWI1305138

Ref# WEL1323285

Ref# SW1313218

Franschhoek / R7.5 million

Wellington / R2.599 million

Somerset West / R28 million

Bedrooms 5 / Bathrooms 4 / Garages 1 A masterpiece of elegance and style. The master bedroom en-suite is situated upstairs with a private balcony enclosed by fold-back American Shutters to frame some of the most spectacular mountain views in the village.

Bedrooms 4 / Bathrooms 3 / Garage 2 This home offer spectacular views from its large patio. It is built for the entertainer and have one of the largest kitchens with views in town. Large open-plan doublevolume entrance flow to dining room, indoor braai area and lounge.

Bedrooms 5 / Bathrooms 5.5 / Garages 6 Unique, classic northfacing gentleman’s residence - with separate cottage and flatlet. This beautiful elegant home occupies a park-like plot of nearly one hectare with lovely mountain views.

Doug Gurr 072 610 7208 / Jeanine Allen 082 410 6837

Lynette Kannemeyer 082 672 1022 / Erika Odendaal 082 412 6964

Mabel Botha 083 458 3782

HOMEFRONT COMMUNITY

The rise of Century City Since the turning of the first sod 20 years ago, Century City has grown from a barren wasteland into one of Cape Town’s most popular suburbs in which to live and work WORDS: MIRIAM MANNAK :: PHOTOS: SUPPLIED

Century City

t is hard to believe that until 1997 Century City was a windswept and sandy stretch of land alongside the N1. Today the 250ha privately managed and mixed-use area is the home of one of Africa’s largest shopping centres, upmarket corporate offices of PriceWaterhouseCoopers, Vodacom and other large companies, more than a dozen luxury residential complexes, and a myriad essential amenities and facilities.

THRIVING

Palme Vue in the Oasis Luxury Retirement Resort

“Century City is a city within a city, with about 60,000 people living, working and playing here on a daily basis,” says Maggie Rowley, marketing and communications manager at Rabie Property Group, Century City’s developer. It boasts private schools including Curro Century City and Abbot’s College, creches, a Virgin Active gym, sports clubs, a day hospital, medical specialists, five hotels, Canal Walk shopping centre and a conference centre that can accommodate up to 1,900 delegates. There is

a wetlands nature reserve, too. Total investment to date exceeds R23bn at current values. In terms of its residential footprint, Century City is just short of 4,000 residential front doors, the bulk being one- to four-bedroom apartments. Most are sectional title properties in gated communities. “There are several townhouses and free-standing homes, too,” Rowley says. While homes with price tags of between R5m and R14m are not uncommon, most sectional title apartments sell for under R3.5m. Two-bedroom units valued at between R2.5m and R3m and one-bedroom apartments are Century City’s most popular investment targets. An entry-level one-bedroom unit sells for about R1.8m.

NEW COMPLEXES The number of front doors in Century City is set to increase soon — three new residential projects are in the pipeline: Axis, Palme Vue in the Oasis Luxury Retirement Resort, and Waters Edge. The latter will be completed later this year. Waters Edge will consist of 144

HOMEFRONT apartments overlooking the Intaka Island Nature Reserve. A few remaining units, all three-bedroom apartments, are priced from R3.45m. As expected, most Century City real estate investors are owneroccupiers. Buyers who seek to let their properties account for 20% of purchasers. Rowley says: “There is a huge demand for rental housing in Century City. This means you are guaranteed a tenant from day one.” When it comes to those who call Century City home, figures show a diversity among buyers, says Helga Clemo, MD for Seeff Century City: “Pensioners, matured buyers, middle-aged resident and young adults respectively account for 25%, 21%, 30% and 24% of residents.”

RISING VALUE Because of Century City’s popularity, property values have jumped, often by above-inflation increases. “The complex value average in Knightsbridge has increased by 14.92% between 2015 and 2016, from R2,148,055 to R2,468,571,” Clemo says. “Sixty-three percent of sellers in 2016 owned their property for less than five years. This indicates that buyers are re-selling their properties for a quick profit.” Rowley agrees. Initial investors in The Island Club, undertaken between

2004 and 2006, had seen the value of their properties increase by up to 400%. “In 2006 apartments were selling for about R7,000m 2 while today we are looking at R30,000m 2 to R35,000m 2 .”

BRIDGEWAYS Besides luxury residential complexes and capital appreciation potential, Century City has more drawcards. One is Bridgeways, the newest of 10 precincts. It is an all-green, mixed-use precinct comprising the abovementioned conference centre, the Century City Hotel, 15,000m 2 of offices including the regional offices for Chevron, Absa, Philip Morris, Thomson Reuters and Norfund, as well as a Lamborghini showroom and five restaurants. More is on the way for Bridgeways. One development in progress is Sable Park, a new green 16,300m 2 office development that comprises two buildings. One will be the new regional office for Discovery.

PREMIUM The premium-grade offices will be built on a prime gateway site at Century City. Developed by the Rabie Property Group at a cost of R460m, Sable Park will comprise two four-storey buildings of 8,000m 2 and 8,300m 2

respectively, each with two levels of underground parking. Designed in a contemporary vernacular by the award-winning dhk Architects, the buildings will front on to Sable Road, providing high visibility and offering panoramas of Table Mountain and Table Bay. Discovery’s Cape Town staff will occupy the larger of the two buildings.

DESIGN Clemo says the biggest reason Century City has grown to what it has become is its design. “Before a single property was built the developer planned every complex, every house and every amenity. From a residential point of view the suburb is safe, clean, family-friendly and with all your daily needs serviced within a 5km radius.” Rowley concurs: “Century City is wellmanaged, with extremely high standards of maintenance, cleanliness and security factors.” These reasons were consistently provided in bi-annual surveys undertaken by the Century City Property Owners Association on why residents chose Century City.

The Axis residential project

ACCESSIBILITY The area’s accessibility and proximity to Cape Town’s CBD as well as the West Coast and Northern Suburbs play important roles. “The suburb offers easy access to the N1,” says

Waters Edge, due for completion this year

“It is wellmanaged, with extremely high standards of maintenance, cleanliness and security” Maggie Rowley, marketing and communications manager, Rabie Property Group

New Bridgeways precinct development Sable Park will include regional offices for Discovery

Rowley, “and it is served by a railway station, the MyCiTi rapid bus transport system, minibus taxis and Golden Arrow buses.” All of this makes the area highly attractive, from a residential but also a commercial point of view. “The sales value of Century City’s commercial real estate for 2016 was R107m, averaging R22,000/m 2 sold,” Clemo says. “From a sense of value, we get a lot of clients that compare Century City to Sandton.”

2015

2016

324 sectional title units sold at a sales value of R766.5m and 24 freehold units sold at a sales value of R69.915m.

168 sectional title units sold at a sales value of R395m and 27 freehold units sold at a sales value of R91.280m.

93% of sales for that year were sectional title at an average value per unit of R2,365,740. The average freehold fetched R2,913,125, but these properties have a higher entry-level market value.

Sectional title sales still greatly outweighed freehold sales in unit value, but the average sales price for apartments has remained roughly the same at R2,351,190.

Source: Lightstone for Seeff Properties

Freehold values increased to an average of R3,380,740, a 16% boost in just a year.

HOMEFRONT RIGHTS

Pitfalls of servitudes Always check the servitude of a property — it could vitally affect access, encroachment and market value WORDS: HELEN GRANGE :: PHOTOS: ISTOCK

hen you’re hunting for a property, it is vital to ask the right questions. One should be: is there a servitude? The presence of a servitude can affect the value of a property for buyers and sellers as it means the owner is unable to exercise his or her entitlement to the property in full capacity, says Adrian Goslett, regional director and CEO of RE/MAX. “A servitude implies that the property does not serve just the owner, but also another property or person. Because of this, the owner’s rights are somewhat diminished. Many buyers are turned off by this and, as a result, a servitude can reduce the demand for a property which in turn can have a negative impact on its perceived value in the market,” he says. A servitude is defined as a registered right

that someone has over immovable property owned by another person. A typical example is a panhandle property, where a neighbour has the right of access to his property on a road or footpath via your property.

CATEGORIES Servitudes are divided into two main categories, praedial and personal. A praedial servitude, found mainly in rural areas, means a person has a right to use of land because he is the owner of another property nearby. For example, farmer A has the right to cross the property of farmer B, or drive his cattle over farmer B’s land. A praedial servitude is established in perpetuity, irrespective of who the owner is, and is registered against the title deeds of the two pieces of property. A personal servitude, on the other hand, favours a specific person and not

successive owners. It ends when that person dies or moves. An example would be the right of the owner of a hemmed-in property to use an access road on the neighbouring property, or to grow a vegetable garden on a tract of his neighbour’s land. It is registered against one deed only, that of the servitude holder. “The servitude holder has priority. This means the owner of the property can exercise all his usual rights of ownership provided it doesn’t impede on the rights of the servitude holder. And while the servitude holder can use the servitude as specified, he must do so in a manner that causes minimal inconvenience to the property owner,” says Goslett.

AGREEMENTS Neil Gopal, CEO of the SA Property Owners Association, refers to the book Introduction to

the Law of Property (6th edition), which points out that two owners might also have a registered agreement regarding the maintenance of the servitude. For example, farmer B maintains the road to his farm as long as farmer A contributes to its maintenance, in proportion to his use of the road. “The buyer would have to establish this, and if an

agent is involved, they need to bring this to the attention of the buyer and the seller so they have the option to continue the agreement,” says Gopal.

WARNING BELLS Arthur Krumney, principal of Arthouse Properties, says when prospective buyers are looking at a subdivided panhandle back property, it is

important to ensure there is a registered servitude over the front property “so that there is no question later about whether your access will be cut off or changed”. “If there is no servitude registered, the owner of the property with the access road could change it or build on it, whereas if a servitude is registered, the owner can’t

“A servitude implies the property does not serve just the owner, but also another property or person” Adrian Goslett, regional director and CEO, RE/MAX

HOMEFRONT

PRAEDIAL SERVITUDE A praedial servitude lives on in perpetuity, notwithstanding what development manifests on the property, or whether it is old or new, according to Johannesburg estates lawyer Roy Bregman. Thus, for example, the developer of an urban complex adjoining a municipal service road would not be able to encroach on that servitude. “This restriction passes from owner to owner, unless a court application is made to change the servitude and the court finds that the alteration is reasonable,” says Bregman. “The law became more flexible in this regard after a precedent was set in 2008 (Linvestment CC v Hammerlsey) to allow a property owner to amend a path.”

do anything that would infringe [on] the right of access to the property behind,” he says. Sellers of property with a servitude, meanwhile, are not required to ask for permission from the servitude holder to sell. However, as Goslett explains, “the new owner of the property will be required to honour the servitude agreement”.

LIMITATIONS If a service provider such as a municipality or Eskom has a servitude on your land, that would limit or prevent you from certain activities that may affect their operations. For instance, a ban on buildings or tall trees within the servitude, where there are power lines. This would also the affect the selling price of your land. Shaun Rademeyer, CEO at BetterLife Home Loans, advises buyers to ask their agent about any servitude and, better still, to examine the title deed to ascertain this. “If you are unsure of how to examine the title deed, you need to ask your estate agent or conveyancing attorney to assist you,” he says.

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HOMEFRONT PROPERTY TREND

Golden age for Mother City Cape Town rules the richest suburbs list — and the property boom looks set to continue WORDS: GEORGINA GUEDES :: PHOTOS: SEEFF PROPERTIES AND RE/MAX

Bantry Bay

conomic pressures and junk status notwithstanding, properties in Cape Town are fetching excellent prices. This is according to Samuel Seeff, chairman of the Seeff Property Group — and analysts say the Cape Town property boom is unlikely to slow. A study by Seeff, based on data from Lightstone and Propstats for the period 2011-12 to 2016-17,

Constantia Upper

also shows Cape Town is now home to nine of the 10 richest suburbs in the country, up from seven two years ago. Clifton tops the list with an average selling price of R23m. Only one Johannesburg/Sandton suburb, Sandhurst, ranks in the top 10 at fourth place with an average selling price of R16.5m. This is a drop of two places since late 2015 while Westcliff and Dunkeld have fallen off the top 10 list.

INCREASE High net-worth buyers are not investing at the same levels in Sandton and even less in Pretoria East. Seeff says homes there are struggling to achieve the pace of sales and prices in the Atlantic Seaboard and City Bowl. In the Joburg/Sandton area, Lightstone data show an average of six to seven residential transactions priced above R20m annually between 2010 and 2015. This increased

to 10 over the past year. Only three Pretoria East residential transactions above R20m appear to have taken place since 2010. Comparatively, 20 to 50 transactions were recorded annually for Cape Town in the 201014 period, rising to 67 last year — three times more than Joburg, Sandton and Pretoria East.

CONFIDENCE By early June this year, there had already been 44 transactions above R20m, generating more than R1.1bn in revenue in Cape Town. Where prices have comfortably reached the R100m to R200mplus price levels on the Atlantic Seaboard, Pretoria East has had only a single sale of R45m (Waterkloof, 2014) and one of R66m in Sandton (Empire Place, Sandhurst, 2016). Seeff says a significant reason for buyers’ and property investors’ confidence in the Cape, not just at the top end of the market, but across the board, is that they want to invest where service delivery and a hard line on corruption are prized. “Few cities can mimic Cape Town’s unique offering, such as its diverse landscape, complex history, world-class wine region and some of the

“Most wealthy people with second homes in Cape Town are from Johannesburg, the UK, France, Germany, Switzerland, US, Nigeria and the Gulf” Andrew Amoils, New World Wealth analyst

most spectacular real estate in the country,” says Kevin Jacobs, broker/ owner of RE/MAX Premier.

LIFESTYLE “Cape Town’s Southern Suburbs have gained particular attention from buyers in other inland cities such as Johannesburg, who are looking for a more relaxed lifestyle,” he says. According to house price data from First National Bank, the average price of a home in Cape Town is up nearly 80% since the start of the postrecession recovery. In other parts of the country, Jacobs says prices are

effectively declining — which is another reason many are looking to move to the Cape. International interest also plays a part in Cape Town’s property boom. New World Wealth analyst Andrew Amoils says Cape Town is among the 20 top secondhome hotspots in the world for multimillionaires.

ESCAPE “Most wealthy people with second homes in Cape Town are from Johannesburg, the UK, France, Germany, Switzerland, US, Nigeria and the Gulf,” he says. With all these factors working in Cape Town’s favour, it seems unlikely that the property bubble will burst soon — or even that it is a bubble. Seeff Atlantic Seaboard and City Bowl MD Ian Slot says that while the weakening economic outlook will have an effect on Cape property, areas such as the Atlantic Seaboard and City Bowl will hold out well. Seeff has concluded a number of recent highvalue transactions on the Atlantic Seaboard including R54m for three sales ranging from R27m in Camps Bay, a single sale of R82m in Fresnaye, a record sale of R32m in Hout Bay and R34m in Higgovale in the City Bowl.

HOMEFRONT COMPARISONS CT v GAUTENG In Atholl, Sandton, a 818m2 house including a wine cellar, outdoor entertainment area, staff accommodation, multicar garaging and a swimming pool costs R10.9m. A similar home on the Atlantic Seaboard, Camps Bay costs R18m-R32m and R30mR40m in Bantry Bay. In Sandhurst, Sandton, a French chateau-styled house with bespoke finishes and parklike grounds, is priced at about R48m. A comparative property in Clifton, Bantry Bay and Fresnaye costs from R75m-R185m. In Mooikloof Equestrian Estate, Pretoria East, a 2,290m2 home with seven bedrooms, a bar, wine cellar, home cinema theatre, gymnasium, sauna and tennis and squash courts, an extra-length lap pool, an outdoor entertainment area, staff accommodation, multicar garaging and top security is priced at R26m. Similar properties in Cape Town’s Bishopscourt and Constantia have sold for R66m. Source: Seeff Camps Bay

“Cape Town’s Southern Suburbs have gained particular attention from buyers in inland cities who are looking for a more relaxed lifestyle” Kevin Jacobs, broker/owner, RE/MAX Premier

Constantia Upper

TOP 10 HIGH NET-WORTH SUBURBS 2011-12 v 2016-17

SUBURB

AREA

2016-17 AVERAGE PRICE

2011-12 AVERAGE PRICE

Clifton

Atlantic Seaboard

R23m

R14.5m

Llandudno

Atlantic Seaboard

R17m

R8.2m

Bantry Bay

Atlantic Seaboard

R16.9m

R11m

Sandhurst

Sandton

R16.5m

R11m

Camps Bay

Atlantic Seaboard

R16.2m

R7.1m

Fresnaye

Atlantic Seaboard

R16m

R6m

V&A Waterfront

Atlantic Seaboard

R16m

R8.5m

Higgovale

City Bowl

R16m

R5.7m

Bishopscourt

Southern Suburbs

R15.1m

R8m

Constantia Upper

Southern Suburbs

R11.6m

R7.2m

Source: New World Wealth

Llandudno

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HOMEFRONT PROPERTY NEWS

Signatura unveils R700m The Onyx

eveloper Signatura has announced a R700m conversion of the former Nedbank head office on Cape Town’s Foreshore to The Onyx, a luxurious residentialhotel development. Accommodation begins on floors five and six of the 11-storey building, consisting of hotel apartments managed by Newmark, with floors seven to 10 comprising 35 studio and one- and two-bedroom sectional title apartments. The 11th floor will host nine two- and three-bedroom penthouses. The foyer of the development will lead to a coffee shop and bistro, above which will be three floors of secure parking. The fourth floor will house a gym, outdoor crosstraining track, a bar and

entertainment area, a day spa with sauna and a heated indoor-outdoor swimming pool. The outdoor sundeck will have a backdrop of Cape Town Harbour and views of Table Mountain. “Investors have been astounded at the inclusion of a Jaguar F-Pace SUV when one buys an Onyx penthouse,” says Signatura founder John Rabie. “But we are particularly proud of the fact that we offer all purchasers access to a suite of amenities and services usually restricted to an exclusive hotel.” Buyers can choose from 35m² studios to penthouses of more than 400m² with roof gardens and private pools. Prices start from R1.7m. The project is being jointly developed with Nedbank Corporate and Investment Bank.

Joburg shows rental property revival

n unexpected rise in year-on-year rental rates in Gauteng in Q1 2017 has raised cautious hope of a revival in rental stock investment across the region. PayProp’s rental index for the quarter indicated higher year-on-year growth in Gauteng rentals, and along with double-digit escalation in the Western Cape, was responsible for a spike in national average rentals over this period. Says Gauteng rentals manager for Lew Geffen Sotheby’s International Realty Shaun Groves: “This is a very welcome market shift,

especially after spiralling consumer inflation, the highest unemployment levels in more than a decade and ongoing semigration to the Western Cape saw Johannesburg’s property rental market virtually flatline in 2016.” PayProp index editor Johette Smuts says more data will be needed to know if Gauteng’s rental growth recovery is more of a longoverdue recovery off a low base value than a reason for genuine optimism, or if it will play a big role in a market revival. According to PayProp, many rentals countrywide (32%) are in the

R5,000 to R7,500 bracket. The R15,000-plus bracket has increased from 4.95% to 6.2% of rentals from from Q1 2016 to Q1 2017. Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, says: “According to the Rhode Report for the fourth quarter of 2016, the growth in apartment rental rates nationwide is outperforming the growth in house prices, for now. “Johannesburg was the best performer, with rentals showing growth of roughly 7%. This was followed by Cape Town and Pretoria at 6% and Durban at 5%.”

Atterbury launches Waterfall Residential landmark Ghana mall Estates homes sell fast

outh African property development and investment company Atterbury has opened the $95m Kumasi City Mall in Ghana, its fourth in that country. The mall was developed for owners Delico Kumasi Limited. AttAfrica is responsible for the day-today running operations. The mall is the first of its kind in Kumasi, the capital of Ghana’s northern Ashanti region and the secondlargest metropolitan centre.

It gives the city its first shopping and entertainment environment under one roof. The mall is on 6ha and has the potential to expand to up to 28,000m2. It is enclosed at two ends, which house the two anchor tenants — Shoprite and Game — and has a semi-enclosed food court at its heart. The retail mix comprises Ghanaian brands and encompasses groceries and foodstuff, beauty and fashion, electronics, banking, telecommunications,

restaurants and eateries, a nightclub, and children’s entertainment. The mall has 1,200 parking bays, believed to be the biggest such facility in the country. “We are optimistic about Ghana and Kumasi City Mall, notwithstanding the challenging economic climate of west Africa,” says Atterbury director of retail Cobus van Heerden. “Kumasi City Mall is perfectly timed for this upsurge in confidence.”

roperties on Waterfall Residential Estates have become sought-after investments as values outperform industry growth norms. Of the 2,400 properties in the five Waterfall estates, 20 developer stands remain for sale from R2.9m each and three retirement houses from R4.5m. However, Century

Property Developments has two new rental precincts in Waterfall offering upmarket rentals in 230m 2 , three-bedroom homes from R22,000pm and 415m 2 , five-bedroom homes from R44,000pm. Waterfall comprises secure residential estates, business parks, a Netcare hospital, five-star hotels, Reddam House and Curro private schools as well as commercial and

convenient retail centres such as Waterfall Wilds, Waterfall Corner and the largest single-phase shopping mall in southern Africa, Mall of Africa. Geoffrey Crow, brand and marketing manager at Century Property Developments, says Waterfall has quickly become the “preferred address” for people who value a full and varied lifestyle.

PRETORIA EAST

. . . D R N U A ! O T Y E S M D A L O I H U B BUY M A AND DRE Stand: R589 000 up to R650 000 Building: R1 225 000

Stand: R589 000 up to R650 000 Building: From R1 150 000

FAR = 120% of stand size Stand: R589 000 up to R650 000 Building: From R1 100 000 WERNER EKSTEEN

RE/MAX Jowic - Team Werner Eksteen

082 411 3089

082 577 4531 (Office) werner@wernereksteen.com

Resiidne Luxury INVEST IN YOUR

LIFESTYLE We value the finer things, such as the truly stress-free lifestyle at The Houghton. Live blissfully in the centre of town with the five-star life you deserve â&#x20AC;&#x201C; no Sandton traffic jams or uninterrupted utilities. And with views from Northcliff to OR Tambo, relaxing in the evenings is a pleasure.

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Come and view our luxury apartment 12029. Available daily for viewings WARREN BECKER 082 302 3004 | warren@thehoughton.com ALAN BECKER 082 718 8100 | alan@thehoughton.com Houghton on 12th, 53 Second Ave, Houghton | Show apartment 12029