HOMEFRONT 13 OCTOBER 2016 WWW .BDLIVE.CO.ZA WWW.BDLIVE.CO.ZA 28 JULY 2017
MUST READ
Plated in suburban style PAGE 2
Put Lisbon on your radar PAGE 4
Durban: due for moulding next PAGE 12
Sandton’s new mixed precinct PAGE 18
High costs hamper SA’s construction industry Construction costs and relatively high rates of inflation mean pressure for the local sector. Equipment and materials costs are prohibitive and wages are poor
PAGE 8
HOMEFRONT FOOD AND DÉCOR
Stacking up Nearly one year on, Foxcroft restaurant has captured part of Cape Town’s restaurant market with beautiful food in an understatedly stylish suburban setting WORDS: KIM MAXWELL :: PHOTOS: CLAIRE GUNN
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oxcroft restaurant and bakery opened for lunch and dinner in modest High Constantia shopping centre in October 2016. Yes, a location in one of Cape Town’s most upmarket residential suburbs certainly helps. As does an association with acclaimed La Colombe restaurant at Silvermist Estate — La Colombe’s executive chef Scot Kirton and former pastry chef Glen Foxcroft Williams own Foxcroft. Experienced restaurateurs do get things wrong. Yet from day one Foxcroft has aced the culinary formula that draws couples and friends, alongside foreign swallows and business lunchers, in search of skilfully made food in an unpretentious setting. The adjacent bakery offers pastries, pasteltoned macarons and a variety of artisanal loaves. It is ideally located for those eating on the run. Says Williams: “This area has the casual restaurants and then the
very high end. There was nothing in the middle. I wanted to offer La Colombe’s quality of food, maybe not as refined and complex, but with the same spirit behind it, in a more casual environment.”
INTERIORS The restaurant seats 50 to 60 at lunchtime, in addition to outside tables. The interior is compact, with a cast-iron wood stove creating winter cosiness. An open kitchen, a charcuterie and cheese room as well as a bakery are visible from dining tables or window stools. “I left most of the direction of the interiors to Bone Studios. My only stipulation was lots of raw timber and no tablecloths, with leather, concrete and copper,” says Williams. As a restaurant name, Foxcroft was not chosen only because of Williams’s hands-on involvement — it was the name that came out top in a vote. “Foxcroft is a family name, and my second name,” says Williams. “Until a few generations ago Williams-
Foxcroft was a surname in our family, then Foxcroft was dropped. My father brought it back with my sister and myself.” On the food side the plan was to serve only tapas to encourage sharing. But the current menu instead includes a creative selection of hot and cold tapas to start, plus main courses and desserts. Says Williams: “I find with a tapas menu, sometimes you do miss having your own proper plate of food. So we’re trying to get a little bit of both.”
FLAVOURS At La Colombe, Williams “really enjoyed the creativity and experimentation” of desserts and baked items as a pastry chef. That probably explains why, if there is a Williams signature at Foxcroft, it is food that looks pretty. He adds tasty input to sweet and savoury aspects of this menu. Take the mussels and bacon with confit
“This area has the casual restaurants and then the very high end. There was nothing in the middle” Glen Foxcroft Williams, co-owner and chef, Foxcroft
HOMEFRONT BONE STUDIO PARTNER HAYLEY TURNER ON INTERIOR DESIGN What was the design concept for Foxcroft? Foxcroft offers a symbiotic blend of an artisanal bakery and fine dining food experience so the space needed to reflect this complementary relationship in its layout and design. The bakery provides an overspill for restaurant seating and therefore the two spaces (night and day; light and dark) needed to transition as seamlessly. The use of natural leathers, tactile timbers, earthy humble tones and warm burnt hues allows the food to become the showcase.
lemon and soubise. Says Williams: “Most of our food has three or four elements that do the heavy lifting in the dish. Then you have some elements that add visual contrast or texture.” Here, the mussels, bacon and soubise (a creamy caramelised onion sauce) form those elements. A confit lemon strip adds aromatic tang; a crouton delivers texture.
What did you leave of the original building? We wanted to create
a space that could be equally dark and warm in winter as it could be a welcoming relief from the bright outdoors during midsummer trade. The concrete floors were the only internal element we maintained from the previous site; we loved how the original markings and cracks contributed to the authentic ambiance. Were there limitations? Working within confined budget parameters is always a challenge to which we rise, forcing out of the box thinking. Our approach to a heritage-type building such as High Constantia also required a lot of design sensitivity because, often, front facades and
items such as entrance doors and window positions are fixed. Describe any standout design features. The charcuterie room was a pivotal design feature and its contents had to be visible from all corners of the restaurant. The bonecoloured metro tiles allude to the traditional Milanese butcher and create a colour contradiction within their cosy surroundings. The bar counter tiles are all handmade by a local supplier. The layout was quite calculated despite its random appearance, where a dry lay was required prior to installation to ensure the design intention was correctly implemented.
DISTINCTIVE Not all flavours are gentle. So-tender Korean chicken wings in buttermilk espuma are dressed with spring onions and sesame seeds. Velvetsoft lamb rib comes alive with pickled fennel, Moroccan harissa kick and an aubergine crisp. Duck dry-aged for seven days dances in homemade fermented plum sauce, alongside turnips and kale. It tastes even better with a side order of perky duck fat-fried chips. “We’re lucky in that we have no limiting boundaries. We don’t claim to be a French or an Asian restaurant,” says Williams. In desserts, a rose water, cream and coconut milk panna cotta is what Williams calls “a dish I can’t shake”. His first dessert on La Colombe’s menu, it elicits repeat curtain calls at Foxcroft for lime syllabub, pink foam and delicate meringue, all sweetness and girlish pastel tones. There could be a reason why Foxcroft was Eat Out’s 2016 new restaurant of the year. If you have not yet, make a reservation to find out why. * Try the weekday lunch special until the end of August: order four courses (two tapas, one main and one dessert) for R295 a person. PRODUCED BY BLACKSTAR PROPERTY PUBLISHING Unit G4, Old Castle Brewery, 6 Beach Road, Woodstock, 7925 021 447 7130
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HOMEFRONT INVESTMENT
Lisbon’s time has come South Africans go to Lisbon for the Golden Visa programme, stay for the lifestyle WORDS: GEORGINA GUEDES :: PHOTOS: ISTOCK
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isbon is garnering attention as a rising real estate destination for global investors. It has cultural and social offerings befitting a European capital — including beautiful architecture and a burgeoning foodie scene — but remains reasonably priced from a property and lifestyle perspective. And for South Africans, Portugal’s Golden Visa programme makes it a particularly desirable investment destination. “It is Lisbon’s turn,” says Pam Golding Properties International & Projects Division MD Chris Immelman. “It is on steroids at the moment. Lisbon is where Barcelona was 20 years ago — it is on everyone’s radar and it is popping.” The Portuguese capital ranks seventh on the Top 10 European Destinations for Property Investment — a list compiled by PricewaterhouseCoopers and the Urban Land Institute. To put that into perspective “core” markets such as Paris and London hold the 17th and 27th places respectively. A 2016 Savills report on the city ranks Lisbon above cities such as Madrid, San Francisco, Paris and London for quality of
life, value for money and investment potential.
RESIDENCY Of course, the Golden Visa programme is an enormous drawcard. It was established by the Portuguese government to bring investment capital into the country and introduce some liquidity into the economy and banking system. “This is important because it’s actually supported by the government — it’s not just some loophole that an attorney found,” says Immelman. Investors need to purchase a property for €500,000 or more, and submit documentation that includes valid police clearance and unabridged birth certificates. Once approved, investors have to spend seven days in Portugal in the first year, 14 days in years two and three combined, and another 14 days in years four and five combined. If the investor meets these requirements, after five years they can obtain permanent residency. “The beauty of the programme is that you can acquire residency in absentia,” says Immelman. “Most people love SA and they don’t really want to leave, but they want options. This is one
way of doing it without actually having to leave.”
AIRBNB Lisbon has become such an attractive investment destination in recent years because of an active focus on the regeneration of the city — partially as a result of funds from the Golden Visa programme. Another surprising factor linked to Lisbon’s rise is Airbnb. In a Telegraph article in April, Charles Roberts of Fine & Country Cascais on the Lisbon coast says the Airbnb revolution has breathed new life into areas of cities that buyers would never have considered before. Roberts says that Lisbon’s Chiado district — the downtown shopping and theatre centre of the city — was in “a dreadful state”, with rent controls seeing tenants in situ for life, paying minimal rents while the buildings crumbled. “Then the rental laws changed and the buildings could be turned into modern apartments that now see high rental demand,” says Roberts. “Chiado is the kind of noisy neighbourhood that you wouldn’t want to live in full time, but it’s exactly what the Airbnb market
wants and that has made a load of properties much more valuable. Prices in Chiado have risen by 30% in the past two years.” This ties into the Savills report, which states that Lisbon’s cultural renaissance is “one of urban living and the rediscovery of its cultural centre. This is in contrast to Lisbon’s previous surge of development in the late 1990s, characterised by new apartment buildings in peripheral districts.”
REDISCOVERY New construction in Lisbon has grown rapidly since 2013, up 51% in the year to February 2016. “Sales of prime new developments are now occurring off plan as inventory has been diminished. Lisbon’s stock of historic buildings is gradually being renovated. Such is the demand for residential projects, conversions for residential use are outcompeting those for office use.” Immelman says that a one-bedroom apartment in Lisbon will sell for about €350,000, while two-bedroom apartments start at €450,000. Of course, these prices are below the Golden Visa requirements, so investors
seeking to participate in the programme will have to identify a property that meets the minimum criteria. While the focus of the Golden Visa programme is on gaining EU residency in absentia, Lisbon is also a great place to live permanently. Its weather is comparable to Cape Town’s, and leading schools offer tuition in English. “There are fantastic schools that provide students with an international baccalaureate or the American equivalent, and Nova University (highly ranked as an MBA provider and business school) does all its lectures in English,” says Immelman. He adds that Lisbon has become a tech city, having stolen the Web Summit from first Berlin and then Dublin — indicating that there is a great deal of entrepreneurship and the development of young talent.
CHARM Meanwhile, Lisbon has retained its old-city charm, with beautiful building facades and rattling yellow trams still functioning as public transport. And the sea is never far away, visible in sudden drop-
away views between apartment blocks. The nightlife is also humming – with suburbs such as Bairro Alto only coming to life after midnight as bars and clubs welcome late-night partygoers. Immelman recommends looking at investment opportunities in Chiado, Baixa, the cultural and shopping centre, Avenieda de Liberdade, the Champs-Élysées of Lisbon and Bairro Alto. “It’s coming off a low base because the city was fairly derelict, but it is regenerating. The prices are continuously escalating as the city transforms itself, so it’s just going to get better and better.”
THE COST OF LIVING IN LISBON R27,654.81 (€1,804.15) — Four-person family monthly costs, excluding rent R7,814.04R (€509.77) — Single person monthly costs, excluding rent 20.23% — Cost of living index in Lisbon is higher than in Cape Town 320 — Cost of living rank out of 506 cities Source: www.numbeo.com
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HOMEFRONT INDUSTRY OUTLOOK
High costs hamper SA’s construction industry Construction costs and relatively high rates of inflation mean pressure for the local sector. Equipment and materials costs are prohibitive and wages are poor WORDS: SUNGULA NKABINDE :: PHOTOS: ISTOCK
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Top five forecasted construction cost increases by market
1 3 4 5
2
Buenos Aires
Istanbul 10.0%
20.0%
Dublin 8.0%
Johannesburg 7.5%
São Paulo 6.0% Source: International Construction Market Survey 2017, Turner & Townsend
onstruction cost inflation in Johannesburg is the highest in Africa and forecast to be the fourth highest by market globally at 7.5% this year. This is according to construction and project management consultancy Turner & Townsend’s International Construction Market Survey 2017, a major data-led study of construction costs in 43 markets. Construction cost inflation within these global markets stands at 3.7%. By comparison, at about 5%-6% cost inflation, SA, Brazil and Russia are among the developing economies hardest hit, creating increased pressure for better wages and higher costs of plant equipment and materials. Although Johannesburg is ranked behind Buenos Aires, Istanbul and Dublin for forecasted construction cost increases by market, SA still has very low construction costs when compared to most other countries. Building costs per square metre average R10,956.72 in Johannesburg, compared with a maximum of R49,163.29/m 2 in New York City. The cheapest city in which to build is Nairobi where the cost is R8,304.65/m 2 . WBHO director Terry Armstrong says that despite the high increase in construction costs SA is still among the cheapest countries in which to build in comparison to other global markets.
LOW PRODUCTIVITY “The large component of imported specialist material coupled with the high exchange rate directly drives the cost of developments in SA,” says head of development at Growthpoint Properties Pieter Engelbrecht.
“Despite the high increase in construction costs SA is still among the cheapest countries in which to build in comparison to other global markets” Terry Armstrong, director, WBHO
“Because of the inadequate public transport infrastructure, developers are forced to accommodate a very high structured parking ratio in our buildings. This increases the average building cost in comparison to firstworld cities. “We also have a long lead time on orders for imported material and the distance from the manufacturing nations influences transportation cost, putting a premium on imported goods. Another cost driver is the lack of skilled labour and productivity.” Turner & Townsend global MD of real estate Steve McGuckin says that the market survey indicates a slowly warming global construction industry suffering from increasing labour
HOMEFRONT shortages in an improving global economy. “As more markets report skills shortages than ever before in the history of this study, it is clear that construction is not doing nearly enough to tackle this issue, which in turn is contributing to higher costs. Against this backdrop, there is an urgent need for contractors and clients in many markets to boost productivity — embracing innovative technologies and new methods of construction as well as using data analytics and better programme management to unlock efficiencies.”
JOB CREATION This lack of skilled labour is common to most of the cities included in the study. In fact, skills shortages are being faced by 24 of the 43 global markets, many of which are first-world markets. Engelbrecht says that SA is therefore not alone in this regard yet one has to wonder why — in a country where unemployment is high but there is a large pool of casual workers, skill shortages remain a problem. He adds that the quality of low-skilled labour in SA is also a challenge in that it tends to lead to “repetitive work and the rectification of defective workmanship”. Says Engelbrecht: “The gap between unskilled and skilled labour is a problem that needs to be addressed urgently. There is unfortunately a lack of training and resources available to educate, develop and upskill the casual labour force. This results in an exceptionally low cost of labour, but our productivity per labourer is lower than most markets.”
Engelbrecht would like better training and certification programmes, funded and supported by both public and private sector stakeholders, so that SA can upcycle skills developments. “Management and supervision should, however, form part of this process and emphasis should be placed on skills training and certification. Mentoring, training and enterprise development from a grassroots level is imperative to ensure growth and sustainable job creation.”
IMPACT Meanwhile, the impact of SA’s downgrade to subinvestment grade by credit ratings agencies —
“The large component of imported specialist material coupled with the high exchange rate directly drives the cost of developments in SA” Pieter Engelbrecht, head of development, Growthpoint Properties
and the fact that large development contracts have either been completed or are nearing completion — have put a burden on larger construction companies with excessive resources. The pipeline for future developments is unable to sustain this high cost of capital. Construction projects by municipalities and state-owned enterprises are likely to be the first affected. The study notes that these include infrastructure and power-transmission projects such as the ongoing extensions to the Lesotho Highlands Water Project and the next phase of the Gautrain extension to Soweto,
Mamelodi and the West Rand. A re-commitment to purchase renewable energy by Eskom should give that sector a boost.
SLUMP According to the fourth edition of PwC’s 2016 SA Construction publication, the construction industry is a significant contributor to employment and growth in SA. But it has been in a slump since 2009, contracting by 68% by the end of June 2016. PwC assurance partner Andries Rossouw says there has since been some recovery in the industry. The latest Quarterly Labour Force Survey reflects a 10.5% year-on-year increase in employment within the construction
sector for the first quarter of 2017. Compared to the previous quarter, employment is up 1.5% with 23,000 more people employed within the first three months of 2017. “According to our SA Construction 2016 report, the value received by employees represented 77% of the value created last year, compared to 83% in 2015. This was a significant contribution to the labour market … during the second half of 2016, an increase in employee numbers was evident,” says Rossouw. This does not yet point to resurgence in the local sector as challenges for the economy include low growth and continuing political uncertainty.
Availability of labour
Surplus In balance Skills shortage Amsterdam Bangalore Brisbane Dublin Hong Kong Houston Johannesburg Kampala Kigali London Melbourne New York City
San Francisco Scotland Seattle Seoul Singapore Sydney Tokyo Toronto UK Central UK North UK South Zurich
Beijing Bogota Buenos Aires Dar es Salaam Doha Istanbul Kuala Lumpur Madrid
Moscow Munich Nairobi Northern Ireland Paris UAE Warsaw
Muscat Perth Santiago São Paulo
SA CONSTRUCTION INDUSTRY IN NUMBERS 3.7% - Average global construction cost inflation
5%-6% - SA
construction cost inflation
4 - Johannesburg’s world market
ranking for construction cost inflation
R10,956.72 -
Johannesburg construction cost per square metre
R49,163.29 - New York
construction cost per square metre
Source: International Construction Market Survey 2017, Turner & Townsend
YOUR PROPERTY DEVELOPMENT PARTNER
HOMEFRONT PROPERTY PROFILE
Urban regeneration fuels property investment strategy Vision and instinct support Jonny Friedman’s ability to choose which areas to invest in when. He has seen great returns in London and Cape Town. Durban is next WORDS: ANDRÉ FIORE :: PHOTOS: SUPPLIED AND LINDSEY APPOLIS
Widow Maker, Long Street, Cape Town
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Urban Hub, Dorp Street, Cape Town
onny Friedman of Urban Lime has injected about R2bn into commercial property in Cape Town and Durban since 2000. The company is now the largest private landlord in the Mother City’s Bree Street and Friedman expects to invest at least another R200m-R300m in Durban’s Florida Road. “I’ve only stopped having sleepless nights recently,” says Friedman. “I think though, the longer I’m in business, the better I’m getting at it.” He is referring to vision. The ability to look at property with open eyes and see the realities. It helps being an outsider, the British-born entrepreneur explains. “My understanding is not filtered by living
with experiences and perceptions of an area which are almost impossible to avoid. When I look at Durban CBD, for example, I see thousands of people with money, hundreds of offices, crowds at tellers jostling to pay. In fact in 2014 central Durban was the greatest property opportunity I’ve ever seen in my life.”
PRIME After studying politics and graduating with an MBA from Manchester University, Friedman first tested his intuition as a young commercial broker when he snapped up property after the 1990 crash in London’s East End for about £20 a foot freehold. Currently those properties fetch rentals
HOMEFRONT
“Our model is to buy in clusters so we can control the surrounding public spaces and create an offering that is much more than the sum of its parts”
Jonny Friedman
Hacienda, Florida Road, Durban of £60 a foot annually. After catalytic input into the regeneration of the East End, “today it’s prime London, the middle of tech-city”, Friedman now spends an hour a week on his London business while focusing on SA. His interest in Cape Town was triggered in 2000, when he visited the city for a wedding and left three weeks later having purchased a property. Seeing the potential for regeneration in Cape Town, Friedman set up offices there in 2006 and has bought more than 100 buildings in the city. “Our model is to buy in clusters so we can control the surrounding public spaces and create an offering that is much more than the sum of its parts. When we started buying in Cape Town’s Bree Street it was dead at night. There wasn’t even a bar to go to, so we opened the Orphanage Cocktail Emporium. Now there are probably 50 nightspots there.” Urban Lime also leases differently. “Instead of waiting for big corporates
URBAN LIME IN NUMBERS Jonny Friedman believes that Durban is the next big thing. He is putting his money where his mouth is.
40 - Durban properties owned by Urban Lime
16 -
Durban zones planned for development
20 -
Buildings purchased during the past six months
R2bn -
Commercial investment in Cape Town and Durban since 2000
to take multiple floors of a building, we convert the space into smaller, more flexible offices, such as Hacienda and Florida Exchange in Florida Road, Durban, which are much easier to tenant. We’re highly selective about our tenants too.” In addition to being the largest private landlord in Bree Street, Urban Lime has significant investments throughout the CBD and surrounding areas, Woodstock, Salt River, Maitland and the Atlantic Seaboard. They will soon be launching “a complete gem that has been missed” in a vibrantly repurposed, reimagined Church Square.
DURBAN BARGAINS While property in London and Cape Town is now at fair value in Friedman’s view, Durban offers bargain real estate in relation to its potential. “Our only problem is we are spoilt for choice. There are so many opportunities.” Urban Lime has identified 16 zones in Durban that they intend to develop and have kicked off with a new professional quarter for Durban’s CBD, the Rivertown Precinct (with Propertuity and Genesis), 320 Pixley and Florida Road. With a number of projects well under way in the latter, Friedman expects to invest a minimum of R200mR300m in the street over the next three years. “Over the past six months we have bought about 20 new buildings across the portfolio and we have a very exciting and extensive development pipeline,” he says. Friedman’s ways of ensuring his investments succeed are similarly clear-sighted. “Our
business philosophy is ‘best in class’. How do I get a family from Umhlanga to drive to Florida Road on a Saturday afternoon? They are not going to come for average. In every class of offering we believe in being amazing, standing out. Watch this space for the introduction of Florida Sundays, Michelin restaurants, Starbucks, unusual retail and entertainment, open parks and beautiful public spaces in the ’hood.”
COMEBACK An early-stage investor, Friedman steps in when places are unpopular. “Durban was deeply out of fashion,” he says. “There was a rejection of cities in SA in the post-apartheid era. It’s temporary. A lot of people made a lot of money with the move north in Durban. My view is that the cities are going to come back very strongly, led by entrepreneurs, youth, culture and technology. Cape Town was always going to be the first and I believe Durban will be the second. “I can’t paint, I can’t sculpt, but I can be the catalyst for radical inner city transformation. It gives me great pleasure to start processes whereby buildings and areas are transformed and people’s behaviour and engagement in those areas are transformed.” Due to Durban’s compact structure, Friedman believes it is a particularly easy place to effect a difference. Urban Lime currently owns 40 properties there. “If you have 100 buildings you can transform the CBD. Durban has the potential to be the greatest city in Africa, and I’m doing all in my power to make this vision a reality.”
Durban Club Place, Durban CBD
Florida Exchange, Florida Road, Durban
estlake
eco-estate
m o d d e r f o n t e i n
18283
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HOMEFRONT PROPERTY NEWS
New Hyde Park executive apartments
A
new lifestyle concept comprising 102 luxury units for an apartment development in Hyde Park, Johannesburg, was launched by the JSE-listed G5 Properties Group in partnership with Sylt and Liviero in June. G5 Properties Group development manager Sam Silwamba says the multimillion rand six-storey residential development, One97, near
Hyde Park Corner shopping centre is expected to be completed by mid-2019. The units will have state-of-the-art singleaccess security and the highest quality finishes. Pam Golding Properties has the mandate to market the development off plan at R1.9m for a 50m 2 apartment and R13m for a penthouse. Says Pam Golding Properties CEO Dr Andrew
Golding: “The homes are likely to appeal to professionals and business executives who work within the greater Sandton area or as a base for their commute between major local business centres and neighbouring countries.” The development offers a shuttle service, private function and meeting rooms, 24-hour concierge and security services, secure basement and
visitor parking, laundry services as well as high-speed fibre optic infrastructure.
G5 marketing director Justin Smith adds that an advantage for the purchaser is that the
developer will undertake all construction in-house, guaranteeing quality and delivery of the product.
Development under way at Sandton Gate
A Affordable housing project starting near Durban
C
onstruction of a landmark affordable housing project at Bridge City, a joint venture between Tongaat Hulett and eThekwini Municipality, is imminent. Positioned as a mixeduse precinct with 356 affordable apartment units priced from R499,000, the project will be built by JSE-listed Calgro M3. The company has purchased the land together with affordable home loan provider Chartwell Group. Less than 20km north of Durban’s CBD, the Bridge City development includes the 13ha Bridge City business estate and a town centre comprising commercial, residential, retail, state hospital and
regional magistrate’s court sites. The opening of eThekwini’s Go! Durban Integrated Rapid Public Transport Network (IRPTN) public transport system and the installation of CCTV security throughout Bridge City by year end will make this a highly desirable commercial as well as residential node. One commercial tenant, NJR Steel, a purpose-built 4,000m 2 warehouse and distribution facility, is now fully operational. Says Brian Ive, development executive at Tongaat Hulett Developments: “Bridge City is coming of age because of its strategic location and the completion of the half-diamond interchange
giving gives direct access to the M25.” “The residential aspect of the development will enable a number of families in the region, particularly first-time homeowners, to step onto the homeownership ladder,” says Chartwell Group executive director Gregory Connellan. Chartwell Group is offering 100% home loans to qualifying buyers with zero upfront deposits, no occupational rental charges together with an accelerated two-week credit approval process. The apartments, most with two bedrooms and one bathroom and openplan living areas, have granite kitchen tops, ceramic tiles, burglar bars and security gates.
bland Property Developers and Tiber Construction have joined forces to develop Sandton Gate, the mixed-use precinct near SA’s economic business centre in Sandton. Located on William Nicol Drive between Sandton Drive and Republic Road, the development will offer a secure upmarket office, retail, residential and lifestyle environment with convenient access. Says Abland MD Jurgens Prinsloo: “We have the opportunity to do something
special here. This is an exceptional site for a strong nodal development.” The 130,000m 2 floor area will incorporate about 80,000m 2 of offices, 400 residential units as well as lifestyle and smaller retail amenities such as a health club, restaurants or cafés. The site is adjacent to the Braamfontein Spruit, a popular mountain biking route. The stretch of river adjoining the site will be rehabilitated and upgraded as part of the project and the entire precinct will be Green Star SA rated.
The first phase of Sandton Gate will include all necessary infrastructure, plus 10,000m 2 to 15,000m 2 of commercial office space and a residential component to begin late 2017. The commercial buildings will be developed as highend A-Grade and P-Grade buildings to accommodate large, medium and smaller users. The residential units will be for sale and/or leasing while the commercial buildings will be for leasing. The Abland/ Tiber joint venture will manage the development.
Portfolio acquisition boosts offshore exposure
V
ukile Property Fund in July announced its trailblazing acquisition of a portfolio of nine high-quality, new retail parks in Spain via its 98.3% Spanish Reit subsidiary Castellana Properties Socimi SA.
The properties have a gross lettable area of 117,670m 2 . The R2,8bn off-market transaction increases Vukile’s diversification, boosts its international exposure to about 21% of total property assets and
grows its Spanish portfolio to 11 properties. The company now offers the “most focused exposure to Spanish property available in the South African Reit market”. This also reaffirms Vukile’s prospects to
deliver growth in dividends between 7% and 8% for its financial year ending March 31 2018. Vukile CEO Laurence Rapp says the deal gives traction to the company’s investment strategy into the developed markets of
Western Europe. “Vukile has secured a significant growth platform in one of the most compelling investment stories in the Eurozone today.” The Spanish economy currently provides one of the most attractive growth
rates in the eurozone region with GDP growth of 3.2% in 2016 and 2.2% forecast for 2017. This is compared with 1.5% for the eurozone. Spain’s retail market indicators are positive and in line with its economic recovery.
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
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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