Neighbourhood CT - 27 October 2019 by Your Neighbourhood

Neighbourhood 27 OCTOBER 2019

PROPERTY & LIFESTYLE

See it, enjoy it The upmarket apartments in the sought-after Paardevlei precinct in Somerset West are ideal to fully enjoy the majestic Hottentots Holland mountains, the Paardevlei nature sanctuary, and the Strand beachfront, page 12

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AS IT SHOULD BE

NEWS & LIFESTYLE

27 OCTOBER 2019

Editor’s exclusive CARLA REDELINGHUYS

Neighbourhood

In your hood:

Stellenbosch

Delheim | 021 888 4600 | delheim.com

Rebel with a cause To mark their 80th birthday, Delheim has released a one-of-a-kind wine to celebrate a one-of-a-kind man WORDS: CARLA REDELINGHUYS

IMAGES: ALFRED THORPE VUURTORING MEDIA & SUPPLIED

patz Sperling was not your average man. That much is clear when you listen to those who loved him – family, friends, colleagues – speak about this tour de force. Headstrong, driven, daring, passionate, loyal, sensitive, caring, humble… Spatz was a contradiction in terms. So it’s only fitting that a rare specimen like the patriarch of Delheim was be honoured with an equally unique wine to mark the estate’s 80th anniversary.

Mindset + Creativity + Tech = Catalyst Africa

aking place from 30 to 31 October at the Portswood Ridge Precinct in the V&A Waterfront, Catalyst Africa is a disruptive conference celebrating the convergence of technology, creativity and mindset. The idea is to accelerate awareness around opportunities available in the fourth industrial revolution (4IR) world by equipping South African companies and individuals with the necessary skills to action their ideas and achieve their goals. “The most unexpected discoveries happen when diverse topics and people come together. Our concern is with the actual doing or use of knowledge rather than with theory and ideas,” says Dale Imerman, co-founder of Catalyst Africa. The event is supported by South African Tourism, The City of Cape Town and Wesgro because it’s aligned with national government’s ambitions to embrace 4IR. “We’re actioning the national conversation around 4IR technologies into one of building a growth mindset, igniting positive change, and sharing knowledge among thinkers and doers.” says co-founder Roy Harman. Catalyst Africa is dedicated to helping South African people and businesses achieve their goals through celebrating the convergence of technology, creativity and mindset. Multiple-session formats taking place simultaneously enable attendees to choose their own experience and educational content, presented by a host of

PUBLISHED BY TIMES MEDIA PROPERTY PUBLISHING

The Iconoclast – of which only 2,100 bottles were produced – is a blend of four cultivars, but it’s not your typical

Cape blend, which typically uses pinotage as the lead variety. Iconoclast is shiraz-driven – a quirk that would’ve made Spatz smile not only because it’s going against the grain, but also because it was his favourite. The blend is rounded off with cabernet sauvignon and petit verdot, with pinotage the fourth component.

The wine has a dark ruby colour with an intense core and an aroma that ranges from dark cherries, cassis, blue berries, dry herbs, spice and tobacco, to undertones of perfume. There’s a firm tannin structure, supported by dark fruit flavours and spice, making this wine an exceptional blend where each cultivar expresses its unique character.

The name “Iconoclast” also encapsulates his inimitable spirit: Stemming from the Greek words eikon, meaning “image”, and klastes, meaning “breaker”, an iconoclast is a person who challenges or criticises cherished beliefs or institutions – a rugged individualist and bold thinker.

If you’re lucky enough to lay your hands on a bottle, it’s suggested you let it age for a few years. Or you could break conventions and pop the cork on a Tuesday night and enjoy the bottle with a ready-made Woolies meal. But at R1,000 a bottle, you might want to rethink that strategy.

leaders from world-class educational institutions, successful businesspeople and leading technical experts. Key education partners include University of Cape Town Graduate School of Business, Amazon Web Services, Friends of Design, D-School, and WeThinkCode. Says Cape Town executive mayor Dan Plato, “The City of Cape Town is a proud host and supporter of Catalyst Africa. The event will help strengthen and promote Cape Town’s status as an African business hub that supports big ideas. Cape Town was recently named Africa’s leading digital hub because we offer a place for innovation with the necessary infrastructure and tools for growth. This is a reflection of our government’s commitment to creating an environment conducive to job creation, leading to many continuing to see Cape Town as an opportunity city. We look forward to hosting Catalyst Africa in October and providing a space for innovation.” Definitely a must-attend event for all the creative, forwardthinkers in the Mother City.

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27 OCTOBER 2019

Neighbourhood

In your hood:

Constantia

In your hood:

Tryn | 021 713 7178 | steenbergfarm.com/tryn

NEWS & LIFESTYLE

Cape winelands

Moments in wine With his new wine brand, Jean Smit is unearthing parcels of unique terroir in the Cape winelands WORDS: RICHARD HOLMES IMAGE: SUPPLIED

Fresh and feisty Chef Kerry Kilpin brings warmth and generous style to Steenberg’s newly reimagined signature restaurant Tryn WORDS: KIT HEATHCOCK

IMAGES: SUPPLIED

he launch of Tryn has reenergised the historic heart of Steenberg Farm. Naming the newly renovated space “Tryn” – the family nickname for Catharina Ras, the formidable founder of the estate, rather than her full name as before in Catharina’s – symbolises the shift from formality to a more relaxed charm and style. “My team and I are very excited about bringing Catharina into the 21st century with the opening of Tryn, and creating a dining experience that’s more connected to her free and feisty spirit,” executive chef Kerry Kilpin says. With butternut orange button-backed booths on one wall, glass doors spilling onto a shady terrace on the other, it’s contemporary and inviting, ideal for a long leisurely meal with friends and family. Kerry has long been the dynamic energy behind the ongoing popularity of Steenberg’s Bistro 1682 and has finally been cajoled into running both restaurants. Her characteristic warmth, creativity and generosity of spirit are the perfect complement to the new vibe, and her tempting and unintimidating fine-dining menu at Tryn refines her talent for superb sauces and dressings, using fresh local ingredients. At the launch lunch we tasted the starters in the form of tiny canapes. All delicious, I particularly loved the ash-crusted chevin on galette with pear and lemon, and the pan-fried scallop on pea puree with vanilla velouté. Kerry pioneered the Abalobi sustainable fishing programme at Bistro 1682 when it first started and she features sustainable seafood from the programme here too. Our Cape bream on roasted butternut, aubergine and harissa was excellent, simply presented with a tapestry of full flavours in the supporting vegetables. An intriguing beetroot tataki, hazelnuts and a dressing of sweet-savoury caramel seduction, was a lovely side

dish, as was a gorgeous asparagus and truffle salad with quail’s egg. Rather than burdening the plate with frills, Kerry tantalises the taste buds with complex combinations of spices and herbs that make a harmonious whole, but still send you tracing the thread of a food memory to identify certain elusive flavours. The warm chocolate dessert is chocoholic heaven – a crisp shell filled with melting dark chocolate, delicate basil ice cream, fresh strawberries, strawberry salsa and the childhood fun of popping candy. Kerry has really brought her magic culinary touch to the next level at Tryn.

ou may not have heard of Jean Smit, but chances are you’ve tasted his wines.

Previously the senior winemaker at acclaimed Franschhoek cellar Boekenhoutskloof, Jean’s new venture – Damascene – is a partnership with Elgin-based businessman David Curl, former owner of Château Gaby in Bordeaux. The philosophy: to unearth unique corners of the Cape winelands. “Damascene is about seeking out memorable vineyards and sites that truly showcase the incredible diversity of terroir we have here in the Western Cape,” says Smit. “I spend countless days on the road, covering thousands of kilometres, visiting vineyards and farmers in search of special parcels of land.” Damascene launches with a trio of wines in the portfolio, each highlighting specific cultivars and winegrowing regions. The Damascene Stellenbosch Cabernet Franc 2018 comes from a high-lying vineyard in the Bottelary Hills, with Jean highlighting the cultivar’s characteristic fennel notes that are so often lost in a broader Bordeaux-style blend. “I just love the inky garnet colour of this cabernet franc,” says Jean. “On the palate it’s all about dark sour cherry, fennel and blackcurrant flavours on a beautiful earthy core. There’s a profound velvety texture to this wine, with a sheer elegant finish.”

The Damascene Franschhoek Semillon is no less memorable, tapping into one of the country’s oldest semillon vineyards, planted in 1942. Great semillon needs old vines, says Jean, and this vineyard in the Franschhoek valley “produces a wine of beautiful complexity, weight and texture”. But perhaps the standout is the syrah, a varietal Jean has become a specialist in through years working in South Africa, California and the Rhône valley in France. For Damascene the syrah grapes come from vineyards in the Polkadraai and Bottelary Hills, bringing a blend of perfume, spice, structure and fruit character. It’s a wine respected wine critic Christian Eedes raved about on Winemag.co.za, hailing its “great freshness and lovely ripe tannins in addition to impressive fruit. Super detail and energy, this immediately places among the best in the country”. High praise indeed for a maiden release, and with Jean forever on the road, seeking his next Damascene moment in the vineyards, expect interesting wines from this brand going forward.

PROPERTY NEWS

27 OCTOBER 2019

Neighbourhood

Foreclosure facts Here is what you need to know when buying a foreclosed property WORDS: ANNE SCHAUFFER

IMAGE: SHUTTERSTOCK

foreclosure property is one where there’s legal action being taken against the owner/s, ordinarily for defaulting on their credit agreement by being in arrears. “Another term for foreclosure is sale in execution (SIE),” says Buyisile Maseko, FNB Home Finance: growth head gold sub-segment. “Essentially, the property is eventually attached, and sold at an SIE by the sheriff, through a public auction.” Maseko explained the ins and outs of the process, “When it comes to foreclosure/SIE-bound properties, because the bank is not the owner of the property but merely a mortgage holder over it, prospective buyers cannot make any offer(s) directly to the bank – they need to contact the owners/customers directly. Currently, when a customer is under financial distress, the bank makes available options such as Quicksell where the bank has consent from the customer

to advertise his/her property to interested buyers – this process entails the use of estate agents.”

The process and the payments

“With foreclosure/SIE, if you buy a property from SIE, there’s no estate agent. There’s a 10% deposit on the full purchase required on the spot and on the day of the SIE, of which 6% will be the sheriff’s commission. There’s no predetermined purchase price – the SIE process derives purchase prices by way of bidding and the highest bid is regarded as the purchase price. Thereafter, the buyer has 21 court days within which they can settle the balance of the full purchase price, as well as settle a portion of the outstanding rates and taxes and levies, if applicable.”

What to look out for

According to Maseko, there are a number of things to consider when buying a foreclosed property, such as, but not limited to:

• S tructural defects • Poor area (that is, lack of basic services, community unrest, crime, amenities, etc.) • Eviction – because SIE is a courtenforced process, some owners may refuse to vacate the properties; this will be the obligation (at the buyer’s cost) of the buyer to handle such instances • With sectional titles and secured estates/complexes – there will be levies payable, over and above the rates and taxes payable to the municipalities.

Hints and tips

Five pointers which Maseko suggests prospective buyers take to heart: • Get a preapproval on a mortgage from your bank before making an offer on a distressed property. Consider the fact that you’ll be competing with other potential buyers, so it helps having proof that you’re a reliable

prospect to get the bank to accept your bid. • Look at the condition of the property you’re looking to buy – if a house is too damaged, lenders will often be cautious to finance the purchase. So, if the property needs extensive repairs, you might have to put up extra cash, or take out a second loan to cover the costs. • Do your research – look at the area where the property is located. It’s not a bad idea to buy a distressed property in a good neighbourhood, but be careful of buying a distressed property in a distressed or extremely depressed neighbourhood. • Buying a property via SIE is a risk inherent process and as a buyer, you assume all the risk attached to this process. Make sure you understand legislation around foreclosure properties in the country in which you are buying.

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The prestigious Akasha development occupies a magical space on the west coast of Mauritius with its ocean views and mountainous backdrops. A purchase of one of these outstanding villas secures your spot in the protected reserve. • Prime location near Tamarina Golf Course • Modern interiors • Manicured garden with swimming pool • Close to the beach and leisure parks • Sought-after river frontage and sea views • Ecofriendly living • World-class amenities on site • 3 bedroom villa available from EUR 680,000

To claim your piece of Mauritius, please contact: Derrick Mace +230 5 423 5072 • projects@pamgolding.mu

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PROPERTY NEWS

27 OCTOBER 2019

Neighbourhood

Property focus

SAN LAMEER, KZN NORTH COAST

THE DUNES, KZN

Coast to coast

Although living, working and playing in the city remain a popular option, especially among millennials, many South Africans and foreigners prefer to invest in dream homes on the coast

OCEAN VILLAS, WEST COAST

WORDS: TRACY ANN VAN BLERK & MIRIAM MANNAK IMAGES: SUPPLIED & SHUTTERSTOCK

outh Africa is renowned for its magnificent 3,000km stretch of coastline offering a wide range of places to live. From spectacular cliff-top homes and quaint beachfront towns to secure coastal estates, lock-up-and-go holiday homes and trendy apartments – it’s good news indeed that this is the time to buy. On the Atlantic Seaboard – arguably SA’s most expensive area – recent FNB statistics show the growth rate in home prices has fallen from 25.5% in the first quarter of 2016 to 5.1% in the first quarter of this year. “Even luxury estates such as Zimbali on the KwaZulu-Natal North Coast has experienced this trend, with asking prices of certain properties decreasing from R16,9m to R13m and from R15,9m to R12m,” says Rory O’Hagan, head: luxury portfolio division, Chas Everitt International.

STRAND BEACH, CAPE TOWN

Amid one of the best buyers’ markets in decades, South Africa presents a great opportunity for local and foreign property investors to get

a foot in the door at some of the country’s most desirable coastal locations. Low interest rates and keen competition between banks to grant mortgage loans are two additional factors fuelling the current market conditions.

Cape Town Atlantic Seaboard & CBD

Proximity to the city and Cape Town’s natural beauty is the winning combination of this sought-after area. “Local buyers who want to downsize, foreign investors, semigraters and short-term buy-to-let investors are all part of our buyer pool on the Atlantic Seaboard – from the V&A Waterfront and Sea Point,

27 OCTOBER 2019

Neighbourhood

PROPERTY NEWS

The time is now! MANHATTAN ON CORAL, CAPE TOWN

to Bakoven and Camps Bay,” says Richard Hardie, Knight Frank Real Estate. “This extends from apartments to freestanding homes.” Rob Stefanutto, Dogon Group director and head of developments, concurs. The secret to success, according to him, is creating a product offering to fit all consumers’ needs, ranging in price from R899,000 to R30m. Moreover, partnering with well-respected development groups that can deliver high-quality properties, is crucial. “Lock-up-and-go convenience with a twist,” is how Horizon Capital Residential MD David Sedgwick describes the The Aster in the City Bowl’s Oranjezicht. “These apartments are ideally suited for owners looking to downscale, with the benefit of a spacious outdoor area for easy entertaining and access to the beaches of Camps Bay, Bakoven and Clifton,” he says.

Cape Town Western Seaboard With its white beaches, postcardpretty views of Table Mountain, excellent schools, restaurants, shopping centres and easy public transport to and from the city, the Western Seaboard is a popular choice for property investors. The value proposition is also much more attractive to buyers who are unable to afford the prices characteristic of the Atlantic Seaboard. Manhattan on Coral, a New York-style apartment block in the Blouberg area, offers a selection of bachelor, one- and two-bedroom units, CleverProp.com CEO Schalk Pienaar says. “The design is distinctly edgy and based on typical industrial warehouse conversions. The open-plan apartments feature segments of exposed brickwork and steel beams, as well as floor-toceiling industrial-style windows.” Andrew Plunkett of The Milnerton Estates says buyers of its new Sandown development, currently being built along Sandown Road, mostly come from the surrounding environs. “They are homeowners

wanting more modern architecture, with security, education facilities and convenience in mind.” Always popular are Atlantic Beach Golf Estate and the Big Bay Waterfront. “Smaller apartments at Atlantic Beach start at R2m while cluster-style homes sell from R3m,” says Emarie Campbell, Pam Golding Properties principal for the western seaboard. “The Big Bay Waterfront offers secure estates with sweeping views over the ocean. House prices can reach up to R18,5m, with apartments starting at R1,65m.”

West Coast A variety of fynbos, a beautiful rocky coastline, and an annual show of flowers blanketing the the hills and farmlands in spring are only a few of the drawcards of the West Coast. Yzerfontein, once a sleepy little town, is now attracting a variety of property investors, says Graham Katz, Yzerfontein Property Developers, whose Ocean Villas was built to reflect contemporary West Coast architecture. “Clients who have bought here are a combination of local and national investors who want to take advantage of the exceptional lifestyle and value offered at this exclusive gated beachfront estate,” says Katz.

THE FAIRMONT, CAPE TOWN

it consists of 216 two- and threebedroom homes. The development is pet-friendly and each open-plan home features an enclosed garden.

KZN Balmy weather, an ocean warm enough to swim in, and green rolling hills epitomise this part of the country.

Natural beauty and quality of life aside, there are more pragmatic reasons for investing in coastal property. According to Lightstone’s Residential Property Index, at the end of July this year the national house price inflation index was at 3.6%, with the Western Cape continuing to buck the national trend with an annual rate of 5%. And while inland municipalities’ rates are between 1% and 4%, coastal areas generally perform above this range at about 3%. This means a seaside home is an attractive investment option, whether you are an international investor or a local resident wanting to semigrate, buy a holiday home, or retire.

Coastal estates on the KwaZuluNatal North Coast have experienced unprecedented growth over the past few years. San Lameer Villa sales director Derek Thomson says buyers at this secure beachfront family leisure and golf estate are primarily affluent businessmen and -women from Gauteng looking for a piece of natural paradise. “Wealthy retirees have recently started to settle here, along with a handful of foreign investors or swallows who chose to enjoy the province for a couple of relaxing months at a time,” he says. The Dunes Eco Estate is another attractive option in KZN. “It’s a small estate comprising of 34 grid-tied sectional title homes. There has been a mix of purchasers and tenants, with downsizing being the most common reason for buying,” says Rick Pulvirenti, Sanhall Property.

THE ASTER, CAPE TOWN

Campbell agrees that Yzerfontein is growing in popularity. “This is because of its excellent schools such as Curro Langebaan, just a short bus drive away,” she says. The value-for-money element plays a role, too. “Homes in Yzerfontein are listed from R1,5m, while vacant land starts at R500,000.” Langebaan, with its pearly white beaches on the West Coast, is a longstanding semigration hotspot. Close to the West Coast National Park, this town is all about lifestyle, leisure and water sports. The same counts for Paternoster and St Helena Bay a little bit further afield. Laaiplek, a small enclave close to Port Owen and Velddrif, is the site of Atlantic Waves, a brand-new development by Multi Spectrum Property (MSP). The perfect entrylevel option for buyers looking for a holiday home on the West Coast,

LANGEBAAN, WEST COAST

WESTERN SEABOARD PROPERTY SPECIALISTS www.completecoast.com

Expect to be Impressed

ATLANTIC BEACH ESTATE

R 14 750 000.00

Every changing views and sunsets from this absolutely spectacular home. A prime location, over looking the Nature Reserve across the bay to Table Mountain, Robben Island and West Coast coastline Only a handful of homes can boast this incredible view from just about every room. Custom designed finishes for a decadent lifestyle. Open plan living areas flow graciously. 5 ensuite bedrooms resembling boutique hotel accommodation Rim-flow heated pool and jacuzzi A home office with separate entrance as well as direct access to dwelling A TV room or gym with kitchenette When only the best will do, this is the home for you Viewings by appointment with Atlantic Beach Estate resident agent Hayley Bird

ATLANTIC BEACH ESTATE R 8 995 000.00 5 Bedrooms 5 Bathrooms Pool House 575sqm Lake and Fairway Views. Modern finishes and design Breath-taking views across the water and park Excellent location for children to play

ATLANTIC BEACH ESTATE R 6 500 000.00 4 Bedrooms All ensuite Splash Pool House 500sqm Fairway Views and private living spaces 2 Lounges plus separate Staff Quarters 3 Garages provide plenty storage

ATLANTIC BEACH ESTATE R 5 950 000.00 4 Bedrooms 3 Bathrooms House 350sqm Extra large garden opening to the fairway and reserve. North facing double volume living areas A sun filled family home

ATLANTIC BEACH ESTATE

ATLANTIC BEACH ESTATE R 5 350 000.00 3 Bedrooms 2 Bathrooms Pool House 310sqm Very popular location. Excellent quality & condition single level home. Low maintenance garden All bedrooms are good size

Hayley Bird M.P.P.R.E Principal agent Atlantic Beach Estate 082 561 7116 hayley@completecoast.com

R 5 150 000.00

Resident agent on 3 Bedrooms 2 Bathrooms Study House 210sqm Atlantic Beach since This well kept North facing single level home has 2008 plenty of charm. 2 lounges both with fireplaces. Lovely garden with pool

PROPERTY NEWS

27 OCTOBER 2019

Soweto a favourite with millennial renters

Neighbourhood

oweto is home to around 40% of the total Joburg population and this, coupled with the fact that not many people are able to afford to buy property in the current economic climate, is fuelling Soweto’s rental market. Other reasons contributing to the big rental demand are the many developments like the Lufhereng Development, Elephant Eye and Retlosebetsa currently taking place in the area. Khosi Sibiya and Phindi Mphahlele, owners, Seeff Soweto, say the rental market here is continuously growing. This is illustrated by the many queries they’ve recently received from either landlords looking to let their properties, or tenants searching for rental accommodation. “Areas such as Pimville, Diepkloof and Orlando are especially in high demand because of their proximity to amenities and work places. Protea Glen and Mndeni, for instance, are not as popular because they’re a bit further away from everything, but reasonable rental rates are the norm here. The greatest rental demand is definitely for property priced between R4,000 and R5,000 per month.” Sibiya and Mphahlele say millennials are the largest generation residing

in Soweto at the moment and they’re also the group who rent the most. According to the duo, the property values in Soweto’s 37 suburbs are continuously on the rise and because of this, the area is increasingly appealing to a middle-class market. “Completed developments, the upgraded road infrastructure, the Rea Vaya bus system, and commercial infrastructures have all added to making Soweto a place people want to invest in and where people want to live – this was not necessarily the case two decades ago. “At the moment, rental rates in Soweto are around R2,500 per month for a one-bedroom apartment, R4,000 per month for a two-bedroom apartment, R4,500 per month for small homes, and R7,000 per month for large homes with two garages and possibly a swimming pool as well. “Areas in Soweto with the most affordable rental rates include Protea Glen, Bram Fischerville and Lufhereng and the most expensive rentals can be found in Diepkoof, Pimville and Dhlamini. “There’s also a demand for student rentals in especially Pimville as it’s close to the Soweto campus of UJ. Prices for student rentals here range between R2,500 and R3,000 per month.”

Convenient, contemporary student accommodation in Stellenbosch

n a town where student accommodation is always in demand, a new development called Beau Vie stands apart from the rest because of its unique offering and prime location. Situated on Banghoek Road, Beau Vie is not only well-placed on Stellenbosch University’s Green Route, which affords additional security for students in the area, but it’s directly opposite the Engineering faculty. The development includes onebedroom apartments instead of the bachelor or two-bedroom units usually offered to students. With only 18 apartments in the development, Beau Vie offers exclusive living for the discerning student. “When it comes to buying or renting an apartment in Stellenbosch, safety is one of the top criteria for students and their parents,” says Louise Varga, Pam Golding Properties area manager for the area. “Parents want to know

that their children will be able to move safely from their apartment to campus. Properties located on the university’s demarcated Green Route, have security patrolling on foot and bicycle.” Parking is a scarce commodity in Stellenbosch and accommodation that is, quite literally, on the doorstep of one of the university’s largest faculties, is a huge drawcard for potential buyers, says Vanessa Johnson, Pam Golding Properties agent, Stellenbosch. Few of the new residential developments in the town offer onebedroom apartments, but Beau Vie has 16 and two bachelor apartments. Each unit comes with a combination of fridge/freezer and washer/dryer, as well as a microwave. There’s biometric access control and a security wall with electric fencing. Students will also have a safe communal space to socialise, as there’s a rooftop entertainment area with an undercover braai. Secure parking is also available.

Being a university town, much of the development in Stellenbosch takes place close to the university. Student accommodation is a massive driver of the residential property market, considering that of the more than 30,000 students registered annually (2018 data) only 6,500 students can be accommodated in the university’s 31 official residences. Historically, residential properties in student towns around the world achieve a higher capital growth compared to the national average. “This is partly due to the impact the influx of students has on the population, which in turn fuels the sustained rental demand,” says Varga. Sectional title property prices in Stellenbosch have therefore increased by 41.6% in the past 10 years (2009 to 2019). Varga adds, “Accommodation located close to learning institutions can be rented at a premium and occupancy is usually at over 97%.”

Gauteng developer launches newest development

rivate property development company M&T Development has launched its newest offering. Priced from under R1m, Olive Wood Village is attracting families from all over Gauteng including Sandton, Germiston and Pretoria. Buyer activity overall shows the demand for sectional title units within secure managed residential estates is on an upward trend. The market is, however, extremely price sensitive. “We’ve studied the data and researched the market to find that there’s an increasing and overwhelming demand from buyers for homes priced between R769,000 and R1,599m. What’s emerging now, is a new class of buyer who has previously not had the opportunity, due to financial barriers, to own property – and this is the buyer we’re speaking to,” shares development manager Leon van der Vyver. Priced from R769,000 and located next to the acclaimed Serengeti Golf Estate, Olive Wood Village is a gated family estate. It offers all the modern conveniences one expects of such a

development – biometric estate access through a manned gatehouse, fibreto-home, smart meters in each unit, and a host of other unique offerings which push Olive Wood Village to rise above its nearest competitors. “Over and above our competitive, market-driven price point, we’ve also found ways to add even more value to the everyday lives of the residents of Olive Wood Village. The first being the provision of three, or four large appliances which come standard with your purchase and are fitted and ready to go when you move in. This is a huge cost-saver for both first-time buyers and investors, in fact, for any homeowner. Once operational, you’ll have convenient and close access to the Olive Wood Village Shopping Centre which is across the road from the estate,” Van der Vyver continues. Olive Wood Village is ideally placed along the R21 highway and is only 10 minutes’ drive to or from OR Tambo International Airport. The Olive Wood Curro private school across the road will also add real value to the property.

27 OCTOBER 2019

Neighbourhood

PROPERTY NEWS

Business mind

Entrepreneurial growth is set to drive commercial property demand across key Cape locations WORDS & IMAGES: SUPPLIED

oosting entrepreneurial and small business growth is not just a stated objective of national government, but the City of Cape Town is also looking at this to boost the local economy, in partnership with the private sector. Earlier this year, it announced that it’ll soon open a business hub to provide small, medium and micro enterprises (SMMEs) and entrepreneurs with guidance and to connect them to business development services. While initially a walk-in facility, there are plans to launch an online version in future. Partners include the Western Cape Trade and Investment Agency, Business Process Enabling South Africa, Cape

Craft and Design Institute, and Cape Information Technology Initiative. The Cape is already renowned for its small businesses – from coffee shops and cafes to fitness centres and a host of services. It’s now also recognised as the leading tech hub on the continent. The CBD, De Waterkant and Sea Point area are, for example, home to a large concentration of small businesses which operate alongside larger businesses including head offices in the CBD. Blouberg is another fast-growing area which now offers excellent commercial property opportunities according to Peter Rowell, commercial property specialist, Seeff. He says there’s been an increase in property on the market with more sellers and a greater number of commercial vacancies on all fronts, from offices to retail and industrial. The type of buyers and tenants looking right now tend to be those who have a successful existing business and want to look at moving to a new location or bigger premises, but there are plenty of space available for new business growth. Prime properties situated in locations that are seen to be safe and easily accessible are generally sought-after. It’s a good time for those tenants and owners who have a definite need for accommodation to source quality properties on more favourable terms. Rental rates vary depending on the type of property and area but expect to pay around R67 to R75/m2 for industrial property in Montague Gardens, R85/m2 for commercial property in De Waterkant and R110/m2 to R175/m2

for Century City and the CBD. In Newlands, you can expect to pay around R180/m2 for commercial property, around R190/m2 in Claremont Upper and R220/m2 in Mouille Point. Frances Gray-Mnukwana, commercial property specialist, Seeff False Bay, says she’s finding that there’s a demand for smaller spaces while many business owners are also now looking to downsize to a smaller space. The slow demand for retail space has seen some large shopping centres experiment with pop-up shops on short-term rentals. Some of the larger listed property companies are also accepting reduced rentals to fill their vacancies. Although commercial properties under R4m is still attracting interest, clients are generally looking for smaller properties under R2m and tenants are looking for less than 200m2. Tenanted properties with long leases and a good rate of return remain in demand. There’s a decline in interest in the busy CBD and Claremont area due to high rental rates, traffic congestion and limited access to affordable parking which has boosted the surrounding areas such as Woodstock, Salt River and Paarden Eiland. Prices of commercial property generally range from R1,5m to R39m. Rentals range from around R50 to R65/m2 for industrial property and R120 to R150/m2 for commercial space. Opportunities exist for smaller office units of less than 150m2 with affordable parking or secure offstreet parking, as well as smaller light industrial units with roller door access and good security priced between R70/m2 to R150/m2.