BD ST Property - November 2023 Edition by SundayTimesZA

NOVEMBER 2023

WWW.BUSINESSMEDIAMAGS.CO.ZA

PROPERTY MANAGEMENT OFFSHORE RESIDENTIAL INVESTMENTS INDUSTRIAL DEVELOPMENTS THE URBAN precinct

BRICKS AND MORTAR Still a solid foundation for investment Property from Hamilton’s Property Portfolio

Gauteng

Cape Town

Eastern Cape

Winelands

Vaal

www.hamiltons.co.za

Garden Route

Mauritius

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PROPERTY MANAGEMENT In a rapidly evolving real estate landscape, property managers are leveraging technology to reshape the way they conduct research, market properties and manage portfolios.

12 MIXED-USE DEVELOPMENTS SA’s hottest mixed-use/urbanism developments: we look at what makes these properties popular.

EDITORIAL Content Manager: Raina Julies rainaj@picasso.co.za Contributors: Megan Ellis, Gareth Griffiths, Rob Kane, Anél Lewis, Phelisa Mangcu, Itumeleng Mogaki, Ezra Rasethe Copy Editor: Brenda Bryden Content Co-ordinator: Natasha Maneveldt Digital Editor: Stacey Visser vissers@businessmediamags.co.za

14 OFFSHORE INVESTMENT

DESIGN Head of Design: Jayne Macé-Ferguson Senior Design: Mfundo Archie Ndzo Advert Designer: Bulelwa Sotashe Cover Image: Active Exposure

19 LEGISLATION

SALES Project Manager: Merryl Klein merrylk@picasso.co.za | +27 21 469 2446 PRODUCTION Production Editor: Shamiela Brenner Advertising Co-ordinator: Fatima Drama Subscriptions and Distribution: Fatima Dramat fatimad@picasso.co.za Printer: CTP Printers, Cape Town MANAGEMENT Management Accountant: Deidre Musha Business Manager: Lodewyk van der Walt General Manager, Magazines: Jocelyne Bayer

COPYRIGHT: Picasso Headline. No portion of this magazine may be reproduced in any form without written consent of the publisher. The publisher is not responsible for unsolicited material. Property is published by Picasso Headline. The opinions expressed are not necessarily those of Picasso Headline. All advertisements/advertorials have been paid for and therefore do not carry any endorsement by the publisher.

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South Africans are increasingly looking overseas to diversify their property portfolios, be it to secure a “golden visa”, or the potential to make a solid return in a foreign currency.

34 HOSPITALITY The hospitality industry has always been cut-throat; guests are spoilt for choice, and hotels and boutiques have to keep pace to ensure they offer features that differentiate them from the competition.

35 MEDICAL DEVELOPMENTS We profile two medical development projects and the innovations that set them apart from the rest.

36 RETAIL We share key findings from the State of Cape Town Central City Report 2022 – A Year in Review, which states that Cape Town’s central business district is a burgeoning space for retail growth and investment; and why Port Shepstone’s intermodel hub is a case study gearedfor success.

The Urban Development Zone tax incentive sunset date has been extended. We unpack what this means for developers and investors; Understanding the amendments to the Companies Act 2008.

24 FINANCE Investing in commercial property requires a thorough understanding of the associated tax and legal implications.

25 ADAPTIVE REUSE How take a look at repurposed commercial spaces - what they are, and what drives them.

32 INDUSTRIAL PROPERTY We look at a selection of leading business and industrial parks in the greater Durban area and what makes them stand out.

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PROPER T Y M A N AGEMEN T SOLVING REAL-WORLD CHALLENGES WITH TECH

TRANSFORMING PROPERTY MANAGEMENT THROUGH PROPTECH In a rapidly evolving real estate landscape, property managers are leveraging technology to reshape the way they conduct research, market properties and manage portfolios. By ITUMELENG MOGAKI

roviding insight into how the adoption of proptech tools is transforming the property management sector, Charlene Conradie, COO at City Property, says you need to be able to harness the power of social media platforms to advertise properties and available units. She notes that this approach offers several advantages, including a wider reach and rapid targeting of the right market through search optimisation. The result? A better return on marketing investment and reduced lead times between property advertising and tenant occupancy. “At City Property, our website integrates with supporting technology to streamline leasing enquiries. Prospective tenants can apply for apartments directly from the website, thanks to custom-developed software. This innovation enables quick credit checks and provides approval within 24 hours of application submission, along with automated communication and online payment options for upfront fees and deposits,” says Conradie. She emphasises the value of proptech in day-to-day operations. “For instance, software managing tenant and building inspections enhances transparency and helps recover reinstatement costs when needed. Furthermore, Power BI dashboards extract real-time data from various systems, empowering City Property with actionable insights for daily operations and strategic decision-making.”

OVERCOMING CHALLENGES IN PROPTECH ADOPTION

Images: Supplied

While proptech offers immense potential, Conradie acknowledges that implementation can be resource-intensive and costly. “Finding or customising solutions that align with business needs is key. Prioritisation and active involvement of business owners in the development, implementation and change management process are essential for maximising the benefits of proptech,” says Conradie. Gil Sperling, co-founder of Flow, says despite the promises of proptech, challenges still exist. “Property practitioners must recognise that proptech is not a silver bullet. Instead, it requires investment in education and continuous improvement.” Sperling believes proptech platforms are leading the charge. He points out that these platforms have made it significantly easier and more efficient for property professionals to engage with their target audiences on digital platforms. This is crucial in an age where individuals spend countless hours interacting online. “While property portals serve as effective sales channels for the property industry, developers often struggle to attract substantial traffic to their dedicated sections on these platforms. This limitation impacts lead volumes and presents challenges in showcasing the breadth of their property offerings,” he explains.

“PROPERTY PRACTITIONERS MUST RECOGNISE THAT PROPTECH IS NOT A SILVER BULLET. INSTEAD, IT REQUIRES INVESTMENT IN EDUCATION AND CONTINUOUS IMPROVEMENT.” – GIL SPERLING Gil Sperling

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The tech sector is all about solving real-world challenges: picking up on people’s frustrations and building innovative solutions. Every year, a new industry is disrupted, take, for example, parking – a daily frustration for many, but accepted as the norm. Cue painful memories of realising you’ve lost your parking ticket and will incur a penalty, or queueing to pay for your parking only to find the machine accepts cash only, or spending time trying to locate the pay station. Managing the parking facilities involves costly and time-consuming labour, from replenishing access points with tickets and servicing pay machines to monthly reconciliation with manual data capturing. Parket’s innovative technology creates a seamless bridge between parking lots and drivers. It offers a turnkey ticketless parking solution that services motorists and landlords on all fronts, handling access, payments and management more cost effectively and conveniently. Landlords benefit from reduced capital and operating expenses as there are no machines to install, maintain and secure. Drivers enter and exit malls ticketless, and multiple cashless payment options, such as card, Zapper and SnapScan, are available, avoiding all the frustrations of the past. To find out more, visit www.parket.co.za.

PROPERTY SECTOR’S TECH ADOPTION IS A LOGICAL STEP “As property managers embrace proptech, the future of the sector looks promising,” says Sperling. “Artificial intelligence (AI) is poised to play a pivotal role, particularly in content creation and image enhancement. AI-driven solutions can swiftly and affordably enhance property listings, ensuring they feature appealing images, lighting and angles that drive engagement.” He adds that AI can also generate query-specific content, providing prospective buyers with visualisations of how a property can suit their needs. “For instance, an empty room can be digitally transformed into a child’s playroom, allowing buyers to envision their future life in the space.” Looking ahead, Conradie envisions proptech as a game-changer for property management, automating processes and enhancing the customer experience. “City Property is particularly excited about Power BI dashboards and the integration of a credit bureau into our property applications, which promises to bolster credit-control capabilities.”

PROPERTY

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Magnolia Close A successful fusion of the built and natural environments Magnolia Close in Woodmead is a pristine A Grade property with well-balanced features for the modern business. It’s very well located, within close proximity to shops in Woodmead, and has links to all major arterial routes, including the M1, N1 and N3 highways. It’s also a drive and a chip away from Woodmead Golf

Course for those Friday afternoon networking sessions with clients and colleagues. Set among established, landscaped gardens, the building features a large atrium in the common area, controlled access, wraparound windows and ample parking (4.8 bays

per 100sqm). Tenants can also expect tight security, with boom-controlled access and 24-hour on-site security. Add to this fibre connectivity, a standby generator, and backup water supply, and you’ve got the perfect premises from which to grow your business!

Address 146 Kelvin Drive, Woodmead, Sandton

Gauteng

Constantia Kloof 3 Convenient, convertible commercial real estate Located in scenic Constantia Kloof in Roodepoort, Constantia Kloof 3 is one of five free-standing office buildings that make up Constantia Valley Office Park. This ideal West Rand location offers easy access onto Ontdekkers and Hendrik Potgieter roads as well as the N1 highway. It also boasts excellent exposure onto William Nicol Drive. Comprising four floors (approx. 2500sqm each), its contemporary design and light, bright interior accentuate the modern convenience of the premises.

Key features Spacious, airy communal reception foyer entrance

24-hour security and access control Fibre optic cables

State-of-the-art meeting rooms Standby generator and back-up water

Generous parking for staff and visitors Landscaped gardens Dedicated outside smoking areas

Address 4 Ellis Street, Cnr William Nicol Drive, Constantia Kloof, Roodepoort

We’ve got the perfect space for your business needs.

Make your move.

Contact Redefine Properties www.redefine.co.za

Gauteng

Grayston Ridge Office Park A central location in a safe environment This secure Sandton office park comprises three buildings set in an eye-catching redesigned environment. The landscaped gardens offer a tranquil escape just outside the heart of Sandton. Ample parking combined

with recently upgraded foyers and ablution facilities make this multi-tenanted complex the ideal spot for any business. This office park also features new lifts in every building as well as back-up water tanks. The property

is easily accessible from the M1, the Rea Vaya bus route and Atholl Square, with Grayston Shopping Centre conveniently close by.

Gauteng

Address 144 Katherine Street, Sandton, Johannesburg

90 Grayston Drive Headquarter your business in spacious elegance This meticulously maintained, Premium Grade commercial property offers a tranquil and secure environment. Surrounded by an impressive line-up of blue-chip companies, 90 Grayston Drive’s extremely flexible design provides the ideal environment for any business. At night, a profusion of LED lighting provides a dense wash of colour over the glazed façade to establish the building as a distinctive urban

landmark. The lighting management system can be programmed to represent the colours of tenants’ corporate identity or be arranged in exuberant free flowing swathes. All entrances are access controlled to restrict movement within the building. Strategically placed motion sensors activate closed circuit television cameras (with seven days of recording storage). Visitors are received at a central security facility as soon as they emerge

Address 90 Grayston Drive, Sandton, Johannesburg

Gauteng We’ve got the perfect space for your business needs.

Make your move.

Contact Redefine Properties www.redefine.co.za

from the parking elevators, and a destination control system eliminates the problem of unsupervised access. Boasting a 4 Star Green Star rating, 90 Grayston Drive optimises energy consumption and reduces running costs. With a total GLA of 19 479.36sqm, office space of 19 343sqm (over nine floors) and 946 parking bays, this iconic, sustainable office development offers plenty of space for business success.

Alice Lane Where convenience and commerce converge The exclusive Alice Lane precinct provides premium specialised shopping and lifestyle options as well as executive corporate space in the heart of Sandton. Alice Lane is so much more than an address – it’s a statement: an iconic precinct that delivers a superb market presence. Comprising a stylish architectural quartet, Alice Lane’s three prominent office towers are linked by a central landscaped piazza to create a pedestrian- and cyclist-friendly, naturally

greened environment. The piazza welcomes visitors from all directions via three public access points for pedestrians and cyclists. Alice Lane seamlessly integrates state-ofthe-art building systems, accessibility and convenient undercover parking. Furthermore, this sustainable, environmentally friendly development was created with non-toxic materials and built to a 4 Star Green Star status – the first Green Star rated precinct in the area.

Providing bespoke options and intelligently integrated world-class facilities, Alice Lane’s mixed-use office space was developed to meet and exceed the expectations of both established corporate players and visionary newcomers. Alice Lane offers flexible P Grade office space, established blue-chip neighbours, and ontrend restaurants and meeting places.

Address Cnr Alice Lane and 5th Street, Sandton, Johannesburg

Gauteng

The Towers A rare oasis in Cape Town’s CBD Reimagined and redefined, this landmark building in the heart of Cape Town’s CBD has been transformed into a lively, green vibrant commercial space. The three towers provide office space for 2 800 people, 2 000sqm of retail space, 1 600 parking bays, and a new, open-air public space on Hertzog Boulevard.

These clean, modern buildings feature ecofriendly design and an outstanding tenant mix. Tenant comfort is ensured through the consistent monitoring of acoustic and thermal comfort, lighting and indoor air quality, and ventilation and building management.

Western Cape

Address 2 Heerengracht Street, Cnr Hertzog Boulevard, Foreshore, Cape Town

We’ve got the perfect space for your business needs.

Make your move.

Contact Redefine Properties www.redefine.co.za

Key features Efficient, columnless office space Thermal-efficient façade and LED fins

Bicycle lanes that lead into the building Safe bicycle storage Showers on every floor Inclusive ablution facilities Dual-flush, low-flow cisterns that use recycled grey water Open, urban landscaping Green spaces with indigenous flora

Conradie Park

MIXED USE AND INTEGRATION – THE HOT TRENDS What makes South Africa’s hottest mixed-use/urbanism developments outstanding and popular, asks GARETH GRIFFITHS

ppropriate development, care for people, care for the environment and creation of an integrated precinct come to the fore at Conradie Park, a growing new housing precinct near Cape Town. As a mixed-use development, Conradie Park is close to Old Mutual Park and also stitches together the neighbouring communities of Pinelands and Thornton. Regarded by leading project architecture firm dhk and its associate, Jakupa Architects, as a prime example of an integrated urban precinct, the 22ha development offers apartment accommodation for a wide spectrum of buyers, a vibrant community programme and commercial opportunities, all within a green and well-executed urban park. Mark Schonrock, property development executive at Concor, the developers and main contractor on the project, says the achievement fuels the creation of a sustainable community within the development, a critical part of the Conradie Park vision.

to meet the stated ‘Better Living’ programme goals of the Western Cape government by providing an affordable and appropriate housing opportunity on a brownfields site previously occupied by a former provincial hospital. It is a joint undertaking between the Western Cape government and Concor, with infrastructure funding supported also by the national government’s Urban Settlements Development Grant – an ideal public-private sector partnership.” Currently, 864 units of the residential component of the development are complete and occupied. Ultimately, the precinct will provide close to 4 000 individual housing opportunities and also mixed-use/ commercial components. “The largest node of the Conradie Park development is mixed-use and features 10 000m2 of retail space, a 2 300m2 gym complex and 550-unit residential blocks. It will shortly be on the horizon,” comments Schonrock.

AFFORDABLE BETTER LIVING Says Peter Stokes, project architect and partner at dhk: “The intent of the planners was

Peter Stokes

Social housing at Conradie Park.

Greening of walkways and roads at Conradie Park

THE 22HA DEVELOPMENT OFFERS APARTMENT ACCOMMODATION FOR A WIDE SPECTRUM OF BUYERS, A VIBRANT COMMUNITY PROGRAMME AND COMMERCIAL OPPORTUNITIES, ALL WITHIN A GREEN AND WELL-EXECUTED URBAN PARK.

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MIXED-USE DE V EL OPMEN T S

Waterfall City – a night-time view of Panorama Mall of Africa.

Construction phase – an external view of Jewel City residential apartments.

OUTSTANDING GREEN BUILDING ATTRIBUTES INCLUDE MINIMISATION OF THE CARBON FOOTPRINT OF DEVELOPMENTS.

Images: Divercity Property Fund, Waterfall Management Company, Gareth Griffiths, Sean Gibson

Waterfall City Map

SMART, INNOVATIVE AND FUTURE-FIT In Gauteng, the Waterfall City urban development covers 2 200ha and is located on a site that is triangulated between Kyalami, Midrand and Woodmead – originally farmland. The property is viewed as South Africa’s largest private property development ever. The flourishing community offers 10 residential developments, including two mature lifestyle estates backed by signature commercial developments, including a CBD, logistics and distribution precincts, smart city connectivity infrastructure, hospitality, office parks and a substantial retail footprint. Joining all of this is 130ha of green belt and 37km of hiking and biking tracks, enough to keep the most fitness-oriented of residents healthy and happy. Waterfall Management Company CEO Willie Vos comments: “Waterfall City has

been built on the cornerstones of connection, commerce, care and community. With future-proofed infrastructure, sustainability and responsible environmental stewardship at the forefront of its design, the development offers a compelling value proposition for those looking to live and work in a world-class smart city. “We are positioned as a mindful partner in the residential and commercial sector, providing integrated and seamless connectivity, energy-efficient building practices, astute water and waste management and future-fit road infrastructure.” Waterfall City’s world-class infrastructure includes such innovations as smart city connectivity that stays up during load shedding, utilising 714km of underground ducting propertywide. Residents and employed persons stay connected and informed, order groceries online and play a role in maintenance issues by geo-tagging defects in the infrastructure or reporting an incident using the Go Waterfall app. Outstanding green building attributes include minimisation of the carbon footprint of developments. Strategic development partner of Waterfall City Attacq even installed a scientific-grade weather station in 2020 to provide access to local climate patterns. The data helps engineers to design air conditioning and ventilation systems optimised to local conditions. Willie Vos

Aerial view of Jewel City

MODERN AND VIBRANT WITH HISTORICAL ELEMENTS Jewel City, an inner-city development for Johannesburg, revitalises the city’s eastern central business district and creates a vibrant mixed-use precinct connecting the Maboneng and Absa precincts. It was where the dealers and brokers of Johannesburg’s diamond trade operated securely, and the redevelopment project preserves some of the historical buildings and elements while transforming the area into a modern and accessible space for residents, businesses, and visitors. It offers upscale yet affordable apartments for inner-city dwellers, with three residential blocks and flexible and innovative spaces for businesses and creatives.

IDEAL FOR HOLIDAY LETS New kid on the block, Wharfside Durban is a mixed-use development project located in the Durban Point Waterfront, a prime area for tourism and leisure. Designed for the short-term holiday letting market, it offers an attractive investment opportunity for buyers to benefit from tax incentives and high rental demand. Its modern apartments present residents or visitors with stunning views of the Durban harbour and the Indian Ocean, as well as a range of facilities and services.

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BUILDING YOUR ASSET PORTFOLIO South Africans are increasingly looking overseas to diversify their property portfolios, be it to secure a “golden visa”, or the potential to make a solid return in a foreign currency, writes ANÉL LEWIS

ffshore property investment has become more than just a nice-to-have for high-net-worth individuals building their asset portfolios. “Increasingly, we are seeing people looking to overseas investment as a way to protect themselves and their children’s future. We see more young families choosing to buy overseas than upgrade to a larger property in South Africa,” says Megan Copley, director of offshore investment at Sable International. “Investors have become more astute and are looking at all aspects of their investment, from estate planning and fiscal planning to the structure of the property. We are seeing an increase in the number of our clients using our full services. More clients are also buying multiple properties (overseas).” Economic instability, load shedding, the weakening rand and restrictions on moving money abroad are just some of the reasons why South Africans are seeking greener, more stable property pastures in other countries. “Even as the rand weakens, more people are choosing to take their money out and cop it at the lower rand. The reality is that once they invest overseas, that income becomes a euro income and a hedge against the rand. From a short-term loss to a long-term gain.” Deciding where to invest in property overseas depends largely on a buyer’s risk profile, says Copley. But there are three key considerations when it comes to deciding on whether to invest overseas. Buyers want to know that there is a guaranteed rental market should they wish to generate an income from the property. Access to property management is also important. Language can be a barrier when it comes to investing in and managing a property in a foreign country, says

Megan Copley

Copley. It’s also important to buy a property type in an area where the resale value will be the same or more.

FOREIGN INVESTMENT HOTSPOT – THE UK For those wanting stability and a solid return on their investment, the United Kingdom (UK) remains the “go-to property market” for investors in residential and commercial property. “The UK market is inherently stable, there are no restrictions on foreign investments and there is a fairly low capital entry point,” says Copley. It offers a property market where one can break even or make a profit from day one because of the availability of lending products. Property options include off-plan new developments, existing properties, commercial properties or professional rentals. Other socioeconomic factors make the UK an attractive investment option. The rental market is stable as the high minimum wage compared with other parts of Europe, and certainly compared with South Africa, means that most of the population can afford to rent, says Copley. The UK is known for its resilience and investment opportunities, she adds. “It is very established with a great track record.” Its versatility does not mean that it is cheap, adds Copley. “It will cost you, but it is a safe space.”

PACKED WITH POTENTIAL – GREECE Greece is rising in the ranks as a desirable property investment option, says Copley, despite its elevated risk. “Although there is a lower availability of lending available to foreigners, it has a lot of potential, all being well and if guided correctly.” Unlike the UK, Greece is a cash market, so it will require some financial outlay from the get-go. But there are many other plus points, adds Copley. “Athens is relatively cheap compared with other European capitals and it offers a low euro/square meterage.” Being a popular holiday destination, buy-to-let properties,

ONCE THEY INVEST OVERSEAS, THAT INCOME BECOMES A EURO INCOME AND A HEDGE AGAINST THE RAND. FROM A SHORT-TERM LOSS TO A LONG-TERM GAIN.” – MEGAN COPLEY

whether on the islands or the mainland, are a sound investment option. Copley explains that, unlike countries such as Spain and Portugal, there are no restrictions on short-term lets in Greece.

INVESTMENT INCENTIVES – GERMANY With a government that incentivises foreign investment, Germany’s property market ticks many boxes for overseas buyers, explains Copley. Development is heavily restricted, and rental returns are good. Lending is available, but unlike South Africa, where this money comes from the bank, in Germany, many properties are financed by private lenders. Interest rates are kept low for long-term fixed mortgages, and there is a tax break for those who own their properties for more than 10 years, adds Copley. Many cities in Germany have plenty to offer foreign investors. “There’s a lot of building happening and an attraction for big corporates to bring their headquarters to Germany.” She says there are “pockets of opportunity and the potential for capital growth in the country”. Post Brexit, cities such as Munich and Frankfurt have become financial capitals, while Berlin is expanding with new developments. This vibrant city has a buoyant employment market, which has a positive knock-on effect on the property market. The demand for accommodation has spread to nearby cities such as Leipzig, which is just a short commute for those working in Berlin.

IN PURSUIT OF THE GOLDEN VISA Tightened controls for Schengen visas have made it increasingly difficult for people to travel through Europe, says Copley. This has made the opportunity to invest in property and be guaranteed an indefinite Schengen visa even more appealing. For R5-million – the minimum investment is 250 000 euros – it’s possible to have an asset that can generate a euro-based income, and which can be passed from one generation to the next. Greece offers immediate five-year residency to an investor and their immediate family, as well as visa-free travel within the Schengen Zone, and residency is granted after five years.

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OF F SHORE IN V ES T MEN T

THE UK IS KNOWN FOR ITS RESILIENCE AND INVESTMENT OPPORTUNITIES.

Images: istock.com/ Ridofranz, istock.com/ Shaiith, istock.com/ PaulMaguire, Supplied

IS IT REALLY POSSIBLE – AND WISE – TO BUY AN ITALIAN VILLA FOR R20? Imagine buying a home in Italy for just one euro, or R20? It may sound too good to be true, but many cities in Italy offer the option to buy a property for less than the cost of a cappuccino – and it’s open to foreigners too, if they have a tax code. But there is a caveat. Prospective buyers must have a detailed renovation plan for the property and work must start and be completed within a defined period. Copley says that while the scheme is “clever” in that it is a great way to leverage tourism to drive the economy and regeneration, it is very much a “passion project” that could incur considerable costs. “It is never just 15 000 to 20 000 euros to restore these properties.” Furthermore, these properties are often in areas that are not appealing to tourists. The buildings may be in disrepair and require considerable commitment to be restored to be used as primary residences, rental properties or commercial entities. So, while appealing on paper, especially to foreign investors dreaming of owning a villa in Tuscany, Copley says Sable International would advise serious property investors to rather invest in other offshore investment options. “It is a great way to get independent people in to regenerate homes, bring in tourism and populate areas to drive the economy. But for first- and second-time investors to build wealth offshore, it has to be done in a less romantic way.”

SPONSORED CONTENT

Navigating Market Turbulence As we approach the final stretch of 2023, the global property market faces unprecedented challenges amid economic and political uncertainties. South Africa, like many nations, has grappled with dwindling foreign investor confidence since the fourth quarter of 2022. Despite this, opportunities in the commercial real estate arena persist, demanding keen insights from investment professionals. In South Africa, Cape Town emerges as a robust commercial hub, outpacing KwaZulu-Natal. The nation grapples with varying vacancy rates – offices at

18.7 per cent, industrial spaces at 3.9 per cent, and retail spaces at 12.1 per cent, reflecting shifting market dynamics. Despite challenges, commercial developments worth over R180-billion are underway in the country. Amid this turbulence, Swindon Property has seized opportunities, securing 188 leases covering 142 312m2 and 71 sales totalling 201 174m2 this year. This proactive approach underscores our commitment to delivering professional expertise to clients. As we navigate these complexities, we encourage investment professionals to stay vigilant, recognising that market volatility often conceals valuable opportunities.

BUILDING WEALTH THROUGH REAL ESTATE When it comes to investing in property, the underlying “why” is crucial, advises EZRA RASETHE, founder and CEO of investRand To make sound property investments, prospective investors must define their objectives and motivations. They may buy property to augment their income, leave a legacy for their children or diversify their investment portfolio. Jason Garner, financial strategist at FinLink, agrees, saying residential property investment can be a successful way of growing one’s wealth, with advantages that differ from investing in other asset classes. “Making use of low-cost, secured lending to leverage the investment while having a regular income stream to cover the costs of the investment is a real advantage and unique in its construct,” Garner explains. Due diligence and meticulous research are essential. Real estate is a substantial investment, and understanding the market, local conditions and property types is crucial. My advice to potential property investors is to be educated about the market, define the investment objectives, research the property’s location so that the investment is in an area with strong growth potential, and select a property that will offer good returns by factoring in costs such as maintenance, insurance and property management fees. Lastly, evaluate potential risks. Having a clear exit strategy can be invaluable, as circumstances may change over time, and investors must be prepared for various scenarios.

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SP ONS ORED CON T EN T

BRICKS AND MORTAR STILL A SOLID INVESTMENT

Hyde Park cluster home

In South Africa, there is a constant demand for rental space, so investing in property to lease is a wise decision, writes HAMILTONS

he enduring appeal of a tangible investment can never be overestimated. While all markets peak and trough over time, there will always be people requiring medium- to long-term rentals, at various price points so who will be their landlords? Opportunities abound throughout South Africa, especially within urban centres such as Cape Town and Johannesburg. Plentiful opportunities are also found in smaller towns, such as Knysna, where the dearth of long-term rentals is frequently lamented by the current residents and incoming

residents from other towns or countries. This lament echoes louder throughout various locations in the Western Cape.

LOCATION, LOCATION, LOCATION Despite differing levels of demand in certain locations, the most important consideration remains consistent across the country: location is paramount. Selecting an area increasing in value with a plethora of amenities, especially good schools (if your potential investment is likely to be a family home), and great security will safeguard your investment. Consulting property practitioners

A DISTINCTIVE FEATURE, SUCH AS A DROP-DEAD GORGEOUS VIEW OR A MAGNIFICENT GARDEN, CAN PROVIDE A DEFINITE ADVANTAGE TO MAKE YOUR RENTAL MORE MARKETABLE.

Clifton apartment

active in the area will assist in sourcing information on trends and demographics and tracking values over time. A distinctive feature, such as a drop-dead gorgeous view or a magnificent garden, can provide a definite advantage to make your rental more marketable. Once you’ve ticked all your research boxes and you’ve run the numbers past your investment specialist, find one of our agents in your chosen area and let us help you find some great options to consider. Happy hunting. www.hamiltons.co.za

SP ONS ORED CON T EN T

HELPING INVESTORS BUILD THEIR PROPERTY PORTFOLIOS

Lockside Wharf, Birmingham represents a refined urban space.

SOPHIE GAMBORG, head of LIO International, has spent over 15 years working in the UK property market and shares why investors should seek expert advice when investing in property overseas

Colmore, St Pauls Square is a restored building on Birmingham’s oldest surviving Georgian Square.

Images: Supplied Images: Supplied

IO International is a boutique offshore property investment company that helps South Africans build property investment portfolios, primarily in the United Kingdom. We offer an end-to-end service, providing a hassle-free investment option for investors looking to buy property overseas and a trustworthy company to help them through the entire process. LIO’s commitment to excellence is unwavering. We continuously strive to provide our clients with a service that goes beyond their expectations. Our dedicated team of professionals is well-versed in the intricacies of offshore property investment, ensuring that our clients receive expert guidance and support at every stage of the process. It is essential to deliver an exceptional product that gives investors the best potential for great yields and capital growth, but most importantly, ensure their capital is protected by only using well-renowned developers with proven track records. I aim to help my clients steadily build successful property portfolios and generational wealth. LIO has an extensive portfolio of UK properties and offers a diverse range of investment opportunities, allowing investors to find properties that align perfectly with their goals in, arguably, the safest and most stable property market in the world.

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LIO-GLOBAL ADVERTORIAL

Sophie Gamborg, head of LIO International, chats to rugby legend Bryan Habana about investing in property in the United Kingdom

M Images: Supplied

y passion for United Kingdom (UK) property runs deep, but writing about bricks and mortar isn’t always the most thrilling and captivating topic. However, it was an absolute pleasure to interview Bryan Habana, delve into his fascinating journey through UK property investment and explore the compelling factors that led him to choose this asset class and the UK as a destination for his investments. Q: It is wonderful to have this opportunity to talk to you. Can you share why you decided to invest in UK property and the process involved? A: It is a very scary process – one you grapple with, especially if you do not have any context or knowledge of that market. Having people like yourself who can help with the process makes it easier to navigate.

Q: So, buying a UK investment property was a good decision? A: Yes. As long as you are aware of all the implications involved and have all the information required to make an informed decision. FU

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Q: For many South Africans, buying an investment property in the UK is with the mindset that it provides a safety net should anything go wrong in South Africa, along with moving rands into a hard currency for long-term wealth generation and protecting capital. Did these considerations form part of your decision? A: Yes, for me, it was to protect capital. If you invest in stocks or certain other financial environments, there is volatility. In the past five years, we have seen property prices in the UK fluctuate. You need to be comfortable with the knowledge you have and whatever financial investment decision you make. To have a physical, tangible asset and be able to safeguard it in a very stable asset class

Q: On the whole, have you been happy with the investment properties you have acquired in the UK? A: I have been very happy. There has been phenomenal growth, which I didn’t expect. The best time to invest was 10 years ago, and the next best time is now. I am very grateful I got into that market five years ago to diversify my portfolio with a stable, solid asset class that was showing some growth and has gone on to do exceptionally well.

The Colmore, St Pauls Square, Birmingham

Q: You have travelled extensively throughout your career, why did you choose UK property as an investment option? A: In my opinion, the UK property market is a very stable asset class that has shown incredible growth over a long period of time, and due to the rand/sterling component, your growth potential is twofold. I wanted to understand how to diversify my portfolio and what areas of asset class to look at – for me, it was property in the UK that offered stability. It was brilliant to understand and take advantage of the opportunity offered by an interest-only bond (available to South Africans from UK lenders).

Q: When you started investing in UK property, did you have any “watch outs”? A: Only the knowledge base. I had an understanding of the South African property market, having owned a place there, so it was about upskilling myself and understanding the UK market. I never saw the UK property before I bought it, so had to rely heavily on and trust a reputable person. Such an investment could account for 20–30 per cent of your wealth – it is not an easy decision. It becomes easier when you have people around you who you can trust, who are reliable and give you as much sound and factual information as possible on which to base your decision.

FROM TRY LINES TO PROPERTY LINES: BRYAN HABANA’S JOURNEY IN UK REAL ESTATE

WATCH T

Bryan Habana

was important to me, as well as ensuring that that asset class was on a growth trajectory. Another consideration was that I didn’t want to pay a monthly contribution into a property so an interest-only repayment plan was really Sophie Gamborg important to me. The UK offers interest-only bonds, which made a massive difference for me.

Watch the full video interviw HERE

“IN MY OPINION, THE UK PROPERTY MARKET IS A VERY STABLE ASSET CLASS THAT HAS SHOWN INCREDIBLE GROWTH OVER A LONG PERIOD OF TIME.” – BRYAN HABANA PROPERTY

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SALES & LEASING Connecting People and Property

Sales & Leasing | Auctions | Property Management | Valuations | Corporate Advisory

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L EGISL AT ION

GOOD NEWS FOR INNER CITY PROPERTY DEVELOPERS The Urban Development Zone tax incentive sunset date has been extended. JEROME BRINK, director, Tax & Exchange Control at Cliffe Dekker Hofmeyr, unpacks what this means for property developers and investors

he Income Tax Act, 58 of 1962 (ITA) provides for a tax incentive aimed at encouraging investment in commercial and residential property in 16 designated inner cities in South Africa referred to as Urban Development Zones (UDZ). The key rationale behind the incentive is to stem the flow of urban decay and revitalise South Africa’s neglected central business districts. Jerome Brink

Typically, expenditure incurred by property developers to construct and/ or improve buildings is not deductible against its income for tax purposes as it is a capital expense. However, the ITA provides for some exceptions to this rule by allowing for capital allowances of costs incurred in the

THE KEY RATIONALE BEHIND THE INCENTIVE IS TO STEM THE FLOW OF URBAN DECAY AND REVITALISE SOUTH AFRICA’S NEGLECTED CENTRAL BUSINESS DISTRICTS.

Welcome change in legislation Images: istock.com/ undefined undefined,istock.com/ designer491, Supplied

Images: Supplied

Cliffe Dekker Hofmeyr’s Real Estate Law director, SIMONE FRANKS, explains what an amendment to the Companies Act 2008 means

further welcome change in legislation is found in the Companies Amendment Bill No 27 of 2023 about to be promulgated (the period to provide comments has already closed), in which section 45 of the Companies Act 2008, which requires all financial assistance by a company to inter alia its related companies (this includes all companies in the group) to be authorised by its shareholders and its

construction of commercial buildings. These allowances include, among others, two per cent of the cost of used buildings purchased and used by tenants in the process of manufacture (section 13 of the ITA) and five per cent per year of the cost of improvements to commercial buildings (section 13quin of the ITA). However, in 2003, the South African Government introduced the UDZ tax incentive (contained in section 13quat of the ITA), which provides for a capital allowance of 20 per cent of the cost pertaining to the erection or extension of or addition to any building located in a UDZ, whereafter 8 per cent of the cost would be allowed in any succeeding year of assessment. Costs of improvements to qualifying buildings qualify for a five-year write-off period, whereas there are separate attractive allowances for low-cost residential units. While the UDZ tax incentive’s sunset date was 1 March 2023, National Treasury recently announced that this would be extended for another two years until 1 March 2025. The benefit of this incentive is that it assists property developers with high upfront capital costs and cash flow by lessening the initial tax burden. However, not many developers are aware of the incentive and the benefits it offers. The extension of this incentive is welcomed.

directors in terms of specific resolutions, in which certain regulatory aspects are to be considered. Section 45 is specifically incorporated to protect shareholders and creditors of the company affording the financial assistance and to ensure the financial stability of the company is preserved. Currently, section 45 of the Companies Act provides that intra-group financial assistance which includes lending money, guaranteeing a loan or other obligation, and securing any debt or obligation (guarantee, mortgage bond, cession in security of contracts, among others) will be rendered void unless a special resolution by the shareholders adopted within the previous two years has approved such assistance, pursuant to which, the directors are to resolve that immediately after

providing such financial assistance, the company would satisfy the solvency and liquidity tests, that the terms under which the financial assistance is proposed to be given are fair and reasonable to the company and that any conditions or restrictions set out in the company’s Memorandum of Incorporation have been satisfied. A section (2A) will now be inserted to provide that section 45 of the Companies Act will no longer apply in the event of a company providing financial assistance to or for the benefit of its subsidiaries. It is to be noted that the requirements of section 45 will still apply in the event of financial assistance by a subsidiary to other subsidiaries or its holding company. This considered change will reduce the excessive regulatory adherence without detracting from the original objective of this section. Notably, however, “subsidiary” by definition includes only South African companies, and therefore in its current form, the proposed amendment will still not crave-out financial assistance to foreign subsidiaries.

Simone Franks

SECTION 45 IS SPECIFICALLY INCORPORATED TO PROTECT SHAREHOLDERS AND CREDITORS OF THE COMPANY AFFORDING THE FINANCIAL ASSISTANCE. PROPERTY

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Creating landscapes of commercial property success With innovative, sustainable Commercial Property Finance solutions, we are future-proofing the African continent by empowering our clients to expand their businesses. cib.absa.africa

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NAVIGATE TAX AND LEGAL IMPLICATIONS dhering to the tax and legal implications of a commercial property purchase is essential to protecting the investment, ensuring compliance with the law and maintaining a positive property ownership experience, says Eulenda Lebese-Cussons, founding director of LC Attorneys. “Whether you’re a first-time buyer or a seasoned investor, understanding the tax and legal aspects of purchasing immovable property is crucial.”

CAPITAL GAINS TAX

This tax is imposed on the profit made from the sale of a property, explains Lebese-Cussons. Capital Gains Tax (CGT) is calculated by subtracting the base cost from the purchase price, says Ginen Moodley of Moodley Attorneys. In the seller’s personal capacity, it is calculated at 18 per cent of the capital gain. If the property is acquired through a company, it is calculated at 21.6 per cent. Through a trust, the CGT is calculated at 36 per cent. Exemptions and deductions may apply, such as primary residence exclusion, which allows a seller to exclude a portion of the gain from CGT when selling a primary residence, notes Lebese-Cussons. Although this tax is relevant when selling the property, it is an important consideration when acquiring the property as the rules and regulations will vary depending on the use and ownership structure, says Nicky Austin, chief financial officer at Galetti Corporate Real Estate.

“WITH COMMERCIAL RENTALS, A DETAILED AND SPECIFIC LEASE AGREEMENT IS CRUCIAL.” – GREG MAZEN

VAT

In property transactions, Value Added Tax (VAT) is a tax that takes precedence over transfer duty under specific conditions, explains Lebese-Cussons. “If the property seller is a registered VAT vendor and the property is considered part of their business activities, VAT becomes payable by the buyer. However, if the seller is not VAT-registered or the property does not form part of their taxable supplies, transfer duty becomes the applicable tax instead of VAT.” VAT is typically charged as a percentage of the property’s selling price, while transfer duty is a separate tax imposed on property transactions. If VAT is applicable, the buyer does not pay transfer duty, says Austin.

TRANSFER DUTY

Transfer duty is a tax you pay to the South African Revenue Service (SARS) when you acquire immovable property. Regardless of the property’s value, you will have to pay the transfer of property costs, which are fees paid to the attorney who transfers the property into your name, says Lebese-Cussons. The rate of transfer duty varies based on the property’s value, so it’s essential to factor this into your budget when purchasing property.

RENTAL INCOME TAX

Rental income from property is subject to income tax, says Lebese-Cussons. Property owners must declare rental income and can deduct certain expenses related to property maintenance, repairs and interest on loans, thereby reducing their tax liability.

LEGAL

With commercial rentals, a detailed and specific lease agreement is crucial, says Greg Mazen, head of legal at TPN Credit Bureau. “Make sure that the lease agreement is as comprehensive as you can make it so that there is a properly established relationship with the tenants.” This includes information about whether rent and other charges will be VAT-inclusive. Moodley says commercial leases deal with deposits, forms of security, such as suretyships and bank guarantees, contractual details, such as date of occupation, the duration and termination of the lease period, including renewal options, and maintenance and tenant installation allowance. Lebese-Cussons recommends consultation with legal experts, such as conveyancers or attorneys, to avoid future disputes. “Ensuring adherence to local zoning and land use regulations is equally vital, as noncompliance may lead to legal complications.”

BENEFITS

While there’s plenty to consider when investing in commercial property, it does offer investors compelling advantages, says Lebese-Cussons. Notable tax benefits include deductions for property-related expenses, depreciation allowances and the potential for tax-deferred exchanges, she says. Also, tenants actively contribute to preserving and increasing the property’s value. “With fewer disruptions, lower turnover rates, and reduced expenses tied to tenant turnover and marketing efforts, commercial property investments seem to offer a stable and lucrative source of income,” concludes Lebese-Cussons.

Images: Supplied

Investing in commercial property requires a thorough understanding of the associated tax and legal implications, writes ANÉL LEWIS

PROPERTY

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COMMERCI A L A DA P T I V E REUSE

TURNING THE OLD INTO SOMETHING NEW As commercial property owners grapple with the realities of remote work – reducing the need for office space – one potential solution stands out: adaptive reuse, writes MEGAN ELLIS

daptive reuse is an architectural approach that breathes new life into existing buildings needing to be repurposed for a new function. Here’s a look at the concept and how it has been implemented in commercial spaces successfully.

Images: Old Cape Quarter - Sean Gibson, 32 on Kloof - Dave Southwood

WHAT IS IT? Adaptive reuse in architecture involves taking an existing building or structure and adapting it for a new purpose. It is often used when a building has historic features, but also for buildings that have become obsolete. As such, adaptive reuse plays an important role in urban regeneration while preventing the demolition of existing buildings. Cape Town, with its many historic buildings, is no stranger to adaptive reuse. There are many examples of existing buildings being turned into something new. The Taj Hotel was once a building belonging to the Reserve Bank. 32 on Kloof was originally built for United Tobacco Companies Limited, but now houses Workshop 17 – a co-working and flexible office space. There’s also the Battery Park at the V&A Waterfront and the Zeitz Museum of Contemporary Art Africa in the V&A’s Silo District. These projects allow the history of their sites to continue to shine through while adapting them to their new purpose.

WHAT ARE THE BENEFITS? Architectural company dhk Architects highlights the many benefits of adaptive reuse in architecture. “This approach has high embodied energy benefits – compared to demolition and rebuild. There is also, of course, a cost-saving implication,” says dhk partner Peter Stokes.

ADAPTIVE REUSE PLAYS AN IMPORTANT ROLE IN URBAN REGENERATION WHILE PREVENTING THE DEMOLITION OF EXISTING BUILDINGS.

Old Cape Quarter

He adds that adaptive reuse is also beneficial in projects with heritage contexts as it can ensure that developments have a familiar and approved extant structure while allowing the building to be expanded. Pierre Swanepoel, partner at dhk Architects, notes that adaptive reuse can also create exciting innovation. “It can be an exciting combination of old and new – potentially quirky and very particular to the site as opposed to generic building.” He says these projects can also result in an enhanced connection to the surrounding community. The architectural company has used adaptive reuse in some of its projects, including 32 on Kloof and Old Cape Quarter. When designing the mixed-use development at Old Cape Quarter, the structure of the existing building was retained, but modifications allowed for the addition of four extra floors. “The existing two levels above ground contained buildings, some with heritage status and others contributing to the enhancement of the street-edge condition of the De Waterkant area. As a result, all the street facades were kept intact,” Swanepoel says. “The four floors that were added to the existing building were purposefully set back from the street and of a very different (contemporary) typology to allow a clear distinction between the existing and the new.”

ADAPTIVE REUSE IN THE REMOTE WORK ERA While adaptive reuse is important when it comes to heritage sites, it is also useful for abandoned properties or commercial properties that are no longer being utilised. Some commercial property owners have converted office space to residential or hospitality use to align with market demand following the COVID-19 pandemic. Stokes says that commercial property owners and architects should consider adaptive reuse

32 on Kloof

based on the value proposition it offers for a particular project. “It is about value proposition. For brownfield sites, it should always be considered where there are existing structures or improvements on a site that may hold value or perhaps even be reframed to have new value.” Rather than starting from scratch, adaptive reuse can give existing buildings and projects a new lease on life and renewed purpose.

PROPERTY

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Who is Scott Thorburn, our commercial asset manager? With the sale of the fund, I moved into the Broll stable, undertaking the same duties. In my three years there, I moved through the ranks – from leasing executive to property manager and ultimately to general manager of the fund (from a property management perspective). Having exhausted my opportunities at Broll, I took up the position of Johannesburg regional manager at the then RMB Properties. Shortly thereafter, I was given the opportunity to take over the role of director of property management, managing both the in-house

I’ve been in the property game for a while! I started as an industrial property broker at a small brokerage in Germiston in the early 1990s. Fairly soon, I moved onto a leasing position on an internally owned portfolio in Johannesburg CBD, with the opportunity to lease space for other owners as well. This part of my career taught me to be an entrepreneur, as there was no internal guidance on how to expand the business and increase my commission billings. From there, I moved to Sage Properties as their internal leasing executive for the first listed industrial property fund (Pioneer Property Fund). There, I really learnt how to negotiate and interact with many different companies and people, from the CEO of ABI/ Coke to a mechanic running his own business in Denver. Over time, I also took on the property management role for the fund. 115 West Street, Sandton, Johannesburg

property portfolio of the group and the FirstRand property interests. Through determination and hard work, we built the portfolio under management to over R50 billion! Senior management, including myself, initiated a management buyout of the company from FirstRand, which is how Eris Property Group was formed. I was a shareholder and continued in the role of director of property management with the same duties. After 14 fantastic years with the group, I needed a change and a new challenge.

I moved to Growthpoint Properties as general manager of the office portfolio. While I was part of a great team, my input was limited to the office sector, which did not challenge me enough. When offered the role of general manager for inland over all three sectors at Redefine, I jumped at the opportunity! I’ve had a brilliant six years working with motivated people with integrity, building the property management team and improving processes as Redefine evolved into a leader in the market. I am confident Redefine is the preferred property management destination for staff in the industry, with our motivated team providing better-than-market results year after year.

With Pieter Strydom leaving and the property management team on sound footing, I have taken over the role of asset manager for the office sector. I strongly believe that property can only perform to its full potential when the team on the ground is active and undertakes every task with a view to retain tenants and gain additional tenants. One challenge of my new role is to ensure that the product the property management team manages on a daily basis is in the correct location with a well-funded maintenance and capex budget so that it outperforms what our competitors have to offer. Given the current tenuous position of the office sector, it’s imperative that we improve returns and grow the Redefine office portfolio.

Essex Gardens, Westville, Durban

90 Rivonia Road, Sandton, Johannesburg

My advice to anyone in the property industry is to recognise that human input is the most important part of property/bricks and mortar. Allow team members to undertake their role with limited supervision, so that they can grow and add their personal touch to the team and what they do. When dealing with tenants/clients/service providers, you must have empathy and try to put yourself in their position. This guides how you approach a negotiation, confrontation or discussion. Get this perspective right, and you’ll have an advantage in your interactions and be able to form strong relationships. I am a family man, and my immediate family is the most important part of my life! I’ve been married for 27 happy years.

My 25-year-old son is a medical doctor undertaking his internship at Groote Schuur Hospital. My 22-year-old daughter just graduated with a BSC degree in environmental studies and has been accepted for her honours degree at Stellenbosch University. I’ve always enjoyed sport – rugby and soccer being my preferred team sports. As age does, it required a move away from contact sports. I was thus a league squash player for over 15 years before moving onto mountain biking in my early forties. I’ve completed numerous races, including a few Sani2Cs, Berg and Bush, a Joburg2c, and two Cape Epics. I also enjoy two to three rounds of social golf a month.

Black River Park An ultra-modern landmark Located in vibrant, prosperous Observatory, this ultra-modern landmark building with its unique combination of office and retail space is ideally located just off the N2 highway – a few minutes’ drive from Cape Town International Airport, Cape Town CBD and the N1 highway. Black River Office Park is easily accessible via public transport, with the Observatory train station a mere five-minute walk away. Hartleyvale Stadium and a new mixed-use development at The River Club (which will house Amazon) neighbour the precinct.

As officially the greenest office precinct in South Africa, all eight of the park’s buildings are Green Star rated and boast Green Building credentials and solar installations. The park has one of the largest roof-mounted solar panel installations in Southern Africa and is one of the world’s top 30. Safety, security and connectivity at Black River Office Park are world-class. Two security control rooms (on-site and external), monitored surveillance cameras, entry control, and 24/7 security patrols ensure a peaceful,

safe environment. Fibre connectivity (and a selection of three service providers) afford tenants virtually unlimited internet access. Convenience is the name of the game, with amazing amenities on site. From a car wash to ATMs, from coffee shops and restaurants to fitness and self-care, and everything in between, Black River Office park has you covered.

Western Cape

Address 2 Fir Street, Observatory, Cape Town

Convention Tower The city’s premier office building A landmark location at the heart of the new financial district, this AAA Grade office building is ideally located, offering easy access to the adjacent Cape Town International Convention Centre, N1 and N2 highways, and bus and train terminals. It is linked to the V&A Waterfront and the stylish Canal Quays residential precinct via a network of waterways (where water taxis await!).

A 4 Star Green Star rating is achieved through a grey water solution, LED lighting, and the use of sustainable products during routine maintenance. The outer façade maximises light and space, while protecting Convention Tower from environmental factors. Comfort is further ensured through operable windows and balconies to ensure fresh air and centralised air conditioning with variable zone capability.

Designed by renowned firm Dennis Fabian Berman Architects, Convention Tower’s modern structural design features large glass panels as the focal point of the building. The interior emphasises stylish, comfortable workspaces with premium fixtures and finishes.

Tenant security is top of mind, with 24-hour camera monitoring, access control, and CCTV surveillance of the parking levels and building exterior. The building also boasts advanced fire detection and evacuation systems.

Address Cnr Heerengracht Street and Walter Sisulu Avenue, Foreshore, Cape Town

Western Cape We’ve got the perfect space for your business needs.

Make your move.

Contact Redefine Properties www.redefine.co.za

Internal parking with direct access via highspeed lifts, unlimited, secure visitor parking, a street level drop-off area for visitors and direct walk-through access from the Convention Centre make for world-class convenience. Its location in a node excluded from loadshedding and a standby generator ensure business continuity. This iconic building with its world-class design, technology and connectivity offers flexible, customisable office space with a range of layout options – a grid system allows for optimal internal space design.

INDUS T RI A L PROPER T Y Riverhorse Valley Business Estate