BusinessDay
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FRIDAY, FEBRUARY 19 2016
HOMEFRONT PAGE 2
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SCOOPS OF SUCCESS: THE CREAMERY
WHAT’S HOT? WINE TIPS FOR 2016
PAGE 12
WHEN IT IS THE RIGHT TIME TO SELL
PAGE 14
AFTER PARIS: FRENCH PROPERTY
V&A Waterfront: yesterday, today and tomorrow?
Cape Town’s iconic harbour hub is a dynamic landscape rooted in and around a natural working dock. The development spotlight is now on the historic Silo district, adding to this phenomenally successful commercial, retail, residential and tourist destination WORDS: ANNE SCHAUFFER :: PHOTOS: SUPPLIED
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CONTINUED ON PAGE 8
LIFESTYLE
FOOD
Scooping up success With its seasonal flavours and colourful café décor, The Creamery has fast become one of Cape Town’s best-loved ice cream brands WORDS: RICHARD HOLMES :: PHOTOS: SUPPLIED
“It’s important to guard against complacency. Part of the answer is accepting nothing less than amazing, to never lower that bar, and to always think you can do better” Kate Schrire, co-director, The Creamery
K
ate Schrire credits much of the success of The Creamery, the artisan ice cream business she started with business partner Marianne Visser, to simply being in the right place at the right time. That place was Cape Town in late 2011. “It really helped that the business came of age in this food climate; where artisanal is trendy and people are interested in how their food is made,” says Schrire, unassuming, humble and quietly passionate about the business of making good oldfashioned ice cream. “We also came of age in an era of social media. We had no money for marketing, but social media allowed us to quickly build a fan base.” And a loyal following they certainly have. From humble beginnings scooping at neighbourhood markets, today The Creamery stretches to three stylish café outlets across Cape Town, a permanent stall at the V&A Waterfront’s buzzy Market On The Wharf, and pop-up stalls at food markets and events across the city. TUB BY TUB It is all a far cry from Schrire back in 2011, selling ice cream tubs in a neighbourhood market. Production at the time was in a small Observatory commercial kitchen, using a single ice cream churn. Today three eight-litre churns keep happy customers supplied with The Creamery’s everchanging array of flavours. While the five classic flavours — 65% chocolate, peanut butter, sea salt caramel, Rosetta Roastery coffee and sweet cream – are always on offer, a unique selling point of the business is the seasonal scoops that change often: think strawberry in the summer or heritage-inspired melktert in September. That seasonality — and only using natural ingredients, with no artificial flavourants or stabilisers — is a pillar of Visser and Schrire’s business philosophy, and wherever possible the team works with small local suppliers across the Western Cape. “We could save R20,000 to R30,000 a month if we didn’t use real eggs, but instead we buy our eggs from one supplier who supervises a number of small free-range farmers,” says Schrire. QUALITY CONTROL With a queue of customers it would have been easy to quietly let the bottom line dictate the product, but part of The Creamery’s success is due to consistently high quality despite its astronomical growth as a business. “It’s important to guard against complacency,” says Schrire. “Part of the answer is accepting nothing less than amazing, to never lower that bar, and to always think you can do better.”
These days Schrire spends less and less time in the kitchen, leaving that to the skilled hands and palate of ice cream-maker-in-chief Progress Ndlovu, while she focuses on ensuring the business runs smoothly. “I still love the ice cream, I still find it challenging and creative, but what I enjoy the most is the people side of the business, working with my various teams,” says Schrire. “It’s also immensely satisfying that we’ve created something that people associate with joy, with their loved ones and with celebration. It’s a joyful product for most people. It’s nostalgic.” BUILDING A FOLLOWING Despite the brand’s runaway popularity in Cape Town — at weekends the queues at most cafés stretch out the door — success has brought more pressure and not less for The Creamery team. “In the beginning you fear your business failing, but you can always blame it on outside factors. But once you’ve built up something, you have something to lose,” says Schrire. “We have 50 staff and a business that people see as a valued brand. If I mess it up, it’ll be my fault.” In four short years the ice cream company has grown from a market-stall favourite to a much-loved food brand with cafés. At the moment there are no plans for further The Creamery stores to pop up across Cape Town. LOCATION, LOCATION ... With The Creamery cafés in Newlands, Salt River and now Mouille Point, the right location has always been key to the success of The Creamery as an outlet. “We haven’t yet reached the size that we need to be at, a size that allows us to make whatever flavours we want and to pay our staff the top salaries we’d like to. In terms of getting the scale of the business right, we’re still not where we need to be,” says Schrire. “But we don’t have any plans for more cafés right now. At the moment our focus is on consolidating what we have built.”
Friday February 19 2016
The Creamery in numbers 2011 — The Creamery started trading
2013
— first café opened in Newlands
2015
— fourth outlet opened in Mouille Point
50 — staff employed at The Creamery
5 — classic flavours 650-700 —
average cone scoops on a busy Sunday
6
LIFESTYLE Friday February 19 2016
“With The Creamery cafés in Newlands, Salt River and now Mouille Point, the right location has always been key to the success of The Creamery as an outlet”
KATE SCHRIRE ON EXPANSION, DECOR AND DESIGN: 1. Why did you choose Newlands for your first café? We traded weekly at two neighbourhood markets in the early days. But opening a physical space is a big deal for a small business, both logistically and financially. If you get the area wrong or read your customer base incorrectly it can bring the whole company down. We looked for the right location for seven months, and Newlands ticked the most boxes for us. Most importantly it has access to schools in the area; the University of Cape Town’s Jammie shuttle stops right outside; there’s an office park opposite, and you get shoppers at the arcade down the road. It’s a business area but also a neighbourhood. 2. While still renovating the Newlands store you signed a lease for a new Mouille Point
café. The appeal? We’ve always wanted a space to offer ice cream at the sea, but also wanted somewhere with yearround appeal. There are so few retail spaces in Mouille Point and the location is just so good, between the promenade and Green Point Urban Park. So although we weren’t looking for premises we opted to take the space and let it lie vacant for a few months. We opened in November 2015.
MARIANNE VISSER AND KATE SCHRIRE
3. The thinking behind the décor and design of the cafés? We realised early on that to be successful we had to be a year-round business. To do that we needed to change the environment in which people could enjoy ice cream. From the beginning the conversation wasn’t about selling more ice cream: it was about how to create a space that is welcoming; a space where people want to be in June as much as in December.
TREND
Going slowly The Slow Movement is moving into the way we decorate our homes WORDS: CHRIS REID :: PHOTOS: THE COFFEE REGISTRY
T
he Slow Movement has been an influence in food for many years, as the proliferation of weekend markets around the country is testament to. By encouraging people to take their time and focus on the process behind what they do, the proponents of the movement say they will better appreciate the outcome. What many do not realise, however, is that this same approach can be seen in the way people experience their homes too. In the home, we are seeing people reject the
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Unit G4, Old Castle Brewery, 6 Beach Road, Woodstock, 7925 021 447 7130
EDITORIAL TEAM Editor: Catherine Davis Creative Director: Mark Peddle
A
idea of decorating a space all at once, for example, and rather starting minimally and building up possessions over years. It is not a financial matter (although money definitely impacts us in the modern climate) but rather about mindfully surrounding ourselves with things that we truly love. Living slow is also about a certain meditativeness, and creating rituals that help to ground and centre us. It is this spirit that has seen people reject appliances such as espresso machines in favour of slower, more oldschool methods such as the hipster coffee favourite, the pour over. Locally we are also seeing this trend go beyond individual homes — SA already has its first Slow Town. Sedgefield in the Garden Route has been certified by the global Slow Town organisation Cittaslow since 2010. While the principles of Slow Living may be difficult to take up wholesale, the appeal is easy to understand. While we cannot all live in a Slow Town, the concept is about creating small moments of slowness that matter in modern life. www.slowtown.co.za www.thecoffeeregistry.com
BusinessDay PUBLICATION
Art Director: Lucia Viglietti Editorial Consultant: Bridget McNulty Managing Editor: Kim Maxwell
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LIFESTYLE Friday February 19 2016
Hot tips on SA wine What will 2016 hold for South African wine; which regions and varieties should you seek out? An educator, a retailer and a sommelier offer suggestions WORDS: RICHARD HOLMES :: PHOTOS: SUPPLIED
stuff being bottled: the likes of Verdelho and Albarino, and the revival of Carignan. Up-and-coming wine regions? Elim … there are some interesting wineries, passionate wine makers and some of the oldest viticultural soils in the world.
CATHY MARSTON, WINE JUDGE, AUTHOR AND EDUCATOR FOR THE WINE & SPIRIT EDUCATION TRUST What has you excited about wine this year? The rise of sommellerie — informed waiting on wine — is going to be a hot topic. I think we’re going to see a huge uplift in the wine service industry. Niche varieties and wine styles on the horizon? There’s lots of exciting new
ALLAN MULLINS, WINE JUDGE AND WOOLWORTHS WINE CONSULTANT
Which niche varieties will take centre stage this year? In white wines, Grenache Blanc. There are only tiny plantings, but we can see the promise. In red wines, Malbec. There are super examples from Argentina, and local examples that get better with every vintage. It seems to be perfectly suited to many terroirs in SA. I’m not sure why, but younger drinkers seem to lap it up. Any new styles to seek out? My wish, and hopefully my forecast for 2016, is that consumers will realise how excellent our Chenin Blancbased white blends are. Another interesting cultivar that unfortunately will never be big is Cinsaut. But it certainly provides a relatively easy-drinking wine with attractive red-berry fruit and soft tannins. Wine regions to watch? The Hemel-en-Aarde on
the fringe of Hermanus. It is not new, but has been undervalued for too long. It’s fabulous for Pinot Noir and tremendous Chardonnay. The world is waking up to the quality of this region. It’s time we did.
WINE
“My wish, and hopefully my forecast for 2016, is that consumers will realise how excellent our Chenin Blancbased white blends are” Allan Mullins, wine judge and Woolworths wine consultant
GREGORY MUTAMBE, HEAD SOMMELIER, THE TWELVE APOSTLES HOTEL AND SPA New varietals to look out for this year? Some of the Cape’s most celebrated wines are made with Roussanne blends, and lately there has been a growing number of singlevarietal Roussanne wines of superb quality. The same goes for Cinsaut, which evidently is making a huge comeback. As one of the “parents” of Pinotage, the
Cinsaut wines produced today stem from old vines — some of them bush vines — and the quality is remarkable. Wine region to keep an eye on? Elim. Its proximity to the ocean, cool-climate conditions and unique terroir ensure that this area produces top white wines with bright acidity
and distinctive freshness. And it is, of course, great for growing the “heartbreak grape” Pinot Noir. If you could drink only one local wine this year? Silverthorn The Green Man MCC 2011. As a bubbly it’s versatile with food, great for any occasion at any time of day, and so deliciously complex.
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PROPERTY NEWS Friday February 19 2016
CONTINUED FROM PAGE 1
V&A Waterfront: yesterday, today and tomorrow?
W
ith more than 24-million visitors annually, Cape Town’s Victoria & Alfred (V&A) Waterfront is one of the most visited sites in Africa — in peak season, foot traffic nudges up to 100,000 daily. The V&A began trading commercially in November 1990. By global standards this mixed-use destination is an extraordinary success story, thanks to its operational model from day one: starting with something appealing to Capetonians, and retaining
a sense of authenticity by repurposing historical buildings and incorporating the harbour. Explains V&A Waterfront CEO David Green: “Development at the V&A is market-led, in response to a demand for bespoke commercial offices and urban residential space with harbour and mountain views.” The V&A not only responds to but also reinvents as community, country and global needs shift. An example of this fresh perspective could be seen
in 2015 when the R50m Watershed development was completed, replacing the Blue Shed Craft Market and Wellness Centre. It also incorporated the Workshop17 space and Red Shed tenants. The Watershed was designed to raise the bar from tourist souvenirs and curios to covetable, iconic African craft and design, with small business development high on the agenda. With more than 1,500m2 of trading space, the Watershed’s tenant product offering focuses on artisans
and designers, presenting “the very best of the continent” under one roof. SILOS REINVENTED The historic Silo district is the V&A Waterfront’s current area of short-term development focus. Complete are No 1 Silo occupied by Allan Gray, and No 2 Silo’s 31 sectional-title residential units. There are four current developments of more than 35,000m2 in progress: No 3 Silo’s 78 sectional-title residential units, No 4
Silo’s Virgin Active Classic Club and, in No 5 Silo, a multi-tenanted commercial development including new corporate offices for both PricewaterhouseCoopers and Werksmans Attorneys. No 6 Silo is destined to be a new-concept Radisson RED mid-range hotel, with more than 1,050 additional parking bays. It is expected that about 2,500 people will work at the Silo district daily. At the heart of the Silo district is the extraordinary Zeitz Museum of
Contemporary Art Africa (Mocaa), which promises to be one of the world’s top art museums. To be housed in the reinvented historic 1921 grain silo, it is due for completion in 2017. The not-for-profit museum is a partnership between Jochen Zeitz — who has committed his art collection in perpetuity — and the V&A, which is funding the R500m redevelopment and gifting the use of the building at no cost. Spanning more than 9,500m2, it will be
BASIL MORAITIS, AREA MANAGER ATLANTIC SEABOARD AND CITY BOWL, PAM GOLDING PROPERTIES, ON V&A RESIDENTIAL SALES
NO 1 SILO
Previously the area was regarded as a pure investment vehicle, but there has been a shift to buyers acquiring accommodation for permanent residence, coupled with sound investment potential over the medium to long term. The V&A Waterfront is now the biggest individual ratepayer in the City of Cape Town. The average selling price of V&A Waterfront apartments (this excludes the Granger Bay area) increased to R10,496m for transfers registered during the first six months of 2015. This compares to a 2014
average of R7,459m. Historically waterfront sectional title average prices (there is no freehold) peaked at R7,25m in 2009, then reached a low of R4,959m in 2013. Prices have since accelerated sharply. In terms of units sold, there were 54 sales in 2008, decreasing to a low of 15 sales in 2011. Sales rebounded strongly in 2013 to 41, stabilising at 36 sales in 2014 and about 35 sales last year. The V&A’s sought-after residential status has been further boosted by the development of a cruise terminal.
PROPERTY NEWS Friday February 19 2016
“At Ports Edge, rentals range from R7,100 for a studio, with tenants paying R10,250 to R15,650 for a one-bed, and R27,000 for a two-bed”
spread over nine floors, of which 6,000m2 is dedicated to exhibition space. The cherry on the top, literally, will be 5,500m2 of The Silo, an exclusive 28-key hotel to be managed and operated by The Royal Portfolio. A new central pedestrian plaza surrounding Mocaa will be called Silo Square. The final phase of the V&A Waterfront’s Silo district is on track for an early 2017 completion at a R1.5bn investment, bringing the total investment by V&A Waterfront shareholders to more than R2.5bn. CORPORATES AND CRUISES In close proximity to the Silo District, the Cape Town Cruise Terminal is undergoing redevelopment. The V&A Waterfront won the initial two-year redevelopment contract and considers the terminal an extension of its footprint. The vision will include scaling retail up or down there in response to demand, with a December 2017 completion. Forming the gateway to the V&A, centred on Dock Road and the Roggebaai Canal district, will be the new mixed-use, commercial officedominated Canal District, with a R700m investment in phase one. A corporate head office for British American Tobacco (BAT) SA is the first project. Totalling 75,000m², the district straddles both sides of Dock Road. The building currently named Amsterdam House is divided into two, with BAT’s offices occupying 8,000m² in the south wing. Completion of this building and car park is expected in November 2016. The district includes a new urban park, incorporating the remnants of the historical Amsterdam Battery. HISTORICAL DEVELOPMENT The V&A Waterfront was originally granted development rights of some 600,000m2, of which about 140,000m2 remains available for new project developments. The V&A’s in-house development department is responsible for the expansion of the existing portfolio. The company retains ownership of all properties within the precinct, overseeing as landlord postcompletion. There are 169 commercial tenants, plus multi-tenanted buildings such as 7 West Quay, 19 Dock
Road, the Clock Tower and Granger Bay Court. Tenancy agreements and deals are structured very differently between a multi-tenanted commercial building such as Granger Bay Court and a sole tenancy such as Allan Gray. Current commercial rentals range between R170m2 to R220m2 depending on the building. The past few years at the V&A have not been static. New districts emerge with each phase of the V&A’s expansion. So in 2015 a document was compiled around the naming of districts and buildings, the rationale being that “as they reveal themselves, it’s important that each district has its own identity and sense of place, without losing its connection and relevance to the V&A Waterfront brand”. The 11 districts are
Granger Bay, Pierhead, Quays, Portswood Ridge, Dry Dock, Marina, Clock Tower, Silo, South Arm, Canal and Dockside.
WHO OWNS IT? The land is jointly owned by Growthpoint Properties Limited and the Government Employees Pension Fund (GEPF) — represented by the Public Investment Corporation — the V&A Waterfront was developed in 1988 by the state-owned corporation Transnet Limited.
RESIDENTIAL RENTALS The first V&A Waterfrontowned residential rental accommodation complex began with Ports Edge on Portswood Ridge, 109 units varying from 30m2 to 100m2. Its success fast-tracked fourstory The Breakwater, with 150 apartments of 30m2 to 120m2. “We want to attract long-lease tenants with a desire to live in the V&A Waterfront all year round,” says Green.
OPENING IN 2017: ZEITZ MOCAA
They’ve achieved just that. At Breakwater rentals for a studio range from R7,020 to R10,260, a one-bed fetches R9,720 to R20,520, and a two-bed rental fetches from R18,360 to R32,400. At Ports Edge, rentals range from R7,100 for a studio, with tenants paying R10,250 to R15,650 for a one-bed, and R27,000 for a two-bed. And the V&A’s long-term focus? Granger Bay. It is estimated that this phase will be unveiled within the next five years. Meanwhile a recently released independent economic impact study on the V&A Waterfront shows how the positive reach of the area extends beyond its boundaries into the city’s, provincial and national economy, contributing an estimated R33.4bn of GDP in 2014. The projected nominal contribution to GDP from future V&A Waterfront developments is R28bn by 2027. Since 2012 the V&A has implemented a state-of-theart fibre optic network for both tenants and residents. To date they have supplied and installed more than 20km throughout the precinct. In all developments, they strive for green construction and sustainable design practices.
V&A Waterfront in numbers 123ha
– current footprint
24m – visitors in 2014 23% – international visitors
63% – local visitors More than R800m
– Victoria Wharf’s retail sales December 2015
181
– small business tenants by end of 2014 financial year
Nearly 20,000
– estimated people employed in 2014
R33.4bn
– 2014 GDP contribution
V&A WATERFRONT FOOTPRINT Spread over a 123-hectare site, the V&A Waterfront includes 10 hotels, more than 450 retailers, 80 restaurants and eateries, and 69 commercial tenants. It stretches from City Lodge Hotel Victoria & Alfred near Buitengracht Road on its southern border, along Dock Road, to its northern boundary at Grand Café & Beach in the Granger Bay district. In the middle Dock Road snakes around a marina, The One&Only Cape Town and residential developments. It incorporates the aquarium, leisure attractions, indoor markets and the V&A’s retail heart. Extending west, the development backs on Helen Suzman Boulevard with UCT’s Graduate School of Business. Eastward it wraps around historic harbour workings along South Arm Road to Shimmy Beach Club. E-berth, home of the Cape Town Cruise Terminal, will be managed by the V&A for an initial two-year period.
Own yOur piece Of
The circular plaza designed around the Grain Silo creates a ring of public spaces nestled on the dockside of the working harbour, warehouses, cranes, hoists, gantries, shed, containers, ships and functional industrial archaeology. Buildings with a purpose. The development of the Silo District is the realisation of urban, waterfront living. The history of the silo district lies in the purely working world of industry and storage. Now the space between city and water is designed with thought and consideration for urban conservation and sustainability. A space that strives for effortless living. The silo district is the modern development and natural extension of the inclusive vision of the V& A Waterfront. The scope and diversity of the V& A Waterfront’s growth is showcased across a variety of residential, retail, commercial and leisure developments. The characteristic design of No. 3 Silo is a collaboration between Van Der Merwe Miszewski Architects ( VDMMA) and Makeka Design Lab. No. 3 Silo was gracefully imagined as a collection of three cylindrical chambers echoing the Grain Silos to contain different areas of the building, keeping it personal and allowing for a multitude of unique apartment types. The spaces between these chambers house the vertical circulation for the building and provide spectacular views from the building, but are interesting elements in their own right and will have a very different character at night.
the V&A wAterfront
VDMMA and Makeka Design Lab have developed a building that responds to its macro and micro physical and cultural environment. The design ensures that the necessary environmental response for sustainability is achieved without compromising the utility, comfort or aesthetic quality. The interior comfort of the No. 3 Silo apartments has been carefully put together by Source Interior Brand Architecture and inspired by the concrete of the dolosse, the timber of the jetty, the colours of the sea and the mist that gathers over it. PREMIUM AND DELUXE TWO BEDROOM UNITS AND PENTHOUSES NOW SELLING Interested in waterfront living? Cape Town Visit our sales suite: Open Monday to Friday and on show Sundays from 14h00 to 17h00 or by appointment. Ground Floor, No 2 Silo, Silo Square no3silo.co.za | +27 (0) 21 408 7569 | +27 (0) 82 415 5373 Johannesburg For an appointment 24 – 26 February +27 (0) 83 455 2041 | +27 (0)82 636 5009
INVESTIGATION Friday February 19 2015
When is the right time to sell an investment property? The usual advice is to hold on to investment properties for as long as possible. But there are exceptions to this rule WORDS: LEA JACOBS :: PHOTOS: ISTOCK
Carol Reynolds, Pam Golding Properties area manager, Durban Coastal THE BEST WAY TO ACCUMULATE WEALTH is to be a buyer of property, rather than a seller. Some of our clients are exactly that: they acquire and seldom off-load. Their view is that amassing property is the key to wealth creation and, therefore, they generally have a buying rather than a selling appetite. That said, other investors will successfully trade in property and work within a dynamic portfolio. For these investors, the time to sell is when there has been sufficient capital gain to maximise profits without too heavy a capital gain burden. Particularly when they are seeking to diversify. For instance, they might be
reasons to sell. The decision to sell a particular property could also end up making you more money in the long run, if you reinvest wisely and at the right time. We put this question to three property specialists: when is it time to sell up and move on?
Grant Gavin, broker/owner RE/MAX Panache heavily invested in one area, and then decide to spread their risk by off-loading a few properties to buy in a different area. Similarly, they may wish to off-load some residential properties to acquire a more diversified portfolio of commercial and industrial options. One of the key drivers for investors choosing to sell and disinvest is when an area starts to depreciate. They will quickly move their money out of a declining market into a more stable one. Returns are also critical to their investment decisions, and if they are achieving a lower return on a residential property, they might choose to swap it for a commercial property.
“One of the key drivers for investors choosing to sell and disinvest is when an area starts to depreciate. They will quickly move their money out of a declining market into a more stable one� Carol Reynolds, PGP area manager, Durban Coastal
A
lmost every property investor has questioned their decision to hold on to an investment property at some stage or another. There are, of course, a number of important things to consider such as capital gains tax and loss of rental revenue. However there could be solid
DECIDING WHEN TO SELL AN INVESTMENT PROPERTY is a very personal decision. If we consider that on average property prices should double every seven to 10 years, then holding onto a property for the longer term is always the wisest decision. However there are times when selling an investment property makes sense. But deciding when to sell and move on will come down to your own personal financial situation, how best you can use the money being invested and the type of property you are holding. And of course, your gut feel as an investor towards your future returns based on predicted market conditions and the environment. Having a good understanding of the cycle of a property market is important. While it can sometimes be difficult to predict a market and time an investment purchase or sale, investors need to understand how the property market
works and what factors can influence a change in market conditions. Many experienced property investors say it is best to make decisions opposite to what the rest of the market is doing. It is often about gut feel when it comes to timing, based on that investor’s past experiences. For example, when everyone is selling is often the best time to buy a property. It is also relevant to be aware of your environment. So given the importance of location in any propertypurchasing decision, if you start noticing an area is deteriorating, then decisions to disinvest may need to be taken before the rest of the market. It is therefore a good idea as a property investor to play an active role within your community to ensure that standards are maintained, especially in SA where we sometimes deal with municipalities that allow standards to slip.
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INVESTIGATION Friday February 19 2015
Myles Wakefield, CEO of Wakefields Real Estate IN A PERFECT WORLD, THE HOMEWORK YOU did before you invested — together with your careful approach to ensuring that your tenant covered all your monthly costs — should ensure that your monthly investment is pain-free, and appreciates in long-term value. But there will always be cases where the best laid plans come unstuck. Unexpected factors could come into play, such as poor body corporate management so the building begins to lose its shine, an adjacent apartment block could obscure the view, or there could be overcrowding by rowdy students in neighbouring flats. As with any investment, assess your position annually, and if you see aspect of your investment deteriorating and unlikely to reverse itself — perhaps rents are falling or quality tenants are becoming harder to find — and it is threatening to turn your cash-flow positive investment into a cash-flow negative one, it is time to disinvest. Then you need to begin your homework again, and find an area that is on the way up, investigate and reinvest.
“Unexpected factors could come into play, from poor body corporate management so the building begins to lose its shine, an adjacent apartment block could obscure the view, or there could be overcrowding by rowdy students in neighbouring flats” Myles Wakefield, CEO, Wakefields Real Estate
INTERNATIONAL Friday February 19 2016
After Paris
The terrorist attacks late last year had a huge impact on the hearts and minds of Parisians, and shocked the global community. On the upside, property values in the region were not severely affected
Cannes in numbers
WORDS: LEA JACOBS :: PHOTOS: ISTOCK
What an apartment costs in Cannes
€350,000 to €500,000 Expected rental returns
3%-5%
V
ideo footage of a pregnant woman hanging on a window ledge outside a multistorey building tellingly embodied the fear and horror that gripped residents caught up in the Paris attacks. Like the 9/11 footage filmed by ordinary people, who before the attacks were going about their daily lives, the amateur camerawork shot on cellphones brought the reality of the November 2015 terrorist massacre into homes around the world. Globally the fear was felt; everyone tried to reason why. And to wonder what future impact it could have on the city of love. Some believed that large numbers of citizens would flee the capital, and that property values in a city home to some of the world’s most valuable real estate would drop dramatically. After all, who would think about investing in a place where security had been breached with seemingly relative ease? The good news is that there was no mass exodus. Although the property market may have quietened down for a couple of days, as with New York in
a burden on the French state. Once the relevant paperwork has been completed it takes about six months to secure the right of residence and the right to work.”
between February 2014 and February 2015. The drop, however, did not result in a decline in sales. In fact sales of existing apartments in Paris increased by 15% during the same period.
the aftermath of its attack, Paris has shown that it is made of much sterner stuff. By all accounts it is business as usual. TRAFFIC DROP THEN SURGE In a report published on Paris Property Group’s website, online realtor Green-Acres noted there had been a 16% drop in the number of visits to the site on the day following the attacks. Traffic fell an additional 8% the following day, before surpassing its normal levels by some 13% thereafter. Guy Watson-Smith, MD and founder of Fine & Country France, says this recovery should be expected. “While no one wants to minimise what happened in Paris, the truth of the matter is that people realise that the attacks could have happened in any city around the world and the subsequent lull in the market was ‘merely a blip’,” he says. Worth noting is that France had been battling falling real estate prices preceding the attacks. The Global Property guide indicates that prices in the country’s capital dropped by 3.08% to €7,880/m2
FRANCE STILL POPULAR Watson-Smith, who has been selling real estate in the South of France since 2002, says the country has and always will be a popular choice for foreign investors. When he first ventured into real estate in France, he sold most properties to friends and family. “Our client base has increased dramatically over time and we are finding that a growing number of South Africans are keen to invest here. Unlike some other European countries, France doe not offer a Golden Visa scheme but this doesn’t seem to be a deterrent. “It is probably because anyone buying real estate may apply for a five-year Schengen visa, which takes a great deal of the hassle of travelling around Europe away. Basically, all that would-be, long-term residents have to prove is that they will not be
“Although the property market may have quietened down for a couple of days, as with New York in the aftermath of its attack, Paris has shown that it is made of much sterner stuff. By all accounts it is business as usual”
SOUTH AFRICAN APPEAL The South of France appeals particularly to South Africans, according to Weston-Smith. While there are some families who buy with a view to settling permanently in the country, the majority buy apartments in areas such as Cannes purely for investment purposes. Says Weston-Smith: “The average price paid for an apartment in Cannes is between €350,000 to €500,000. Slightly less expensive properties are available from time to time, although it is worth noting that a two-bedroom apartment with high-quality finishes and a ‘bit’ of a view is going to be priced above the €500,000 mark. Remember, while property in Cannes is more expensive than that situated in outlying areas, the rental returns are reliable and yields of 3% to 5% can be anticipated.”
SE ON BA LY N 65 K m GA T U O TR A IN
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22 Perfectly Appointed Apartments that will address all your lifestyle needs Building has commenced and Only 6 of these Exclusive Apartments are still available Exceptional finishes throughout. Concierge. Bio-metric access. Secure parking with glass lift.
2 AND 3 BEDS AVAILABLE from r4 475 000 to r7 725 000 VISIT OUR SALES OFFICE
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PROPERTY NEWS Friday February 19 2016
Landlords discover the better way to manage parking lots
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new cashless, ticketless, user-friendly parking app is set to take the hassle out of parking and give forward-thinking landlords a competitive edge. KaChing Parking uses licence plate recognition (LPR) technology to open the boom when users enter and exit a parking lot. It also automatically deducts the parking fee from their credit cards or pre-paid accounts upon exiting. The service first launched on a commercial pilot basis in 2015. It is already available at Melrose Arch, Campus Square and Morningside shopping centres, and will be available at Pavilion (Durban) and Thrupps (Johannesburg) soon. There are also plans to expand to SA’s other top shopping destinations.
THE PRICE TAG OF LUXURY HOMES
News that the Playboy mansion went on the market for a cool $200m made headlines around the world. But the downside — or upside, depending on your point of view — is that current owner Hugh Hefner is included in the deal. The good news, if you happened to be in the market, is that other equally if not more impressive properties are on the market, often at a lower price.
able to provide for visitors. There is also a cost-saving element to implementing KaChing’s setup. Marais says that because it is homegrown and serviced in SA, the KaChing parking solution can be installed at 10%-20% of the cost of a conventional pay station system. The KaChing system also constitutes reduced operational expenditure by eliminating the need for tickets, as well as reducing theft and cash
Says co-founder of KaChing, Jaco Marais: “We understand the frustration of waiting in queues to pay for parking and to get through the boom. We figured there had to be a better way, and decided to create a solution that not only takes the hassle out of parking for users, but has tangible benefits for landlords too.” An added benefit is the high-level security and convenience the landlord is
“We figured there had to be a better way, and decided to create a solution that not only takes the hassle out of parking for users, but has tangible benefits for landlords too” Jaco Marais, co-founder, KaChing
Le Palais Royal, Florida, $159m
handling costs dramatically. According to Marais the service also presents landlords with a “watchlist” of suspicious vehicles. “As soon as a vehicle enters
with a licence plate flagged as suspicious, we send out alerts on various channels to the landlord, allowing proactive handling of the situation,” he says.
Measuring roughly 6,000m2, this property was modelled on various European palaces, and features 11 bedrooms and 17 bathrooms. Situated in Hillsboro Beach in Florida, Le Palais has a private IMAX theatre, an air-conditioned kennel for the dogs and a 400m2 infinity pool.
The Manor, Los Angeles, $150m
House prices stable but home loan approval rates dip
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roperty statistics for Q4 2015 released by bond originator Ooba show house prices continued to grow in excess of inflation as demand for residential property remained buoyant despite a weakening economy. Compared to Q4 2014, average purchase prices increased by 7.5%, surpassing the R1m mark from R978,502 to R1,051,809. The average purchase price of first-time buyers also continued to
climb, increasing by 5.6%. The average deposit paid by first-time buyers dropped by 21%, compared to Q4 2014, which is indicative of firsttime homebuyers’ continued ability to access finance in a competitive home loan market. Says Ooba CEO Rhys Dyer: “Ooba’s approval rates in Q4 2015 are 1% down on Q3 2015, alluding to the financial constraints that homebuyers are starting to face as a result of SA’s current tougher economic
“Ooba’s approval rates in Q4 2015 are 1% down on Q3 2015, indicating the financial constraints that homebuyers are starting to face” Rhys Dyer, Ooba CEO
conditions. “On the home loan front, an increasing inflation environment off the back of the rand’s decline will intensify affordability pressure on homebuyers, which will likely increase home loan decline rates across banks.” Dyer envisages that the mix of home loan applicants will change in 2016. He expects a lower percentage of first-time homebuyers, as they will likely delay their decision to enter the
market until the economic environment improves. Says Dyer: “We anticipate that more buyers will purchase within their affordability constraints and at lower levels, and that banks will drive buyers to put down larger deposits. Banks will be watching the consumer affordability position very carefully and will tailor their lending approaches, both in terms of the homebuyer and the property itself, to contain risk.”
Demand for contemporary, well-located retirement homes
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“A key differentiator for Lazuli is the fact that it caters for an active market, as well as those in the later stages of their retirement and looking for more specialised facilities” Glen Hesse, Cenprop CEO
worldwide trend has seen baby boomers become a significant residential market. SA specifically has seen enormous growth in this segment, with empty-nesters and those in their early 50s, heading from conventional residential neighbourhoods to secure retirement estates. This is according to Glen Hesse, CEO of Cenprop. It was the impetus behind the development Lazuli Coastal Lifestyle Estate in Port Zimbali on the KwaZuluNatal North Coast. Hesse says the location of Lazuli Coastal Lifestyle, which is close to King Shaka International Airport and Gateway Theatre of Shopping, as well as the game reserves to the north, has ensured that the response prior to launch has been extremely positive from potential buyers in KwaZuluNatal, Gauteng and even abroad.
The 126-unit estate will offer a clubhouse with a heated lap pool, business suite, fitness centre, porter and shuttle services, restaurant, 24-hour security and assisted living with 24hour supervision. There will be additional guest suites to hire for family gatherings. Hesse says: “A key differentiator for Lazuli is the fact that it caters for an active market, as well as those in the later stages of their retirement and looking for more specialised facilities.” The first phase, which launches this month, will include 72 two-, threeand four-bedroom luxury apartments. Units are priced from R2,895,000. Cenprop has developed a number of estates including Dunkirk Estate in Salt Rock, St John’s Village in Howick, Mzingazi Golf Estate in Richards Bay and Redlands Estate in Pietermaritzburg.
This property in the exclusive Holmby Hills suburb of Los Angeles has its own Wikipedia page. The home, boasting 123 rooms, was built by the late television producer Aaron Spelling. It was then sold to Petra Stunt, daughter of Formula One billionaire Bernie Ecclestone, for $85m in 2011. Word is the megamansion is on the market again.
Tour Odeon, Monaco, €300m
The recently completed five-storey sky penthouse sits atop a double skyscraper, the first to be built in Monaco since the 1980s. Measuring nearly 3,300m2, the penthouse and its €300m price tag is what has attracted the most attention. The rooftop apartment boasts a water slide that extends from an upper dance floor down to a circular infinity pool. When the property was launched, Tour Odeon’s developer Groupe Marzocco SAM’s MD Daniele Marzocco speculated that the final price might even be “a little more”. A vehicle parking space was rumoured to cost €250,000.
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Coastal Property Looking for the perfect property? Whether you’re relocating to the coast and buying a new house, or after a lock-up-and-go holiday home, find your ideal investment opportunity here
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ProPerties for sale, rent and Holiday Homes for you along tHe atlantic seaboard, caPe town. we act as buyers and sellers agents to ensure your transactions run smootHly witH no surPrises or Hidden costs.
WWW.LOLAKRAMER.COM Contact us now! contact@lolakramer.com or visit our offices 55 Victoria Ave Hout Bay 15 Arthurs Rd Sea Point
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Harcourts Platinum 021 851 2614 info.platinum@harcourts.co.za
Homes from R2,541,850 incl. VAT
15 Sea View Lake
R3,023,850 3 Beds | 2 Bath | 1 Lounge | 2 Garages
Beautiful Mountain & Sea Views
A contemporary new home offers the opportunity to live on a lake with uninterrupted sea & mountain views. Relax with friends, braai & enjoy a glass of wine as the water laps the shore. A choice of finishes allows you to personalise the home. 24hr Security ensures peace of mind. Home still to be built. Web WPT37248
• Beautiful 3 & 4 bedroom homes with luxury finishes. • Spacious open-plan living area with modern kitchen. • Built-in braai with covered patio. • Spectacular mountain & sea views. • 24hr Security. • Only 11 options left!
harcourtsplatinum.co.za
Ref# 1PV1109531
Ref# 1PLA1250778
Baronetcy Estate / R14.4 million
Barontecy Estate / R13.5 million
Bedrooms 5 / Bathrooms 5 / Garages 2 Luxurious family home perched on the magnificent Tygerberg Hills Nature Reserve; boasting uninterrupted panoramic views of Table Mountain and Table Bay. Tucked within an exclusive estate, a picturesque garden evokes a feeling of solitude and tranquillity.
Bedrooms 3 / Bathrooms 3 / Garages 5 With the most breath-taking views and ideal location right next to the greenbelt of Baronetcy Estate, this house will take your breath away. Perfectly set, this contemporary modern home is both warm and welcoming.
Pierre 076 967 3766 / Tonja 082 978 3576
Pierre 076 967 3766 / Tonja 082 978 3576
PLATTEKLOOF Sales & rentals: 021 558 3438 / plattekloof@pamgolding.co.za 8 Essenhout Crescent, Royale du Cap Building, Plattekloof 2 (Opposite Panorama Clinic)
Ref# 1PLA1164945
Ref#1PLA1239277
Plattekloof / R20 million
Plattekloof / R8.75 million
Bedrooms 4 / Bathrooms 4 / Garages 5 This magnificent masterpiece offers optimal positioning, being nestled against Tygerberg Nature Reserve with views over the whole of the Cape Peninsula, Table Mountain and the city. Easy access to the airport, city center and beaches as well as the wine routes.
Bedrooms 7 / Bathrooms 6 / Garages 4 Spectacular views of Table Mountain and Table Bay from the upstairs balcony’s. Spacious open plan living reception areas and stunning gourmet kitchen with doors opening onto a beautiful beach pool and lovely entertainment area.
Penny 083 261 7339 / Riccardo 073 051 1100 / Rosemary 078 080 9955
Penny 083 261 7339 / Riccardo 073 051 1100 / Rosemary 078 080 9955
/PamGoldingProperties
pamgolding.co.za
@PamGoldingGroup
Ref# SW1240592
Ref# ST1252419
Ref# SW1248732
Somerset West / R51.3 million incl VAT
Stellenbosch / R45 million
Somerset West / R29 million
Bedrooms 4 / Bathrooms 4 / Garages 3 Modern decadence that is all about the view. A unique masterpiece with a distinct personality, with a plush and comfortable atmosphere.
Spectacular 22ha protea farm and lifestyle estate, set high on the Helderberg mountain. Breathtaking views from Gordon’s Bay to Robben Island. Accommodation includes 4 bedroom manor house, 3 bedroom manager’s house and 2 cottages.
Bedrooms 4 / Bathrooms 4 / Garages 2 A double volume masterpiece of glass and top class finishes. All four bedrooms are en-suite, each offering exquisite views over mountains and ocean.
Edelweiss Hankey 083 252 1964
Clarence Collins 083 637 1100
Edelweiss Hankey 083 252 1964
CAPE WINELANDS Stellenbosch: 021 887 1017 / Somerset West: 021 851 2633
Ref# SW1247694
Ref# SW1249766
Ref# SW1054554
Somerset West / R26.85 million
Somerset West / R19.7 million
Somerset West / R18 million
Bedrooms 5 / Bathrooms 6 / Garages 3 Elegant gentleman’s residence with magnificent views.
Bedrooms 4 / Bathrooms 5 / Garages 3 Peaceful sanctuary nestled at the foot of Helderberg Mountain.
Bedrooms 5 / Bathrooms 5 / Garages 3 Distinctively designed, merging aesthetic with function.
Mabel Botha 083 458 3782
Edelweiss Hankey 083 252 1964
Thea 082 925 5510 / Edelweiss 083 252 1964
Ref# ST1252946
Ref# ST1222259
Stellenbosch / R12.95 million
Stellenbosch / R10.7 million
Stellenbosch / R7.6 million
Bedrooms 5 / Bathrooms 5.5 / Garages 3 Open-plan, double-volume and spectacular mountain views.
Bedrooms 5 / Bathrooms 4 / Garages 4 Alfresco living at its best. Walking distance to town and schools.
Bedrooms 3 / Bathrooms 2 / Garages 2 Views, tranquillity and privacy are hallmarks of this property.
Dirk Carstens 072 446 0990
Lizanne Fourie 079 047 8585
Di van Graan 082 569 2429
Ref# ST1247537
/PamGoldingProperties
pamgolding.co.za
@PamGoldingGroup
FRESNAYE | POA
A SENSE OF PLACE Bedrooms 4 Bathrooms 5 Garages 4 Parking 4 An architectural masterpiece nothing short of spectacular presented in the most cinematic way possible. A dramatic, floating glass staircase, reveals a capacious interior space. On the upper floor there is a beautifully appointed master suite and walk in closet plus four additional bedrooms.
[O] 021 434 9175 LANCE COHEN 082 416 6103
CAMPS BAY | R42 000 000 + VAT
CUTTING EDGE DESIGN, STYLE & LUXURY Bedrooms 6 Bathrooms 6 Garages 7 Parking 3 Spectacular ocean blue views from this magnificently designed home. Enjoy breathtaking sunset vistas year round. Incorporating all top modern lifestyle comforts complete with high end state-of-the-art security & home automation systems.
[O] 021 438 1055 POLA JOCUM 083 261 0116 NADINE JOCUM 072 230 1947 ROCHELLE SERMAN 072 239 4449 LYN POPE 082 575 1999 WEB 374480
Hermanus Properties FERNKLOOF
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GRACIOUS HOMESTEAD IN LEAFY SUBURB
R15 MILLION
ON A QUAINT COBBLED CUL-DE-SAC … THE ROAD LESS TRAVELLED
This famous Cape Dutch homestead boasts a most interesting history. First title was given to the land in 1879. Its original owners were the Michaelis Deity. Sir Max Michaelis first came to Kimberly in the 1860s and then returned to London well enriched. General Smuts seconded him back to the Cape in 1918. His home in Cape Town was ‘Montebello’ on which SACS School stands today. He built a holiday home in Fernkloof called ‘South Pelham’ and subsequently purchased the adjoining tracts of land ‘to protect their privacy’. Upon his death ‘South Pelham’ was sold and has had 5 subsequent owners to date – even being run as a very upmarket guest house for 2½ years. The second last owner was a German architect who effected top market improvements in 10 years of ownership, followed by outstanding further value adds by the present owner resulting in a pristine property not requiring a cent to be spent. Fernkloof, referred to as the Bishops Court of Hermanus, is made up of large properties, mostly traditional style homes. Trees abound, slate roofs and lots of beautiful stone walls set the tone of this exclusive suburb. It is the garden lovers’ suburb of Hermanus and offers a country lifestyle with peaceful and scenic surrounds. Sandwiched between the sea and the majestic mountains, all of which fall under the Fernkloof Nature Reserve, Fernkloof is indeed a magnificent area and this home unequivocally enjoys the prime spot situated at the very end of a leafy cobbled country lane cul-de-sac, enjoying absolute privacy and quiet. Charming mature garden with boulders and walkways boasting some 45 mature trees (also some fruit trees) and a large variety of exotic plants and flowers, under borehole irrigation. Secluded and heated salt water swimming pool with automated slide away cover, spectacular outside lighting. Baronial living proportions include traditional ‘voorkamer’ reception room, a magnificent study/TV lounge, spacious living areas exuding natural light, dining room (formal), breakfast room (informal) washed wood farmhouse kitchen and beautiful patio. In addition, a substantial Manager’s cottage with private garden, and a separate guest cottage with wrap around patio. Engineered oak flooring, shutters, high ceilings and the most discerning attention to detail, offer the epitome of gracious living.
EXCLUSIVE SOLE AGENTS Contact John Leppan 082 801 5252 Web ref & video FK-21 Tel 028 313 0914
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153 Main Road, Hermanus 7200
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www.hpsrealty.co.za
S STEP BACK FROM THE CURRENT UNCERTAINTY, AND TAKE A DEEP BREATH…
outh Africa may be in the midst
of interesting times, but we still offer one of the best lifestyle opportunities in Africa: The Houghton apartments. A place to unwind, relax and soak in the best that the country has to offer us, in the beating heart of Joburg. The Houghton experience isn’t something you can just drive past. You need to come in and experience this landmark real estate. Take a look at our 1400m² penthouse currently being built: with its exquisite view from Northcliff to Oliver Tambo, surrounded by greenery and trees and transformed into a kaleidoscope of lights at night… Surrounded by a lush green landscape with all the top design finishes, no traffic congestion and the kind of security that lets you sleep well at night, The Houghton offers superb return on investment alongside a feeling of satisfaction: knowing that you have arrived.
YOU DESERVE TO LIVE ONE OF THE BEST LIFESTYLES IN AFRICA. Come and view it from the rooftop of apartment 12720 – meet us at unit 7015 for the tour. APARTMENT 7015 AVAILABLE TO VIEW THIS WEEKEND – 10AM TO 5PM
ADDRESS DETAILS Apartment 7015 (Entrance on Lloys Ellis Avenue, off Osborne Ave, at Houghton on the 7th). Office – 011 034 2201 || Alan Becker – 082 718 8100 Email – alan@thehoughton.com
GAUTENG SAXONWOLD”S PEACEFULL RETREAT The house was designed for an executive family; given the proximity of key business areas and top private schools. Rosebank Mall ( currently being upgraded ) and the Rosebank Gautrain station are within walking walking distance. The front part of house is more formal - for meetings and entertainment, whilst the rest of the house can be closed off for day-to-day family living The design/style of the house can be described as "funky farmhouse", with high ceilings, tin roof, sash windows and large bay windows overlooking the garden. This house is warm and light and stylish. All finished are of the highest quality BEDROOMS: 4 BATHROOMS: 4
SAXONWOLD R14.8 million
Gail Katz 083 443 5633 | 011 880 3550 Web Ref: 99943
WESTERN CAPE TIME FOR A POOL PARTY ON YOUR DECK! With so little available on the Atlantic Seaboard property market, this particular duplex apartment has plenty to offer! With direct access via Ocean View Drive leading onto the 98sqm open patio, the benefits of these sublime city and ocean views are evident. Exclusive to this flat is a private pool as well as a Jacuzzi – which sets the tone for those summer months. The flat has an amazing light, lofty feel in the open plan living space. It has 2 ensuite bedrooms & truly offers a lot. Another pro is the extra storage space offered on the patio. Inviting buyers from R5.299 million BEDROOMS: 2 BATHROOMS: 2
SEA POINT Asking R6.38 million
Kate Alexander 082 877 7425 Shelley Bernstein 082 448 1117 Lolly Unterslak 082 452 0905 Web Ref: 99660
KWA-ZULU NATAL OCEAN PANORAMA & PRIVATE GARDEN A rare find, panoramic ocean and breaker views capture your attention from this “On The Edge” home. Set on large, dead level stand with botanical like garden on the Durban South, Whale Coastline. Various entertaining and seating areas inside and outside the dwelling offer all weather enjoyment. Two private cottages, one could easily be incorporated back into the home. From any angle this secret space shows well inside and out. A Suburban Oasis! BEDROOMS: 3 BATHROOMS: 2 Susan Seath 082 876 0554
BLUFF
Web Ref: 86435
R5.9 million
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