Business Day HomeFront 06 April 2018

HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 6 APRIL 2018 WWW.BUSINESSLIVE.CO.ZA

MUST READ

Dining is a breeze in Paternoster PAGE 2

Mayisela sets new course at Izandla PAGE 4

Pricing key in tricky rental market PAGE 12

Photo: Gautrain Management Agency

KZN property on the rise PAGE 14

Centurion on the brink of a boom Investors lured by pending second Gautrain station and suburb’s central location

JOHANNESBURG | CAPE TOWN | KNYSNA | MAURITIUS

w w w. h a m i l t o n s . c o . z a

PAGE 6

HOMEFRONT DÉCOR AND FOOD

West Coast flavour If seafood and a modern venue capitalising on a windswept coastline is on your wish list, Paternoster is the place

WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED

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ooking seawards from a lunchtime table inside Leeto restaurant, a rustic bamboo overhang is replicated in dappled wonky shadows on a cement stoep floor. Every diner near me is also admiring the white sand, blue sea and bluer sky, and scrubby growth gripping the Paternoster dunes. Stacking glass doors frame the exterior, bringing a welcome West Coast breeze.

Strandloper Ocean Boutique Hotel was refurbished in late 2016. The new restaurant opened only for hotel guests during its first year. Six months ago Leeto restaurant extended its doors to the dining public, in a welcome move for Paternoster’s seasonal and weekend visitors.

“The feel we wanted was driftwood, with softer materials here and there so the earthiness would come through” Cecile Almazan, operations director, Leeto restaurant

Food Chef proprietor Garth Almazan previously ran Catharina’s, a fancier fine dining restaurant at Steenberg winery in Constantia. With the couple’s relocation to Paternoster, wife Cecile has taken over as operations director.

The Almazans are in partnership at Leeto with Simone Jacke and Deon Brand, hospitality and property developers in Paternoster and elsewhere.

Leeto is a Khoi word for journey, and Almazan interprets the name as his personal culinary journey from the Constantia Winelands to the “wild, natural beauty” of the West Coast.

With his cooking style simplified accordingly, the Leeto menu offers a maximum of six starters or main courses. “In Cape Town I had 20 chefs, here we do the same job with two chefs and two cooks. I did bring my pastry chef from Catharina’s though,” he says.

A waitress serves fresh oysters. “I’m excited to present refined West Coast cuisine using local treasures from the sea. In Paternoster we live close to nature and in harmony with the ocean,” says Almazan. “And it’s not foams and gels.”

Wild “sout slaai” growing on the dunes is my new discovery. Green, tender and lightly steamed, it’s delightful with grilled calamari heads on a prawn samosa parcel. On top is a piece of hake smeared with masala rub, and a zingy, mayo-like lime butter.

Sustainable hake or angelfish usually feature.

“When we say fresh mussels and oysters on the menu, it means we literally collected them at Saldanha this morning,” says Almazan.

He is known for supporting the community.

“We moved down here to try and encompass what the West Coast is about. We’re trying to source as much as we can locally. Paternoster fishermen pull up here and deliver hottentotsvis or maasbanker or harders when they have it.”

Almazan’s Cape Malay curry is a speciality. “My grandmother did a lot of Malay seafood dishes, so we do a lot of that here.”

Soup-like, a mildly spiced coconut cream sauce elegantly enhances plump mussels. Segments

HOMEFRONT

of cooked, skinned tomato and red onion add texture, freshened by coriander leaves. It’s delicious with Fryer’s Cove Sauvignon Blanc, also farmed on the West Coast, the wine’s mineral tones hinting of salty sea air.

Serving meat creates dining flexibility in this

seaside town. Foreigners in particular enjoy game such as springbok and kudu — my tasty springbok loin partnered sautéed wild and pickled baby mushrooms, with silky sweet potato puree.

A Leeto lunch or dinner is in a similar price bracket to upmarket Cape Town restaurants — families are not the target as children need to be 12 years or older.

Interior decor Cecile Almazan says their design objectives were stylish comfort and sea views for the openplan modern restaurant, which also extends to an adjacent bar and lounge.

Muted natural tones form a backdrop to the ocean, beach and fynbos.

“We didn’t want people to come in and have it look like a function space. And we wanted hotel guests who don’t have sea view bedrooms to be able to sit in the lounge and also experience the West Coast,” she says. I particularly like its adjacent getaway space: balsa wood lanterns are suspended above a mini deck with a couch for sea gazing.

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

A EDITORIAL TEAM Editor: Kim Maxwell Designer: Samantha Durand

The restaurant has white Vondom chairs and tables, with wood panels on some walls and oak floors throughout.

“Initially there was a bigger patio area but we enclosed it with stacking doors. In the evenings at dinner, more people want to sit inside, so we bring the outside inside,” says Cecile.

Some existing furniture was recycled — wooden Vogel chairs get a lift with charcoal grey twine detail, echoing grey granite floor slabs also used above the bar counter.

Riempie bar stools are

by James Mudge. There are woodstoves for winter and the art is by Oskar Brunner, Jacke’s artist father.

Lounge armchairs made in Knysna add a modern Scandi element, using light wood and charcoal

upholstery. Similar greys and charcoals are in the rug underfoot.

“The feel we wanted was driftwood, with softer materials here and there so the earthiness would come through,” says Cecile.

The functional fisherman’s cottage-style exterior of Leeto is typical of Paternoster buildings.

A large window overlooks a whitewashed wall and rustic floor of seashells, bordered by wild garlic plants. Less is more, in sync with Almazan’s simplified plates.

“It’s fish, a sauce and a vegetable to pair with it, nothing else,” says the chef.

Well, perhaps there’s an edible flower.

“You don’t get the new trends like in Cape Town where everybody’s doing it.

That’s why we moved here.”

PUBLICATION

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

ADVERTISING SALES Michèle Jones Susan Erwee

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

084 246 8105 083 556 9848

HOMEFRONT PROPERTY PROFILE

Building bridges Izandla Property CEO Nonhlanhla Mayisela plans to steer black women towards significant roles in the property sector WORDS: MIRIAM MANNAK: PHOTOS: SUPPLIED AND SHUTTERSTOCK

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fter stints at Investec and the Airports Company of SA (Acsa), Nonhlanhla Mayisela has embarked on a new mission, this time as CEO of Izandla Property — Investec Property’s majority blackowned real estate venture.

Mayisela has always had an interest in property, business and investment.

After obtaining her BCom Accounting degree from Unisa she signed up for a property investment course at Wits — followed by a postgraduate degree in business management and marketing.

Investec Property snapped her up, where as a property development manager she was part of a team that managed industrial property development projects to the value of R1bn on completion.

Mayisela was involved in several leadership programmes at Investec, including its flagship Insight Leadership Programme through the University of Pretoria’s GIBS Business School. She is also a 2014 Archbishop Desmond Tutu African Leadership Institute Fellow.

RESPONSIBLE Mayisela later joined Acsa, where she was responsible for driving the property development and marketing strategy for its four international and five regional airports. Last year, Investec Property asked Mayisela back and subsequently appointed her as Izandla Property CEO. Founded in June 2017, this majority black-owned and 30% women-owned venture has the mandate to fund the property initiatives of its 65% majority shareholder, the Entrepreneurship

Development Trust.

Izandla also aims to provide a bridge between the business sector and communities by investing in the development through education of entrepreneurs and future leaders.

Because the property sector has been difficult for many to access due to its large capital requirements, Izandla says it aims to provide future property clients with a BBBEE partner that will own, manage and develop their property assets.

OPPORTUNITIES Izandla will look at what Mayisela names “out-ofthe-box opportunities” besides traditional targets.

“Property as an asset class in SA has enjoyed superior results for a while, but these results have gone down a bit due to a number of developments in the market. For Izandla, we will be looking at opportunities beyond the traditional sphere,” Mayisela says.

“Our mandate is not just a commercial one, but there is a social element as well.

It is also about creating opportunities in the sector that are not so obvious.”

These include low- to middle-cost residential developments. “There are significant opportunities in the broader context of the country, due to the housing shortage,” she says.

Industrial property, too, is of interest. “It remains a well-performing sector. In terms of retail, I think there are opportunities in rural and semirural areas where there is a demand.”

The ultimate goal is to list as a standalone company.

But first things first: “It hasn’t been a year since we launched. We have had a lot to do and think about,” Mayisela says. “We will come out in due course and talk about the plans for

Izandla when the time is right, particularly in terms of what opportunities we may be pursuing.”

ROLE Izandla seeks to play a role in helping SA’s property asset management and investment sectors to fast-track and broaden their racial and gender transformation accomplishments. “Over the past five to seven years there has been a lot of progress, particularly regarding skills development at entry level,” Mayisela says.

“From a higher education perspective, many young black professionals and women are entering the industry. The challenge is that it is hard to get these young professionals to senior positions.”

Giving young people practical exposure is key to providing them with the skills needed to succeed.“You can’t learn this from training and textbooks,” Mayisela says, noting that organisations are working to bring about change.

“You have the Women Property Network and the SA Institute of Black Property Practitioners, which are driving the gender and racial transformation agenda. Both organisations have made strides.”

ACHIEVEMENT Mayisela views her Izandla appointment as more than just a career opportunity.

“The personal achievement is incredible because people believed I was the one who could build an entity from scratch and get it to a level of significance,” she says.

“There is an alignment between what Izandla Property stands for and my ambitions as an individual and young black woman.

That alignment will continue to energise me.”

“There are significant opportunities in the broader context of the country, due to the housing shortage”

HOMEFRONT PROPERTY FOCUS

Centurion on the brink of a boom

Investors lured by pending second Gautrain station and suburb’s central location WORDS: GEORGINA GUEDES :: PHOTOS: PAM GOLDING PROPERTIES, SEEFF PROPERTIES AND RENE WALKER

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hanks to its location on the current and future Gautrain network and its convenient proximity to Johannesburg and Pretoria, Centurion is taking off as a residential and commercial property investment destination.

As Johannesburg and Pretoria continue to expand and new parcels of land between them — such as Waterfall Estate and Steyn City — are developed, already established halfway suburbs are also undergoing a boom.

The Gautrain’s route through these areas has also played a role, providing ease of access and traffic congestion relief to commuters, opening up new opportunities for property investment and development.

Centurion is receiving a particular boost from not just one but ultimately two Gautrain stations. When built, the Samrand Gautrain Station will be the second in Centurion (in addition to the Centurion Station adjacent to West Avenue, which

runs along the northern bank of Centurion Lake).

The Samrand station will be on the new Gautrain line that will connect Jabulani, Roodepoort, Cosmo City, Fourways, Sunninghill and Tshwane East.

According to a 2017 Lightstone report about the Gautrain impacting real estate, train systems worldwide have made a positive impact on economic growth.

WORLD CLASS The introduction of the Gautrain in 2010 has been a step towards creating a world-class metropolis across Johannesburg and Pretoria, and with the introduction of Phase 2 last year, there has been a continued positive impact on property values in the areas around stations.

In Rosebank, for instance, Lightstone’s analysts believe that the Gautrain helped the suburb achieve an additional 2.5% property price growth compared with surrounding areas further from the station.

Lightstone data suggest a correlation in population, commercial building density and the number of residential properties between Sandton and Centurion, indicating that Centurion could have the potential to develop into a similarly bustling business sector.

COMMERCIAL Leading South African Reit Growthpoint Properties has confidence in the area.

It has begun development on the multimillion-rand head office of diversified resource company Exxaro. This is the second phase of Growthpoint’s redevelopment of the prime Lakeside office site on West Street, directly opposite the Centurion Gautrain Station.

Situated between Pretoria and Johannesburg, the site enabled Exxaro to consolidate its offices from both cities into a single workspace, accessible to staff from either city. Exxaro will occupy all 18,500m2 of gross lettable area on a long lease to accommodate up to 1,400 staff. Designed by AMA

Rosebank

687

140

Cornwall Hill Country Estate

Centurion

1,111

80,843

2,051

Sandton

230,356

84,460

3,116

188,310

Residential Commercial Adults properties properties

Residential Commercial Adults properties properties

Residential Commercial Adults properties properties

Inflation boost effect: 2.5% Average price now: R 2,276,309

Inflation boost effect: 0% Average price now: R 1,349,983

Inflation boost effect: 0.8% Average price now: R 2,153,372

Source: Lightstone Property

HOMEFRONT Architects, the building aims to attain a 4-Star Green Star South Africa certification from the Green Building Council SA. The development broke ground in February last year and is due for completion in early 2019.

When finished, five storeys of offices will sit atop four storeys of structured basement parking, offering excellent visibility from the Gautrain Station and across Centurion Lake.

“We are excited about developing this new head office, tailored to meet Exxaro’s specific requirements,” says Growthpoint Properties office division director Rudolf Pienaar.

INDUSTRIAL Developer Atterbury has begun construction on a prime industrial park development in Centurion.

Old Mint Park neighbours the landmark South African Mint and fronts on to the N1 highway.

The joint venture is between Atterbury and Old Mutual Properties.

Under construction in the state-of-the-art 65,000m2 industrial park is a business unit development offering premises ranging from 500m2 to 2,500m2 in a single 10,000m2 building.

A 4,500m2 warehouse and office structure is being built concurrently.

Earthworks for the development began in December 2017 and the business units are expected to be complete and available for occupation by the end of this year. Old Mint Park will have full perimeter fencing and comprehensive security systems. It will offer fibre optic broadband access to all tenants.

“Old Mint Park has been well received by the market.

Fortuna Food has already signed the first lease at the business park for a 2,000m2 unit. They will begin trading from their new facility from October 2018,” says Atterbury development manager Derrick Pautz.

The development is directly opposite the future Samrand Gautrain Station, adjacent to the future K220 Road and is already well

served by public transport, including buses and taxis.

Residential property is also doing well in Centurion, despite being a buyers’ market, with opportunities in a range of price brackets.

LOCATION Seeff Properties Centurion MD Steve van Wyk says Centurion boasts property from about R800,000 for a two-bedroom townhouse to R25m for a luxury home in a soughtafter estate. It is appealing for its location between Pretoria and Johannesburg, with an excellent road and rail network.

The demand for estate living in the area has increased significantly and buyers are happy to pay premium prices for security, says Van Wyk. Some of the more prestigious estates in the area include Centurion Golf Estate, Irene Farm Villages, Southdowns, Blue Valley, Copperleaf and Midstream.

The popularity of these estates shows that it is not only newer areas around the Gautrain that

A Southdowns Estate home, marketed by Seeff Properties for R5.95m

“We are excited about developing this new head office, tailored to meet Exxaro’s specific requirements” Rudolf Pienaar, office division director, Growthpoint Properties

are attracting interest.

Cornwall Hill Country Estate is an established development with 400 luxury homes on stands of between 1,000m2 and 10,000m2. Prices range from R2.6m to R50m.

Lightstone data show that just above half the present home owners in the estate have owned their properties for more than 11 years, according to Pam Golding Properties Centurion area specialist Leonie van der Sande. Homes have also achieved solid price growth over the past decade. “The growth and prices achieved affirms the desirability of living in this estate,” she says.

FAST-SELLING In addition, Centurion has two estates that are among Gauteng’s fastestselling areas — Eco Park in Highveld and Heuwelsig Estate in Monavoni.

Van Wyk says that property in these areas sells within six weeks of listing when priced correctly. Prices in both areas range between R800,000 and R2.5m.

“These suburbs offer lockup-and-go units that are sought after, fantastic value for money and are close to highways, schools and amenities,” he says.

The Exxaro building by Growthpoint Properties

FIRST-TIME BUYERS

Eldo Square, Eldoraigne

Stonechat Village, Irene

RE/MAX Jowic broker manager Rudi van den Berg has a similar view on activity in Centurion. He says there is strong demand around the Gautrain station, with apartments selling for between R600,000 and R1.5m — mostly to first-time buyers.

“There are four big developments within a 1km radius of the station — stack units, mostly one and two bedrooms,” says Van den Berg. One such development is Apartments on Gerhard.

While the Gautrain is attracting a lot of development for obvious reasons, Du Preez agrees that many exciting developments

are taking place further afield in Centurion. These include Eco Park, a commercial park with some sectional title units, and Amberfield City, a popular area of Centurion that is developing new homes, a new private hospital and the Amberfield private school.

In all, prospects for Centurion are looking bright and Pam Golding Properties regional executive for Pretoria Retha Schutte says it is a good time to buy.

“There are still people highly motivated to sell and this will give buyers the opportunity to purchase well-priced properties.”

The rental market around the Gautrain Station is also booming, says Centurion Letting and Sales senior agent Anita du Preez.

“There are always more people looking to rent than there are available units,” she says.

“Prospective tenants are usually young professionals looking for two-bedroom lock-up-and-go units on security estates.”

POSITION Depending on the position, these go for between R6,500 and R8,500 a month, says Du Preez.

Although there are Gautrain bus routes into Centurion, people using the train for their commute want to live close to the station.

As a residential investment destination, Centurion offers investors excellent returns and a buoyant buy-to-let market.

The area offers private and government schools, five golf estates, an excellent road network, large and small shopping malls, sporting and recreational facilities and a number of parks and greenbelt areas.

Given the significant potential that the area holds — and the possible improvement in SA’s economic fortunes — the time is ripe to purchase in this market.

HOMEFRONT LETTING

Rental demand persists Properties priced right will attract tenants in a shakier market WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIED

Rental growth (YoY)

Inflation (YoY)

9.0%

8.30%

8.5% 8.0% 7.5% 7.0% 6.5% 6.0%

5.78%

5.75%

5.5% 5.0% 4.70% 4.5% 4.0%

2016 Jan

Feb

2017 Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Monthly growth rate in national rent (YoY): 2016 & 2017

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espite rising rents in most areas the market is bedevilled by fluctuation, prompting some landlords to drop rates to secure tenancy.

Demand for well-priced homes remained strong in Q1 2018. Pam Golding Properties continues to experience brisk activity in both rental and sales markets.

“We are seeing that market conditions have shifted and that overpriced stock tends to sit.

“However, properties at market-related prices in both sales and rental markets continue to sell and let quickly,” says Pam Golding

“Landlords seem to be expecting a lot more than their property is worth” Dylan Robertson, rental agent, Tyson Properties Camps Bay

Properties Cape rental manager Dexter Leite.

SALES SHAKY RE/MAX Living certified sales and letting specialist Grant Rea says the market has been difficult.

“Working with 70 fellow agents in an office with a large market share, I can tell you that sales volumes for the first quarter of 2018 are shaky, to say the least.”

Rea says conversations with potential renters and buyers regularly gravitate toward how to negotiate price reductions. “The City Bowl areas and Atlantic Seaboard remain popular with buyers. However, we still find ourselves watching a sort of Western showdown between

buyers and sellers. My property rental team has noticed a marked slowdown in the demand for even the most staple of properties, such as twobedroom apartments.”

The PayProp Rental Index Annual Review 2017 shows that the rental market suffered from volatility during the year, although it showed the weighted average national rent for Q4 2017 was R7,308 — up from R6,934 the year before.

A plus is that the average credit score improved over the past two years — tenants are savvier about managing debt. The average rose from 633 in Q4 2015 to 635 in Q4 2017.

The Western Cape has

HOMEFRONT “We continue to see an increase in inquiries and demand for rental properties in Fourways” Letta Molefe, rentals manager, Pam Golding Properties Fourways and Dainfern

Chas Everitt International Cape Town North and City Bowl’s financial director JanOtto van Eck says there is strong downward pressure on rental increases in most areas and price brackets.

“Where in the past landlords were able to obtain an 8% annual increase, this is now not possible in most instances,” says Van Eck. “At the upper end of the market we are even seeing owners reduce rent to fill vacant units.”

PAYPROP RENTAL INDEX 2017

SENSITIVE Van Eck says there are still good-quality tenants in the market, but they are price sensitive.

Sectional title rentals are in demand in the Milnerton area. “The average rental in Milnerton and the surrounding area ranges from about R7,000 to R18,000 for residential homes,” says Tracy Stephenson, principal of Leapfrog Milnerton.

“Sectional title rentals vary on average from R7,000 to about R11,000 a month and are taken up relatively quickly.”

had the highest rental growth rate and has been the most expensive province to rent in for some time. This continued in 2017 — the average rent for the period was R8,777.

INCREASE Tyson Properties Camps Bay rental agent Dylan Robertson says that longterm rental prices have increased in his region this year. “Landlords seem to be expecting a lot more than their property is worth.”

Robertson says landlords are realising they need to price their property fairly.

The agency offers price counselling so properties can be let quickly rather than being left standing.

KwaZulu-Natal rent and rental growth: Average KwaZulu-Natal rents for Q4 2017 were R7,580 — up 5.3% from R7,200 the year before.

This is slightly above the weighted national average.

Western Cape rent and rental growth: The Western Cape has had the highest rental growth rate for some time. Average rentals were R8,777 in Q4, up 10.8% from the previous year and far above the national average.

Rent distribution: Closely aligned to the national average of R7,308. The percentage of tenants renting in the top three brackets increased slightly during 2017.

Rent distribution: Rentals of more than R7,500 were above the national average — 45.8% of rentals fell within the three most expensive

10.8% 10%

Rental Growth

9% 8%

5.8%

5.4%

6%

7%

5%

6%

5.4%

5%

4%

4% 3% 3% 2%

2%

1%

1%

0%

0% Gauteng

Western Cape

National Average

Rental Growth

RATE CUT The repo rate was cut by 25 basis points on March 28. PayProp head of data and analytics Johette Smuts says this could boost not only the economy but also the rental and housing market. But Smuts says it is unlikely that the rental market will see relief from the last year’s unsettled performance.

“The volatility will in all probability continue in 2018, with the economic and political uncertainty expected to increase leading up to the national elections in 2019.”

brackets, compared with 35.9% nationally. A year before, the distribution of rentals in these three brackets was at 37.6%.

Rental Growth

GAUTENG The average 2017 rent in Gauteng was R7,692.

Agents working in Fourways and Dainfern verify this. “We continue to see an increase in inquiries and demand for rental properties in Fourways,” says Letta Molefe, Pam Golding Properties rentals manager for Fourways and Dainfern. “The area offers rental properties to suit all budgets.”

Rentals in this area range from R6,500 to R7,000 for smaller bachelor or one-bedroom units, up to R45,000 a month for homes in large secure estates such as Dainfern or Steyn City. “We find that rental properties priced between R7,500 and R20,000 seem to move quicker and are easier to re-let once a tenant moves out,” says Molefe.

average percentage of rental contracts fall in the R2,500 to R5,000 band and a higher-than-average percentage fall within the R7,500 to R10,000 band.

Gauteng rent and rental growth: Gauteng’s average rent has been above the national average and has grown faster than the average. Average rent in the province for Q4 2017 was R7,692 and grew by 5.8% YoY compared to the weighted national average of R7,308 and national rental growth of 5.4%.

Rent distribution: Almost 40% of rentals in Gauteng fall within the R5,000 to R7,500 band. Because of the higher average rent in the province, it is no surprise that a lower-than-

6%

5.3%

5.4%

5% 4% 3% 2% 1% 0% KwaZulu-Natal

Source: PayProp Rental Index 2017

National Average

National Average

HOMEFRONT PROPERTY NEWS

KZN residential market on the up

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he KwaZuluNatal residential market looks set to be the most vibrant in the country this year in terms of house price growth and return on investment, says Engel & Völkers Southern Africa CEO Craig Hutchison.

“The North Coast of KwaZulu-Natal is the new Cape Town when it comes

to property. It is about a preferred location because of the many opportunities for business and local economic growth.”

Engel & Völkers has sold the KwaZulu-Natal Dolphin Coast licence to Karien and Stephen Hunter — an area stretching from the Umhlanga River to Zinkwazi, north of Ballito.

The Hunters have run

Durbanville estate selling fast

KwaZulu-Natal law firm AMC Hunter Inc, which specialises in property and commercial law. Karien Hunter will be involved in training and developing her own area partners on the Dolphin Coast.

The licence area suburbs include Umdloti Beach, La Mercy, Zimbali, Ballito, Beverley Hills Estate, Salt Rock and Mount Moreland.

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he exclusive Compton Estate in Vierlanden, Durbanville, is more than 60% sold out. The development by Devmark Property group will offer six homes on completion.

“It has become increasingly difficult to find housing of this calibre in the Northern Suburbs of Cape Town,”

R100m bridge extends access options

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new R100m bridge at Val de Vie is set to have a big impact on both value and demand for property on the Paarl estate when it opens at the end of April.

The bridge will provide residents with an extra access option via the R45 Simondium Road. The existing access is from the R301 that connects Paarl and Franschhoek.

The connection will significantly reduce travelling time from Val de Vie to Cape Town, Cape Town International Airport, Stellenbosch and Paarl Main Road.

“For residents who regularly travel to the Mother City, driving time has been reduced to 35 minutes from the new gatehouse,” says Val de Vie group marketing

director Ryk Neethling.

The bridge and gatehouse on the R45 will extend Val de Vie Estate’s reach to the affluent Stellenbosch market, as well as to guests and tourists.

Val de Vie Evergreen future residents will also have access to the new bridge. The first residents at the retirement lifestyle estate are due to move in

by December 2018.

Profica gets nod for bank branch revamp

A

bsa Bank has renewed its contract with property and construction solutions company Profica to continue the bank’s roll-out of its new-look branches.

Profica was one of four companies appointed

by Absa in 2016 to provide design and build services for more

than 200 branches in SA. Absa extended the contract with Profica in November 2017 for a further two-year period.

“In 2016 we hit the ground running as new entrants in the design and build space.

“We swiftly developed solutions to successfully co-ordinate multiple

stakeholders — including existing local branch subcontractors – across national locations with different requirements,” says Profica chief operating officer Matthew Renshaw.

Profica has delivered 77 branches totalling 51,000m 2 , with 14 branches allocated for 2018.

says Devmark director Jean Ehlers. “Both capital growth and rental yields are historically excellent in this area and we anticipate that it will only improve over the long term.”

Vierlanden is one of the oldest and most established areas in Durbanville. The Compton is close to top private and public schools,

hospitals, restaurants and shopping facilities.

Stand sizes are from 440m² and units from 230m², surrounded by landscaped areas. The plot and plan three-bedroom package starts at R3.595m all-inclusive, with no transfer duty.

Building will be completed by August 2018.

Tower launches offshore company

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ower Property Fund has announced the launch of separate offshore company TFP International.

Tower CEO Marc Edwards says TFP International will be incorporated in Mauritius as a Category 1 global business licence company, with the intention of launching on the Stock Exchange of Mauritius and on SA’s JSE. TPF International’s initial portfolio will comprise

Tower’s R1.3bn Croatian property portfolio, made up of four retail properties and the majority of the VMD building, a high-quality office building in Zagreb.

“TPF International’s strategy is to continue to invest in high-quality, income-producing properties in the retail, industrial and office sectors in Croatia and surrounding countries,” says Edwards.

Oryx Properties Limited, a property loan stock

company listed on the Namibian Stock Exchange with a property portfolio valued at about R2.3bn, has committed to invest R300m in TPF International, through a combination of the acquisition of TPF International shares from Tower and a subscription for shares in TPF International.

Edwards says this will give Tower greater flexibility to implement a number of its South African initiatives.