Silvertree Estate, Cape Town Offers on R11.7 millionThis Tuscan inspired gem of a villa is situated in the best part of secureSilvertree. An elegant and classy family home providing relaxed living in aluxuriant garden setting. Bespoke quality woodwork and ironmongery setsthis true character home apart from its rivals. Contact: Dave Burger 083458 3333, Brenda Pretorius 083 442 1318 Web ref: 1469960

Fourways, Sandton From R2.999 million House. Quiet location in sought after boomed area. 4 Bedrooms, 2½ bath-rooms. Gourmet kitchen, large family room with pub, separate lounge anddining room leading on to entertainer’s patio, pool and garden. Staff suiteand double garage. Full cottage. Contact: James Christelis 082 416 5343, Ryan Rodda 076 979 4330 Office: 011 465 1187 Web ref: 1397740

Lonehill, Sandton Negotiating from R4.999 million Gracious and elegant Georgian cluster home set in prestigious estate. 3 Reception rooms, 4 king sized bedrooms, study/5th bedroom, 2 bathrooms, plus guest bathroom. Entertainer’s patio overlooking immaculatelandscaped garden. Staff acc. 3 garages. 24 hr security. Contact: Sally Andrews082 451 3111, Marilyn Keeley 083 415 8909 Web ref:1426645

Constantia Upper, Cape Town Asking R23.8 millionAn exquisite large 9 bedroomed property. High ceiling living areas withgenerous proportions and well planned for ease of entertaining. Set on anacre erf with tennis court, additional cottages and staff acc. Guesthouse /hotel potential. Contact: Jo Thomas 084 404 4120, Rouvaun McKirby071 671 0821, Phyl McCance-Price 082 593 1624 Web ref:1469262

Each office is independently owned and operated www.sothebysrealty.co.za

HOMEFRONTBDlive.co.za | @BDliveSABusin ess Day FRIDAY, NOVEMBER 20 2015

TURNING OLD SPACES INTO COOL NEW ONES

PAGE 2

HOTEL ROOMSOFFER GOOD RETURNS

PAGE 12

SYDNEY: STILL MORE BUYERS THAN SELLERS

PAGE 21

WHY CLEAN BEACHES ARE GOOD FOR CITIES

PAGE 17

CONTINUED ON PAGE 6

WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIED

Storage property listing opens a new growth marketStor-Age Property Reit Limited is a growing business in a relatively new market for SA. Listing this month, analysts have predicted above-industry returns

LIFESTYLE Friday November 20 2015

Turbine Hall in numbers

114MW — electricity previously supplied to a major portion of Johannesburg at its peak

14,000m2

— approximate size of Turbine Hall

800m2 —

basement (largest exhibition space) in Turbine Hall

22m — height of Turbine Hall

2,000 — number of lights in Turbine Hall

52,649 — total 2014 conference delegates at Bryanston’s The Campus and Newtown’s Turbine Hall

“Due to its age, there were no original plans, so new ones had to be made. That resulted in one excavation where we found a hidden tunnel beneath the building”Glynis Hyslop, founder, The Forum Company

Repurposed powerFounder Glynis Hyslop outlines why Turbine Hall, a heritage site, has become a relevant urban events space

LIFESTYLE

money on bringing light in, and in trying to make it flow as a venue.

The whole of Turbine Hall’s side of the building is a renovation of the original building, reusing the structure. So, very few new bricks and construction materials were used. Due to its age, there were no original plans, so new ones had to be made. That resulted in one excavation where we found a hidden tunnel beneath the building.

What are some of Turbine Hall’s space-for-hire options?The triple-volume space and underground areas are all built around the old power station, with the original coal hoppers and turbines used as design features. The most iconic space is Turbine Hall itself as it has three huge concrete structures that once housed the turbines that generated the electricity. We kept anything old, and juxtaposed that with glass and skylights. It has a fabulous bar, too.

The Glass House inside Turbine Hall is new. It is a building within a building, inside the southern boiler house. It is opposite the high open deck, which also houses the coal hoppers

WORDS: KIM MAXWELL :: PHOTOS: SUPPLIED

Newtown’s event space once provided much of Johannesburg’s

electricity supply. It has since been converted into a source of cultural and aesthetic output.

What is Turbine Hall?It is an old Johannesburg building that we revitalised and turned into an events and function venue. It used to be the Jeppe Street power station in the late 1920s. It was the last and largest of three steam-driven power stations built in Newtown to supply electricity to Joburg. The building functioned, on and off, as a back-up power supply for the city, well into the 1970s, when it was used for peak loading periods or as a standby power source.

How did The Forum Company start out? The Forum Company was inspired by our being offered a beautiful space at The Campus, a fairly new corporate location in Bryanston. Our business has expanded due to client demand. Each event is different and requires a space that is sympathetic to the vision of the event. As a result we have The Campus

in Bryanston, which is slick and contemporary; Turbine Hall, which is industrial and cool; White Light, a modern white farmhouse; and Embassy Hill, which is Cape Contemporary in style and offers a 360°degree view of Johannesburg.

Do you own or rent Turbine Hall and your other event properties?Turbine Hall was privately owned. However, after making a significant investment in Turbine Hall, we decided to own all of our venues.

How did you approach the renovation of this heritage building? We had a full team of experts at LYT Architecture under Guy Steenekamp and Warren Stanley, as well as engineers and professionals for our event lighting. We started planning the renovation in 2007 and finished in late 2009.

Turbine Hall is a heritage site but it was also disjointed, dark and derelict. It is a building that had soul and incredible bones, so I knew it could be rejuvenated. As with most projects, one’s vision often does not match the budget. We spent our

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EDITORIAL TEAMEditor: Catherine DavisCreative Director: Mark Peddle

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Art Director: Lucia VigliettiEditorial Consultant: Bridget McNultyChief Copy Editor: Yaron Blecher

The Creative Group CEO: Shaun Minnie shaun.minnie@thecreativegroup.info Busin ess DayA PUBLICATION

LIFESTYLE Friday November 20 2015 LIFESTYLE Friday November 20 2015

With the reincarnation of Johannesburg’s grande dame, The Four Seasons Hotel The Westcliff, came two new restaurants — View and Flames

MEET THE CHEFBoth restaurants fall under the direction of executive chef Dirk Gieselmann, who worked as chef de cuisine alongside owner Marc Haeberlin at France’s famed Michelin-starred L’Auberge de l’ill.

View is the more formal of the two restaurants, and just below it, with views no less extraordinary, is Flames, which offers an artisanal braai experience in an outdoor setting.

A glass lift whisks diners up to the restaurants. The views from up there have always been astonishing, but the new architecture leaves you feeling like you are perched at the very edge of a cliff, with banks of trees, the zoo and the Johannesburg skyline all visible from this vantage point. Either of these restaurants makes for the ideal spot to impress overseas business visitors.

WORDS: BELINDA MOUNTAIN :: IMAGES: SUPPLIEDof the old power station. At night Turbine Hall has a view of city streets.

Why Newtown Cultural Precinct? Newtown has always been the cultural hub of Joburg as it housed the Market Theatre, a beacon of hope in the apartheid era.

Mary Slack and Ricky Burnett were two of the pioneers of the arts, with their Newtown Gallery. Newtown is home to Artist Proof Studio and Bag Factory and Assemblage, all well-known artists’ collectives. It has various dance studios, live music venues, significant museum and art collections, historic sites and monuments, as well as a year-round programme of cultural events.

Since 2006 various public artworks have been installed in Newtown and Braamfontein.

Why does The Forum claim to be one of SA’s leading events and conference companies?

In 2014, 52,649 people attended conferences at our two venues: The Forum Company’s Campus in Bryanston, and Turbine Hall in Newtown. This excludes attendees at launch events, dinners, cocktail parties and weddings. Both venues were finalists in the SA Tourism Lilizela 2015 Best Meeting Venue award for service excellence. The Campus was the overall winner in 2015. Our different venues all have a sense of place and appropriateness.

Turbine Hall can host up to 800 people… We launched the venue with SA Fashion Week and it continues to attract the design-conscious and the intellectual. There have been

VIEWThe menu includes dishes such as the Thai line fish and prawn soup with mussels, crispy Camembert salad with cranberry relish or ostrich sosatie skewers with foie gras. The cooked-to-perfection sirloin steaks are served with sides of creamy gnocchi and silky mashed potato.

The dark chocolate fondant with white chocolate centre, hazlenut ice cream, salted caramel and praline cream is a menu highlight. Diners are known to take their dessert plates down to the couches below by the pool for an even more relaxed setting.

FLAMESFlames makes the best possible use of one of the best locations — and some of the finest views — in Joburg. As for the food, it is proof that one of SA’s staple eating occasions — a braai

so many different events, from the Adidas party for the end of the Soccer World Cup to hosting part of the Miss World pageant. We’ve held exquisite champagne dinners, fashion shows and car launches.

It is ideal for lunches, conferences and weddings. It is very much a blank canvas. We hold exhibitions, including the South African Book Fair. We’ve hosted former US presidents, Hollywood stars, celebrities, the mayor of New York and heads of state. This month we welcomed the prime minister of the Netherlands.

Which event are you most proud of?Our own Turbine Art Fair happens every July. The aim is to showcase SA’s leading galleries and accessible contemporary art under one roof. More than 7,000 people visit the space over the weekend.

— can be as sophisticated as you want it to be.

Flames has an extensive wine list, but it is the craft beers, such as Jack Black, Copperlake Breweries and Devil’s Peak, that go down well with a braai.

FOOD

Dining with a view

TASTE FOR YOURSELF

View011 481 6180www.viewrestaurant.co.za Flames011 481 6190www.flamesrestaurant.co.za

COVER Friday 6 November 2015

T his month Stor-Age – SA’s largest self-storage property

fund – lists on the JSE as the first Real Estate Investment Trust (REIT) of its kind on the exchange. REITs are corporations that own and manage portfolios of real estate properties and mortgages.

The Stor-Age group is 10 years old. It will list a R1.3bn portfolio of self-storage properties and forecasts above-average distribution growth in the medium term.

Stor-Age was founded 10 years ago by Les Lucas and family – a father-and-sons team who will remain on the executive management. After listing they will hold about 30% of the company. The storage idea came about after a friend who was going to teach in Dubai complained about the lack of self-storage options in SA. A couple of years later when Les Lucas, who works in the construction sector, started investigating small-scale property investments, the family remembered the conversation.

“I mentioned the self-storage thing, but to be honest, I wasn’t a believer,” says Gavin Lucas, now the CEO of Stor-Age. “It was really my dad who looked into it and came back saying, ‘This is a great idea. We have to do this.’ When I looked into it further and started doing research I realised what a massive market gap there was for professionally run and managed self- storage products.”

Today, the business comprises 181,500m2 gross leasable area over 43 properties, with more than 12,500 tenants. Of these, 70% to 80% are domestic event-driven and lifestyle users, and 20% to 30% are commercial, typically SME users.

SELF-STORAGE PERFORMANCEAs an investment opportunity, self-storage has outperformed

other listed property sectors in the US, UK and Australia in recent years. Analysts believe that it has the potential to do the same in SA.

“The storage market in SA is in its infancy. The US, UK and Australia have had storage REITs for many years and these have performed well,” says Nesi Chetty, head of Listed Property at MMI Holdings. “The US Reit storage market has delivered compounded annual total returns of 16% since 1993,

CONTINUED FROM PAGE 1

whereas the broader general US REIT market has been 10%. So, there has been good outperformance of storage Reits within the offshore listed property markets.”

This is because the storage market is driven by urbanisation, shrinking home sizes and increased population density, which favour the storage sector in the medium term. Chetty believes that increased consumption and the demand for durable goods that need

“The storage market in SA is in its infancy. The US, UK and Australia have had storage REITs for many years and these have performed well”Nesi Chetty, head of Listed Property at MMI Holdings

to be stored should help to lift the storage market in SA in the longer term. He adds that the storage sector tends to be more defensive in economic downturns than the traditional commercial property market.

Gavin Lucas holds similar views. “The market is principally driven by two things. First of all we have economies that are led by consumption, which means that people are acquiring goods at a faster rate than

THE HIGH-SECURITY STORAGE LOCKERS OFFER:

Biometric fingerprint readers — state-of-the-art access to individual vault rooms

Individual mini lockers — accessed only by a private lock and key

Fireproof rooms — CO2

suppression devices ensure peace of mind

ever before. And at the same time, people’s living and working spaces are becoming more and more dense and efficient. People’s goods are incredibly important to them – as is their safe and convenient storage,” he says. “Self-storage is the property market’s response to the needs of society. So every time there’s a life-changing event, people need to put their goods somewhere. It’s as simple as that.”

Storage property listing opens a new growth market

www.privateproperty.co.za/on-show

South Africa’s first dedicated On Show website.

Find property On Show in your area.

A home for everyonewww.privateproperty.co.za

COVER Friday 6 November 2015

“Self-storage is the property

market’s response to the

needs of society. So every time there’s a life-

changing event, people need to

put their goods somewhere. It’s

as simple as that”Gavin Lucas, CEO of Stor-Age

ever before. And at the same time, people’s living and working spaces are becoming more and more dense and efficient. People’s goods are incredibly important to them – as is their safe and convenient storage,” he says. “Self-storage is the property market’s response to the needs of society. So every time there’s a life-changing event, people need to put their goods somewhere. It’s as simple as that.”

Chetty believes that storage funds will most likely outperform the overall property market. “Distribution growth in the South African property market has slowed with the large liquid diversified property shares offering growth of between 5% and 6%. Stor-Age should be able to do better than these distribution forecasts. Given the nature of the assets, investors will likely look for a yield of 8% to 9%.”

As a potential downside, he says that storage companies normally offer month-to-month leases, which creates some uncertainty, whereas generic property companies are able to secure five- to six-year leases on retail properties, and sometimes even longer on industrial and office leases.

Chetty believes the success of storage funds will hinge on the rate at which they can execute on their development pipeline of R1bn. “These developments should take around eight months to complete. Key will be whether the properties can get a 70% to 80% occupancy rate.”

LOOKING TO THE FUTURELucas is confident about their capabilities. “The majority of our listing portfolio assets are considered ‘mature’, meaning more than 80%

FEATURES OF STOR-AGE FACILITIES

Store for a minimum of one month or for as long as required

Simple leases for tenantsStorage areas can be

changed without any additional charge

Tenants have their own tag access so they can come and go as they please

24-hour digital CCTV, tag access and electric perimeter fencing

No property rates and taxes, nor water and electricity accounts

No repairs and maintenance

Smoke and fire detection systems at every facility

Staff on site seven days a week

Free use of trolleys for moving items

Easily located stores with main road access

Free parking and large loading bays

tenancy. This stabilises our portfolio, minimises investor risk and provides visibility of earnings.”

He says that the high visibility of Stor-Age’s properties to traffic, easy access off busy arterial routes, and proximity to middle-to-upper-income suburbs all contribute to his business’s growth projections.

After listing, Lucas says the group wants to unlock organic growth through rental escalations, increasing occupancy, improving the unit mix and expanding existing properties. The company also plans to expand its national footprint either by third-party acquisitions or by developing a pipeline of 19 properties covering 145,000m2 in Johannesburg, Pretoria, Cape Town and Durban, valued at more than R1bn.Of these properties, eight are already built, two are under construction and the balance are in the planning phase.

When the Nobel committee announced that this

year’s prize for economics had been awarded to Princeton’s Professor Angus Deaton, fellow academics warmly welcomed the decision. Amitabh Chandra, professor at the Harvard Kennedy School of Government, even tweeted that Deaton was the “Obi-Wan Kenobi of economics”.

By all accounts the Scottish social scientist, who has lived in the US since the 1980s and is based at Princeton University, is not only a great thinker but also a gentleman.

Perhaps that sounds like a largely irrelevant observation to make when considering why someone should win a Nobel Prize, but it seems important in Deaton’s case.

Deaton was recognised for his work on poverty and economic development. It is a field in need of level heads and people who are willing to engage in rational discussion rather than emotional and dogmatic arguments.

Deaton has written that “those of us who were lucky enough to be born in the right countries have a moral obligation to reduce poverty and ill health in the world”. However, that doesn’t mean he supports simply redistributing wealth. He is a critic of foreign aid and believes that inequality can play an important role in development.

His work has great relevance for the questions we are facing in SA, because it looks at how policy decisions change the way people behave. He also argues that poverty must be seen holistically and not defined simply as a lack of income. It should also be seen in terms of other measures of wellbeing, such as health and access to education.

This is an argument that certainly resonates in a country where quality education and healthcare are not evenly distributed. Many South Africans find themselves in a poverty trap they are unable to escape because they have little means or opportunity to do so. That is what the recent student protests have been about.

Deaton has also criticised the kind of economic development that gives a small, ultra-wealthy group undue influence on how an economy is run. This puts them in a position to “write the rules in their favour, and they may work against the public provision of healthcare

or education, for which they pay a large share but have little personal need”.

Deaton’s contribution to economics is, therefore, to make us think more carefully about what an economy is actually for. It is about the efficient allocation of resources. And in SA, there’s little doubt that we can do a better job of that.

Analyse it

A worthy Nobel Prize winner

WORDS: PATRICK CAIRNS

The Nobel prize in economics was not one of the five awards originally set up in Alfred Nobel’s will. It was created by the Swedish central bank in memory of Nobel and was first awarded in 1969

PROPERTY TREND Friday November 20 2015

WORDS: LISA DEWBERRY :: PHOTOS: SUPPLIED

Buy-to-let market grows The number of South Africans renting properties has increased, and with the high demand, it is expected to continue

The number of South Africans renting properties

has increased by 0,5% (0.9 million households) during the past decade, and by 152,000 in 2014, according to development indicators by the Presidency.

With strong demand for rental accommodation following a poor economic outlook, and high demand expected to continue, owning a property to rent seems to be a lucrative investment.

Samuel Seeff, chairman of the Seeff property group, says that, given that economic growth has been adjusted downwards to about 1,5% and perhaps 2%, for the next year, we can expects the high demand for rentals to continue.

He says consumers are still battling high household debt levels and poor credit records and are unable to secure home loans, which will drive buoyancy in the rental market for the next two to four years.

BUILD PERSONAL WEALTH“Property is one of the best ways to build personal wealth, and South African property values tend to double every 10 years. But in boom times values have been known to grow at about 20% to 30% in high-demand areas. Renting a property to tenants gives the opportunity to earn a return on investment. And the longer the property is owned, the higher the returns,” says Seeff.

Carol Reynolds, area principal for Pam Golding Properties in Durban, says property offers good returns and solid capital appreciation, provided it has good tenants and is in a sought-after area with a high demand for rental properties.

She says the property should be kept in excellent condition, with about 10% of rental income allocated to maintenance costs.

“In upmarket areas a garden cottage can rent for about R5,000 per

“But each property needs to be assessed on own merits as every suburb is different and the condition of the property plays a role determining returns”Carol Reynolds, area principal, Pam Golding Properties, Durban

month, while freestanding homes will be about 0,5% of property value, so a R3m home should easily achieve a rental of R15,000 a month.

“But each property needs to be assessed on own merits as every suburb is different and the condition of the property plays a role determining returns,” says Reynolds.

CORPORATE OPPORTUNITIES Jason Shaw, manager at Pam Golding Properties, says foreign corporates are creating demand for accommodation close to business centres. They

are seeking upmarket accommodation for staff members and signing rental agreements for between one to three years.

Says Shaw: “There is a demand for furniture, servicing and security to be included in the rental and for it to be close to the CBD. The applicant’s credit scores should be checked and previous landlords contacted for references to ensure creditworthiness. It is in everyone’s best interests for properties in the rental market to move and for assets to deliver a sound return.”

For more information contact Jacques Harmse +27 (0) 11 728 7013

franchise@ahprop.co.za WWW.AHPROP.CO.ZA

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PROPERTY TREND Friday November 20 2015

or education, for which they pay a large share but have little personal need”.

Deaton’s contribution to economics is, therefore, to make us think more carefully about what an economy is actually for. It is about the efficient allocation of resources. And in SA, there’s little doubt that we can do a better job of that.

A worthy Nobel Prize winner

WORDS: CHRIS REID :: PHOTO: FERM LIVING

You do the maths

For the past few seasons we’ve seen faceted design taking over our

homes. Regular or abstract, monotone or brightly coloured, this mineral-inspired design treatment has been the subject of countless Pinterest boards, hipster tattoos and blog posts.

Now, however, we’re seeing design move on from this, paring down the style to its bare, geometric essentials. And for those people tired of endless facets, it couldn’t have arrived soon enough.

There’s no set definition for this new geometric design, but it’s easy to spot when you see it. The trend makes use of basic shapes such as squares, circles and triangles in different sizes and proportions to create pattern and structure in decor pieces. By stripping design back to these simple forms, designers are able to achieve a minimalist look with a sense of solidity.

At the recent Maison & Objet homeware trade show, this trend was out in full force, with brands such as Ferm Living standing out for their fresh use of linear geometrics.

Locally, brands like Superbalist have also tapped into this look in their homeware offering, helping South Africans get their hands on their own mathematical decor. Its cubist wall display and geometric pendant lights feature a thick black outline on the shapes, for emphasis.

The move back to basic shapes likely comes from a desire for simplicity in our homes. We’ve seen quite a busy aesthetic dominating homeware the past few seasons, so this shift is timeous. Shapes likes these are childlike in their expression and help us create a sense of order when the world feels overwhelming.

DESIGN

SEE FOR YOURSELF:

www.fermliving.comwww.superbalist.com

FOCUS ON BUH-REIN Friday November 20, 2015

Construction and sales are continuing to flourish at Buh-Rein Estate,

which is just 25 minutes from central Cape Town yet offers a relaxed country atmosphere. It is exciting for me to see this community come into existence. It is just 15 minutes away from the wonderful wine estates of Stellenbosch and adjacent to the business hubs of Durbanville, Tygerberg and Bellville. And the best part of buying at Buh-Rein Estate is that all costs are included — and you don’t pay until you stay.

Since the launch of the estate, investors and owners have seen a steady capital appreciation of more than 9% per year. The overall improvement in the residential property market, coupled with construction of a number of additional amenities on the estate, should further stimulate capital appreciation.

For first-time buyers, Buh-Rein Estate offers an unmatched choice as all our homes are provided on a turnkey basis, which means you don’t pay until you stay. Our pricing structure enables us to include both bond and transfer costs, and we require no deposit or upfront booking fee. So if you decide to buy, the impact on your immediate cash flow position is kept to an absolute minimum.

Our developments within Buh-Rein Estate are still selling solidly, and entry-level apartments are proving to be most popular with investors, owing to the sustained demand for properties to rent out at between R4,500 and R7,000 a month. This segment of the rental market has been statistically proven to have the lowest vacancy and default rates, so it is no wonder that savvy investors are jumping at the opportunity.

Bortoli Villas, with its 65 spacious, upmarket townhouses, each with a

Buh-Rein Estate offers suberb value for first-time buyersMSP Developments CEO, Riaan Roos, reports on how the Community Lifestyle Centre at the popular Buh-Rein Estate is coming along and how it is set to further boost capital gainsWORDS: RIAAN ROOS :: PHOTOS: SUPPLIED

double garage, is positioned very well within the estate. It is bordered by a greenbelt along the east which is integrated into the estate’s activity spine: a 10km strolling, jogging and cycling track. For prospective buyers there is good news because a number of banks are now providing 100% bonds on properties priced up to R1,7m. So you can come in, choose what you like and pay nothing until you have taken occupation of your new home.

The Community Lifestyle Centre adjacent to the multipurpose sports field is

also nearing completion. It will house a family restaurant, a jungle gym for kids and a swimming pool that will refresh residents on hot summer days.

Buh-Rein Estate offers exceptional value for money and, coupled with the overall improvement in the residential property market, we are convinced that our buyers will start to see double-digit capital appreciation.

If you have not yet visited Buh-Rein Estate then please call us, e-mail us or visit http://www.buh-rein.co.za. to learn more.

FOCUS ON BUH-REIN Friday November 20, 2015

also nearing completion. It will house a family restaurant, a jungle gym for kids and a swimming pool that will refresh residents on hot summer days.

Buh-Rein Estate offers exceptional value for money and, coupled with the overall improvement in the residential property market, we are convinced that our buyers will start to see double-digit capital appreciation.

If you have not yet visited Buh-Rein Estate then please call us, e-mail us or visit http://www.buh-rein.co.za. to learn more.

GET IN TOUCHContact MSP Developments on 021 914 6703 or sales@mspd.co.za, and visit www.mspd.co.zaand www.buhrein.co.za

INVESTIGATION Friday November 20 2015

WORDS: DAVID A STEYNBERG :: PHOTOS: SUPPLIED

How much is that hotel in the window?

Hotels are big business, and they come with expenses. But if we said you could earn a net rental yield of R900,000 next year, wouldn’t you read on?

Each of the Circa properties is being marketed for just under R10m, and a unit owner can expect to yield a net rental income of approximately R900,000 over the next year, delivering a yield of 10%

Buying a hotel room for personal use may be gaining steam of late,

but is by no means a new form of property investment. In earlier years share schemes were all the rage in SA, with no fixed asset ever purchased or owned by private buyers. However, for the past decade or so, a second type of purchasing arrangement has become increasingly popular in SA, with those in the know saying it’s the next big thing in SA’s property market.

According to Ian Slot, Seeff MD for the Atlantic Seaboard and City Bowl, hotel apartments with added five-star extras such as room service and restaurants, a gymnasium, and concierge and cleaning services, increases the property’s attractiveness for discerning buyers and investors looking for a convenient, chic lock-up-and-go lifestyle. Slot says these properties are typically bought with a dual purpose in mind. “While many units are bought for own use, they are also good investments. Some, for example, come with the opportunity to capitalise on rental income.”

LOCK-UP-AND-GO CHICSlot cites the three 100m2 Circa Luxury Apartment Hotel units on Cape Town’s foreshore as an example of an excellent investment opportunity. Each of the Circa properties is being marketed for just under R10m, and a unit owner can expect to yield a net rental income of about R900,000 over the next year, delivering a yield of 10%.

Another exceptional investment opportunity in Cape Town is the five-star Pepper Club Hotel & Spa, located on the corner of Pepper and Loop streets. The popularity of the Pepper Club is driven by the excellent amenities on offer, such as 24-hour security and concierge services. Moreover, the fact that the Pepper Club connects directly to Long Street via a private courtyard increases the demand from its predominantly KwaZulu-Natal buyer pool.

Sales at the Pepper Club have increased over the past year, but units remain affordable, representing an excellent investment opportunity. “Apartments in the hotel still offer exceptional affordability with units selling for upwards of R1,05m for a 34m2 unit with one bedroom, to R1,48m for 67m2,” says Slot. “Even at the top end, a luxury two-bedroomed unit situated on the 18th floor, with spectacular city and mountain views, is selling only for about R6,49m. It is an exceptional

CAPE TOWN APARTMENTS IN NUMBERS

Top seller— Cape Royale Luxury Hotel in Green Point, with 14 units sold over the past year at a R2.4m average price, 10% higher than the Green Point apartment average.

Most popular sellers— One-bedroom units from 59m2 to 67m2 top the popularity rankings, selling for R1.85m-R2.45m.

Cost per m2 at most sought-after locations — Flats in popular CBD complexes now sell for about R24,000-R31,000/m2. Units at the Pepper Club Hotel & Spa sold for R26,136-R31,757/m2. Taj Cape Town has achieved R36,726-R44,591/m2. The Cape Royale Luxury Hotel reached R34,711/m2 this year.

Most expensive hotel apartments sold in SA to dateOne&Only Cape Town penthouses at the V&A Waterfront, at R110m (in 2010) and R55m (in 2012), respectively.

INVESTIGATION Friday November 20 2015

How much is that hotel in the window?

LOCK-UP-AND-GO CHICSlot cites the three 100m2 Circa Luxury Apartment Hotel units on Cape Town’s foreshore as an example of an excellent investment opportunity. Each of the Circa properties is being marketed for just under R10m, and a unit owner can expect to yield a net rental income of about R900,000 over the next year, delivering a yield of 10%.

Another exceptional investment opportunity in Cape Town is the five-star Pepper Club Hotel & Spa, located on the corner of Pepper and Loop streets. The popularity of the Pepper Club is driven by the excellent amenities on offer, such as 24-hour security and concierge services. Moreover, the fact that the Pepper Club connects directly to Long Street via a private courtyard increases the demand from its predominantly KwaZulu-Natal buyer pool.

Sales at the Pepper Club have increased over the past year, but units remain affordable, representing an excellent investment opportunity. “Apartments in the hotel still offer exceptional affordability with units selling for upwards of R1,05m for a 34m2 unit with one bedroom, to R1,48m for 67m2,” says Slot. “Even at the top end, a luxury two-bedroomed unit situated on the 18th floor, with spectacular city and mountain views, is selling only for about R6,49m. It is an exceptional

investment opportunity and according to agents Jason Paans and Warren Emett, comes with a guaranteed two-year lease.”

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, agrees that in addition to the excellent option apartment hotels present for those looking for a five-star lock-up-and-go lifestyle, they also offer investment opportunities. “It can be attractive for someone wanting to get into the short-let market without the accompanying headaches of property management, marketing and reservations,” he says.

However, Geffen cautions buyers to do their research before deciding to buy. “It needs to be a carefully chosen and considered hotel apartment investment, because management costs can eat into profits and some rental minimums cannot be guaranteed.”

HOTEL APARTMENT BY DESIGNGeffen says the popularity of hotel apartments has been steadily increasing over the past 10 years, with more hotel developments opting to

include apartments in their design plans. Examples of popular new projects in Cape Town are the R1bn Radisson Blu Hotel and the old Triangle House in the CBD, scheduled to open next year.

Although most options are in the four- or five-star market, opportunities do feature occasionally in the three-star market. And given the fact that most modern hotels are a crossover between business and leisure tourism, the hotel apartments offered will have exposure to both kinds of tourists, should the buyer decide to make the apartment part of the rental pool and not use it exclusively for private use.

ALL IN FAVOURCharles Vining, MD of Seeff Sandton, confirms the increasing popularity of this property class, stating that Seeff Sandton has many such apartments for sale at the moment. “This sort of development is very popular in Sandton, and more of these developments are going up,” he says. “The Capital was recently completed on the corner of Rivonia Road and Empire Drive in Sandhurst, and another new

“It needs to be a carefully chosen and considered hotel apartment investment, because management costs can eat into profits and some rental minimums aren’t guaranteed”Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty

development is going up right next door.”

PRICE POINTSVining says the pricing of these apartments varies greatly and is predominantly determined by the hotel grading, services on offer and the prestige associated with the location of a specific hotel. International investors are most frequently the buyers of the most prestigious and well-placed options available in the country. Even taking into account the cost of financing for local buyers and investors, the properties in Sandton and surrounds are good opportunities. Says Vining: “From an investment point of view, these apartments hold their value well. Property in Sandton central is a fantastic investment. If it holds for five to 10 years, investors will enjoy good capital gain.”

If carefully chosen, investing in a hotel apartment can yield significant rental income. Excellent location factors can also translate into stable inherent capital value for the buyer, which improves the attractiveness for the discerning investor.

PROPERTY TREND Friday November 20 2015

Sleeping assetsCorporate rentals offer an attractive value proposition for businesses wanting to accommodate their staff – and good returns for property owners too WORDS: ANDRÉ FIORE :: PHOTOS: ISTOCK

With hotel and B&B prices ever on the rise,

increasingly, companies are turning to corporate rentals as a more affordable way of accommodating their staff on business trips for short- and longer-term stays. It is also a fact that few business travellers enjoy hotel stays for long periods. Besides being more cost-effective, corporate rentals allow families and partners to visit (or live with) the travelling employee, and allow its residents to lead a more normal life than they would if were they staying in a hotel.

RENTALS TO BOOST ROIFor investors looking for a

good return on investment (ROI) on properties within their portfolios, it’s worth serious consideration. The demand is massive, says Michela Soukop, nationwide corporate rentals for Soukop Property Group. “During the year we have a constant trickle of corporate rental enquiries, but the relocation season really begins in October and goes through to February, during which time we have a huge influx of both locals and foreigners. In many parts of the country, demand is so high that rental agencies can’t find enough stock to offer clients. In some parts, normal tenants are required to move out during the season when landlords virtually double their monthly rentals.”

Greg Harris agrees. “Chas Everitt Property Rentals currently has 27 franchise operations countrywide, all using the EverRent property management system. There has been a noticeable increase in demand year on year over the past few years, as SA has grown in stature

as a gateway to new and growing markets in Africa. An increasing number of overseas companies have looked at establishing regional headquarters as well as manufacturing and distribution facilities here.”

“We have clients from everywhere,” adds Soukop. “People within the country need to travel for business, and we have many families that relocate from one city to another for a year or so. We also have numerous international clients. Recently we had an influx of Albanian doctors, engineers from Cuba, clients from Germany, Switzerland, Italy, the US and Japan involved in everything from shipping, engineering and hospitality to industry, banking and retail.”

SIX MONTHS OR MOREWhile most corporates take out six- to 12-month leases, many local companies sign longer leases on two- or three-bedroom apartments, simply so that their staff always have somewhere to stay. Although

“There has been a noticeable increase in demand year on year over the past few years, as SA has grown in stature as a gateway to new and growing markets in Africa”Greg Harris, Chas Everitt Property Rentals

TIPS FOR MARKETING YOUR CORPORATE RENTAL

Most successful corporate rentals are fully furnished with upmarket, modern or classically neutral decor.

Offer a fully equipped kitchen – in other words, all pots, pans, crockery, cutlery and appliances.

Supply quality linen, although for leases of more than six months, companies often give their employees a linen budget.

DStv, ADSL, Wi-Fi, electricity and water should be calculated into the price.

The earnings of cleaners and garden staff should be calculated into the price, bearing in mind the advantages of having staff that you know and trust on the property.

Security and off-road parking is a must.

Corporates tend to prefer centrally situated homes that are close to shops, recreational facilities and schools. Spouses (who are often not permitted to work and may not drive) and children often accompany the working partner.

They tend to prefer homes in gated estates or secure complexes, especially those with additional sporting and recreational facilities. Security guards at the entrance enhance the marketability of units in smaller complexes.

Corporates have a wide range of budgets and can pay as much as R90,000 a month.

Generally, they sign for a period of six to 12 months, and then renew every six months.

There is demand for corporate rentals across a wide range of areas – it’s not limited to the most upmarket suburbs.

Use the services of a professional cleaning company to strip and clean a home before and after a corporate rental.

Chas Everitt Property monthly rental price guide

R87,000 — three-bedroom apartment in Clifton

R85,000 — three-bedroom unfurnished townhouse in Camps Bay

R45,000 — two-bedroom penthouse with rooftop pool in Sea Point

R17,000 — three-bedroom home in Caribbean Beach Club Estate, Hartbeespoort

R26,000 — five-bedroom home, Kyalami Glen Estate, Midrand

R23,000 to R55,000 – homes on Dainfern Golf Estate, Fourways

R58,000 — four-bedroom, four-and-a-half bathroom home, Waterstone Estate, Sandton

R15,000 to R50,000 — homes at Simbithi and Zimbali, KwaZulu-Natal North Coast

R12,000 to R35,000 — one-, two- and three-bedroom units, Umhlanga Rocks, KwaZulu-Natal North Coast

R35,000 to R60,000 — four-bedroom homes, Mount Edgecombe Estate, KwaZulu-Natal North Coast

Nieuwe Steenberg is a secure and established estate set beneath the beautiful

Steenberg Mountains. All the comforts of modern living such as shops, a gym,

restaurants, award-winning wine estates and schools such as Reddam House and the

American International School are all in very close proximity. The estate has top of the

range security equipment and is manned 24 hours per day.

– Within 5 Minutes’ drive to Muizenberg Beach

– Peacefully nestled amongst forests and mountain biking trails

– Situated adjacent to Steenberg Golf Estate

– 15 minutes’ drive to Cape Town city

– Only 11 of 30 properties still for sale

www.nieuwesteenberg.co.za

Contact Simon on 083 252 8372 or simon@warnerprojects.co.za

Luxury residential estate Constantia Valley, Steenberg, Cape Town

Luxury residences priced from R8.79m incl. VAT

(no transfer duty)

PROPERTY TREND Friday November 20 2015

the initial outlay of furnishing a home for corporate rental may be sizeable, it is worth doing it properly, advises Soukop . “Corporates do tend to prefer security estates, but there is plenty of demand for flats, apartments and houses closer to the city centres. In Durban, for example, we are always looking for upmarket places to let in Morningside and on the Berea – and international clients often don’t think the apartments Durban has to offer are luxurious enough.”

For those considering putting a property on the corporate market, it is advisable to go through an agency, as they generally have numerous clients on their books, and are able to meet the BEE and other requirements stipulated by many corporates.

“Corporates do tend to prefer security estates, but there is plenty of demand for flats, apartments and houses closer to the city centres”Michela Soukop, Soukop Property Group

Located in a private exclusive road on the beach. A modern home, fully furnished using magnificent design,

décor and finishes. Entertainers dream with sea views to match. Accommodation: 5 beds, 5 baths, diningroom, lounge,

bar/lounge, study, kids playroom and more. All with beach sea views. R36m call 082 553 0672

One of Zimbali’sfinest homes

ST JOHNS ADVERTORIAL November 20 2015

Country lifestyle – worth the commute

“The perception to date has been that the Midlands appeals only to retirees or those wanting to get out of the rat race. That’s changing”Andrew Smith, marketing director of St John’s Village Estate

In a country where a good primary and secondary education is increasingly

seen as a necessity and not merely a nice to have, gated country estates situated near top schools in the KwaZulu-Natal Midlands are starting to make their mark. The upswing is the result of Gauteng parents buying weekend homes near their children’s schools, and families working in Durban now being prepared to drive longer distances.

The Midlands stretches from Hilton to Howick and Nottingham Road, continuing to Mooi River at the foot of the Drakensberg. Rural estate living adjacent to farming communities now offers access to some of SA’s most respected private schools, including Hilton College, Michaelhouse, Treverton College and St Anne’s Diocesan College.

CONVENIENT ACCESS St John’s Village Estate is a 900-unit development in Howick, only 15 minutes from Hilton and a 20-minute stretch from Pietermaritzburg. Numerous flights depart from Pietermaritzburg’s Oribi Airport to Johannesburg’s OR Tambo Airport, making it a convenient work option.

Says Andrew Smith, marketing director of St John’s Village Estate: “The perception to date has been that the Midlands appeals only to retirees or those wanting to get out of the rat race. That’s changing. Prices are skyrocketing because we’re catering not only to retired people, but to families buying to live in a country atmosphere, only an hour from Durban for business meetings – or 20 minutes from an airport

that offers six flights daily to Johannesburg.”

A plus is that St John’s offers value compared with some competitor estates in neighbouring Nottingham Road. Facilities aside, it has a 24-hour manned gatehouse with perimeter foot patrols. Plots start from R525,000 and you can custom build your home within estate guidelines, or build a freestanding home with Natal verandah architecture or Cape Dutch elements. Ready-built homes with three bedrooms, two bathrooms and a double garage sell from R2.2m to R2.6m.

GARDENS, VINES AND MORESt John’s Village has released the first three residential villages. The Arboretum (with gardens, walkways and veggie allotments) and The Vineyards (with homes overlooking vines) are aimed predominantly at families. The Orchards includes 2ha of citrus trees and cottages exclusively for the over-55s.

“Howick has always been a retirement mecca in KZN. St John’s now allows for families and retirees to live together. We offer a clubhouse, heated pool, restaurant and library, as well as a sub-acute care facility,” says Smith. The Midlands Meander, Midmar Dam and new Life Hilton Private Hospital, are all nearby.

The response has been phenomenal, says Smith. “If you offer a good product at a reasonable price, the market is there. St John’s Village launched in November 2014. The first phase of The Orchards’ residents recently moved in. We’ve sold close to 100 sites, and should have more than 20 homes ready by March 2016. It really is going to be the premier estate in the KZN Midlands.”

Quality country lifestyle and top schools are luring a new type of estate-living resident in the KZN MidlandsWORDS: KIM MAXWELL :: PHOTOS: SUPPLIED

Whether you are a first-time buyer or not, we’ll make finding your home sweet home quick and easy with the Nedbank Home Buyer’s Guide. For the full guide and video visit Nedbank.co.za/Homeloans.

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About seven years ago, controversy reigned as eThekwini municipality dismissed the international tourism significance of securing Blue Flag status for KZN beaches. That was then — this is now, and Durban’s back on the beach

COASTAL PROPERTY November 20 2015

“The perception to date has been that the Midlands appeals only to retirees or those wanting to get out of the rat race. That’s changing”Andrew Smith, marketing director of St John’s Village Estate

Blue Flag status is currently awarded to over 4,000 beaches or marinas in close on 50 countries worldwide, and as an international standard, it is well recognised and respected

WORDS: ANNE SCHAUFFER :: PHOTOS: SUPPLIED

Red flag to blue flag?

There was a heavenly host of theories as to why the then

city manager was strongly dismissive of the pursuit of Blue Flag status on the KwaZulu-Natal beaches, the most plausible being the city’s dodgy seawater and sand quality. One of the numerous Blue Flag criteria is that no industrial, waste-water or sewage-related discharges should affect the beach area; and the beach has to comply with Blue Flag requirements for the microbiological parameter, faecal coli bacteria (E.coli) and intestinal enterococci/streptococci. Talk of the town was that it was considered highly unlikely that the Blue Flag custodians would, at that time, plant anything resembling a flag on Durban’s beaches.

When Durban left the programme, the Bay of Plenty, Addington, Umhlanga and North Beach all had Blue Flag status. Today, of course, local and international tourism is high on the agenda, particularly with Durban being host city for the 2022 Commonwealth Games. International water quality, clean beaches and compliance with the criteria of this voluntary eco-label are imperative.

There are 33 criteria for beaches to be awarded Blue Flag status – they cover

environmental education and information; water quality; environmental management; and safety and services. Blue Flag status is currently awarded to more than 4,000 beaches or marinas in nearly 50 countries worldwide. As an international standard, it is well recognised and respected.

The programme is owned and run by the NGO/NPO, the Foundation for Environmental Education, and just as they can award a Blue Flag, they can take it away. It is awarded only for a season, so to retain the status, maintenance of standards is essential. In SA, the programme is managed by the Wildlife and Environment Society of SA (WESSA).

The good news is that uShaka and Westbrook beaches received full Blue Flag status, while Umhlanga main beach, Umgababa, Umdloti main beach, Umdloti tidal beach and Brighton

Beach received pilot status flag — the pilot status is a required stepping stone towards reaching the full Blue Flag status. WESSA declared Durban beaches to be among the safest, cleanest and best-maintained in SA.

One of the toughest challenges facing the municipality is cleanliness of the beach and surrounds. Combating litter is an uphill battle, particularly on high days and holidays, and after a nightmarish weekend in October — splashed on social and print media, with various significant corporate players threatening to remove their events from the area unless law enforcement upped its game — the community is being urged to be hyper-vigilant when it comes to litter ... or risk the loss of significant economic drivers such as the Blue Flag status.

FOCUS ON DE VELDE November 20 2015

WORDS AND IMAGES: SUPPLIED

Your future home awaitsThe last phase of De Velde Somerset West is selling fast — act now before it’s too late

The fifth and final phase of Balwin Properties’ international award-

winning development, De Velde Somerset West, is selling fast. Balwin Properties’ first Cape development comprises 1,200 one-, two- and three-bedroom homes, all with access to an on-site lifestyle centre with various leisure, sport and entertainment facilities.

This includes an entertainment centre, family restaurant, spa, wine

cellar, children’s play area, braai area, herb garden, movie room, Discovery Vitality gym, squash court, multipurpose sports field and large swimming pool. The lifestyle centre borders the Strand Golf Club’s course and has spectacular views of the Helderberg mountains.

Launched in 2012, De Velde has proved popular with homeowners and local and international investors alike, recording impressive growth in its property value year on year, at about 50% in less than

SEASONED DEVELOPERS

Balwin Properties has been developing spectacular townhouses since 1989. The company started off developing property in the south of Johannesburg, and has since grown to the north and east. Balwin Properties is turning over a new leaf, inspired by four brilliant directors. They are continually evolving to produce eco-friendly products and facilities within each of their new and exciting developments in order to reduce their carbon footprint. Every new development produced by Balwin Properties is tailor-made to meet their customers’ needs and improve their standard of living and lifestyle.

BALWIN CHARITY HAT WALK

5pm, November 28 2015 Paardevlei, Somerset WestAll proceeds go to charityEnter online at www.balwin.co.za

FOCUS ON DE VELDE November 20 2015

cost of expensive security systems and armed response, and certainly reduces short-term insurance costs. Furthermore, each home comes fitted with free eco-friendly kitchen appliances.

De Velde also has the advantage of being ideally situated for the needs of professionals, couples, young families and retired folk. It is close to essential facilities such as healthcare, top quality pre-primary, primary and secondary schools, shopping centres and the N2 highway.

three years.Balwin Properties

attributes this growth to the fact that De Velde, like all the other Balwin developments, adds not only lifestyle value, but financial value for the homeowners and investor tenants. Having access to lifestyle facilities such as a swimming pool, gym, squash court and multipurpose sports field effectively nullifies the need to pay monthly gym fees. The 24/7 physical and electronic security does away with the

Situated on the corner of De Beers Avenue and Broadway Boulevard in Somerset West,

this last phase is selling fast

De Velde is also within walking distance of Strand beach, Paardevlei nature sanctuary and Strand Golf Club’s championship course.

De Velde was designed by award-winning architect Derrick Henstra of DHK Architects. It is a modern Cape vernacular interpretation of the original Cape Dutch buildings of the area with each apartment designed for privacy, optimum use of space and optimisation of natural light.

Situated on the corner

of De Beers Avenue and Broadway Boulevard in Somerset West, this last phase (some of these units are on the border of the Strand Golf Club and a few metres from the estate’s lifestyle centre) is selling fast.

The first of its kind in Somerset West, this development earned Balwin Properties the African/Arabia Property Award in the elite International Property Awards in 2014 — an accolade offering buyers an indication of the quality they can expect.

GET IN TOUCH De Velde Somerset WestMonique Tomlinson083 229 1224www.develde.co.za

INTERNATIONAL Friday November 20 2015

“Anyone buying a property priced from £325,001 to £750,000 has to find an additional 10% for the taxman, and all transactions above £750,000 now attract a 12% rate”

“Castles may not be a dime a dozen, but it is still possible to buy a well-maintained building that is centuries old”

There is nothing quite like the threat of a new tax to galvanise people

into buying a home. It was no different in Scotland, where many wealthy purchasers took the plunge before the Land and Buildings Transaction Tax (LBTT) kicked in on April 1. Indeed, the Scottish Express reported that not a single home valued at more than £1m (about R22m) was sold in the month after its introduction.

The new tax has replaced the UK stamp duty, meaning that those who buy property costing up to £145,000 no longer pay tax. Those who invest in property priced

between £145,000 and £250,000 pay 2% tax, while the tax on properties selling for between £250,001 and £325,000 is 5%. Anyone buying a property between £325,001 and £750,000 has to find an additional 10% for the taxman, and all transactions above £750,000 now attract a 12% rate.

It was reported that property prices initially dropped, but Scottish house prices are expected to increase by 5% this year, owing to stock shortages.

These shortages have also affected the rental market – it was recently reported that yearly rental

More bang for your buckProperty prices across Scotland are generally cheaper than those in neighbouring EnglandWORDS: LEA JACOBS :: PHOTOS: ISTOCK

returns increased to the highest levels on record. It has been estimated that Scotland’s landlords have been receiving an average of 9.7% in yearly returns. This figure is somewhat higher for those who let out property in Edinburgh, where the annual return is 13.4%. The average monthly rental paid in Scotland is £539, which is still drastically lower than neighbouring England, where the average sum charged for a rental home is £768.

EDINBURGH LEADS THE CHARGERightmove house price data puts the average price of a property in central Scotland at £152,907, which is more expensive than central Glasgow and surrounding areas, where prices average £143,728.

It is also pricier than property in the southwest of the country, which is sitting at £132,911.

But it is still cheaper to buy in the central region as opposed to Edinburgh, where the average home now costs £246,827.

Part of Scotland’s attraction are its magnificent properties. Castles may not be a dime a dozen, but it is still possible to buy a well-maintained building that is centuries old.

Christie’s International Real Estate is marketing a 15th-century masterpiece in Kinross. Priced at more than £1,5m, the property has eight bedrooms, four reception rooms and a library, as well as stables and outbuildings. The accommodation is spread over five floors and a spiral staircase links each of them.

For those looking for something a little less ostentatious, an Edwardian mansion in Edinburgh is on the market for £795,000.

Close to the city centre and airport, this country house is packed with period features including animal carvings on the exterior walls, corniced chimney stacks and original open fireplaces. The home features four large reception rooms, seven bedrooms and three bathrooms.

Although it’s been said that the cost of living is higher in rural Scotland, food prices in all the major supermarkets across the UK appear to be pretty static.

There is a big difference in property prices, however. A five-bedroom home on the Isle of Harris in the Western Isles, with views over Loch Maraig, for example, is on the market for £350,000.

SIDING WITH SCOTLANDThere’s an awful lot to be said for living in Scotland. The countryside is spectacular, the people friendly and, unlike in

Scotland scores

9.7% — average yearly rental return in Scotland

13.4% — Edinburgh yearly rental return

£539 — average monthly rental in Scotland

£768 — average monthly rental home in England

England, Wales and Northern Ireland, university education is free for citizens. The country forms part of the UK, but there have been calls from the ruling Scottish National Party (SNP) for another referendum on Scottish independence to be held.

But would the country be able to stand on its own feet? Scotland has been benefitting for years from the currency union, which has sheltered those living “up north” from inflation and borrowing costs thanks to the backing of the Bank of England.

It appears the SNP is trying to cover its back in the event that the UK votes to leave the European Union.

However, First Minister Nicola Sturgeon has offered the reassurance that a referendum would only take place if there was “strong and consistent” evidence that the majority of Scots would vote for independence.

Sydney: Mary Lin, agent, Sotheby’s International Realty

With people under 35 travelling more, studying longer and being more reluctant to settle down, what are they doing regarding home ownership? With these changing social factors, individuals under 35 are more likely to rent a property to provide a more flexible lifestyle.

For the more stable, buying a property becomes a more desirable option over renting. In our experience, single or attached people under 35 who are actively looking in the market to buy a property are genuine buyers.

What regulations make it easier for first-time buyers to enter the market?The government introduced a new programme in 2000 called the First Home Owner Grant, making it easier for first-time owners to purchase, as the government provides an AUD$15,000 (about R152,000) grant for those purchasing a new flat or house or building a new home.

Have you noticed any inequalities in house prices and rental prices in different suburbs? At Sydney Sotheby’s

International Realty our focus is on prestige and luxury real estate in the high-end suburbs of Sydney. In our experience, apartments priced below AUD$1.5m and that are located near transportation, closer to the CBD and close to amenities seem to be more desirable for buyers. As a result of these factors, prices in an auction environment would normally exceed owners’ expectations.

How is the move to an urban lifestyle affecting Sydney’s infrastructure and service provision? Sydney is experiencing a boom in infrastructure, which is in turn leading to growth in urban developments — the population is predicated to increase by 1-million people within the next 10 years.

Transportation is one sector where the government is focusing on providing greater access for people to commute to the CBD, work and home.

With many emerging suburbs at planning stage to accommodate the growing population, new train lines and links between suburbs have been created to ease commutes for users.

Sydney property slowing but not stagnantSales have slowed dramatically this year, but prices continue to strengthen in SydneyWORDS: DAVID A STEYNBERG :: PHOTOS: SUPPLIED

Australia has a tidy, accurate and up-to-date method of measuring

its housing market: weekly auction clearances. They take place nationwide, offering a week-by-week litmus test of buyer appetite, and help to keep the buying and selling game as accessible and transparent as possible.

An auction on October 24 saw Australia’s largest housing market tracking the low levels it had in September 2012: only 64.4% of all homes up for auction sold (domain.com.au). The corresponding weekend in 2014 saw a clearance rate of 78.9%, while in May this year the clearance rate was almost 90% of listed homes.

BUYERS’ APPETITE COOLINGIn Sydney, supply is catching up with demand. Bank lending regulations have been fingered, with some institutions raising lending rates for investors as well as for owner-occupiers.

The banks want to control lending to housing speculators and slow house price growth. The banking regulator is attempting to limit yearly growth in bank lending to property investors to 10%.

“Softer auction clearance rates, if sustained, do suggest that the pace of dwelling price growth has almost certainly peaked in Sydney and is close to peaking in Melbourne,” said Phil O’Donaghoe, economist at Deutsche Bank. “Recent

PROPERTY NEWS Friday November 20 2015

“The market is now 40% overvalued. The reality is there are still more buyers than sellers, and a trigger for the next major downturn has not yet materialised”Louis Christopher, MD of SQM Research

falls in auction clearance rates ought to be welcomed.”

O’Donaghoe’s sentiments are shared by Rich Harvey, principal of Sydney consultancy Propertybuyer. “Anything that has a negative sentiment, or if there’s negative media, presents an opportunity for buyers,” he said. “Negative sentiment translates into vendors having to re-adjust their expectations on what they’re going to achieve in this market.”

While the past two years have seen Sydney’s residential market recording 20% price growth, Louis Christopher, MD of SQM Research, predicts that 2016 will be a far cry from the market’s previous

highs and should achieve an expected 4%-9% growth. “The market is 40% overvalued. There are still more buyers than sellers, and a trigger for the next major downturn has not yet materialised.”

SUBURBAN SYDNEYSydney’s western area sales have been falling for the past two months. The city’s eastern and northern suburbs have held their own despite fewer potential buyers on the market.

Domain Group’s senior economist Dr Andrew Wilson has speculated that the October auction results reveal a disparity between suburban regions, with higher-priced areas closer to the city maintaining healthy clearance rates. “Outer western suburbs, however, recorded significantly lower rates, with the northwest reporting a startlingly low 27% clearance, with just nine of 33 properties auctioned selling.”

International investors have been advised to wait it out for better deals in 2016 and 2017. Macquarie Bank predicts a 7.5% price drop. Yet Australia’s real estate expert John McGrath recommends investing in the western region of Parramatta, Sydney’s “second CBD”. “Pockets of value still exist in Kensington, Curl Curl on the Northern Beaches and The Rocks, where the New South Wales government is selling heritage terraced houses,” McGrath told the

Australian Financial Review.As the festive season

approaches, there may be a desperation to sell, tipping the scales in favour of buyers.

“Purchasers have a very good chance before Christmas, where a few owners are quite nervous about holding out for another two months,” says Paul Osborne, head of Melbourne buyer consultancy Secret Agent. “I think we’ll see a significant amount of stock right at the end of the year.”

But Harvey believes this scenario is unlikely to be sustained in the New Year. “We’re not in a buyers’ market yet in Sydney and we’re a way off. It’s still in the sellers’ favour.”

England, Wales and Northern Ireland, university education is free for citizens. The country forms part of the UK, but there have been calls from the ruling Scottish National Party (SNP) for another referendum on Scottish independence to be held.

But would the country be able to stand on its own feet? Scotland has been benefitting for years from the currency union, which has sheltered those living “up north” from inflation and borrowing costs thanks to the backing of the Bank of England.

It appears the SNP is trying to cover its back in the event that the UK votes to leave the European Union.

However, First Minister Nicola Sturgeon has offered the reassurance that a referendum would only take place if there was “strong and consistent” evidence that the majority of Scots would vote for independence.

PROPERTY NEWS Friday November 20 2015

Greener homes for SAAre SA house prices still increasing?

Grab the last bit of Rondebosch

The last piece of available land in the sought-after university and

school suburb of Rondebosch in Cape Town is on the market. A tract of more than 15,000m2 located on the corner of Glendarrach Road and Lovers Walk, just below the University of Cape Town, the site offers superb views of Table Mountain. The property can be purchased in its entirety, or a portion of it, measuring

about 4,855m2.Charmaine Scott-Wilson,

Seeff’s agent mandated to market the property, calls this an unparalleled opportunity — there is simply no land in the suburb and very little to compare to in terms of its size and development opportunity across the southern suburbs. The property is zoned single residential zone one (SR1), making it ideally suited for a development such as an upmarket security estate that

could yield significant returns for the investor.

The demand for property in Rondebosch is strong, driven by family buyers who are drawn to the excellent proximity to many top schools as well as the university. Market conditions are still very favourable and the time is right for more development, says Scott-Wilson.

Residential sales in the area in 2015 already top 74 units to the total value of

HOMEFRONT

Yes they are in some areas, according to Andrew Golding, CEO of Pam

Golding Properties. He says that increasing affluence, a growing population and relative shortage of housing in SA’s metro regions explains why house price inflation in major cities such as Cape Town and Johannesburg continues to accelerate, despite growth in the national economy losing momentum.

That said, Gauteng house price inflation averaged marginally lower than the national average of 5.8%. The underperformance of Gauteng’s housing market is at least partially attributable to the presence of several mining towns in the region, which have been hard hit by both the slump in global commodity prices and ongoing labour tensions.

almost R290m. The majority of sales have been freehold houses that have sold for an average price of R4,48m — 18% more than last year’s average price of R3,8m. Top-end homes are fetching prices well above the suburb’s average. Scott-Wilson says almost 25% of houses sold this year for more than R5m, and there were three sales above the R10m mark.

In Rondebosch, the last vacant plot sale was a 496m2

erf in Oban Road that sold in late 2013 for R4,032/m2 — more than 50% higher than the previous highest price of R2,664/m2, achieved in October 2010 for a 976m2 plot on Bonair Road. The three most recent land sales in Rondebosch averaged at about R3,401/m2.

The Glendarrach Road/Lovers Walk property is being sold by tender, and the closing date is 12pm on January 21 2016.

The property is zoned single residential zone one (SR1), making it ideally suited for a development

such as an upmarket security estate that could yield significant returns for the investor

GO WESTLooking for a dream home that is affordable too? Consider the West Rand.

With Johannesburg’s northern suburbs now climbing even further out of the average family’s affordability scale, house hunters are increasingly looking elsewhere to get their foot on the property ladder. One such location is the West Rand, which recently saw huge demand in suburbs such as Little Falls, Wilgeheuwel and Radiokop.

“There aren’t many other areas where you can buy a home with four bedrooms, two lounges, a TV and entertainment room, kitchen, laundry, pool and lapa, plus a granny flat and huge carport, on 1,000m2 for R1,2m,” says Liana van Loggerenberg, head of Rawson Property Roodepoort. Thanks to these affordable price points, Van Loggerenberg says buyers see them as stepping-stone properties, where owners can capitalise on the house’s increasing value over a few years before upgrading to more upmarket areas. Eileen Livesey of Pam Golding Properties has also noted increased demand in the West Rand, particularly in areas such as Constantia Kloof, Allen’s Nek, Little Falls, Strubens Valley, Panorama and Radiokop. “Properties most in demand in these areas fall within the price range of R1,5m to R2,5m,” she says.

In addition to its affordability, Rawson Property’s regional manager, David Jacobs, says the West Rand is becoming popular because of a range of good schools nearby and access to shopping centres such as Westgate and the new Cradlestone Mall. The transport network is also extensive. “The N14 highway — currently undergoing a major revamp — is by far the easiest route between the West Rand and the Fourways/Sandton area,” he says.

Livesey agrees, noting the proximity of big businesses as another pull factor. “Major corporates such as FNB, MTN and Wesbank are now also situated close by. Consequently, professionals and executives want to find good properties close to their places of work.”

In terms of other specifics in the buying decision, Jacobs says that security remains one of the main priorities with West Rand properties. “Buyers want homes complete with burglar bars, security gates, security lights and an alarm system, at the very least,” he says, adding that the emphasis on security is a priority for personal safety and for better financial returns in the long term.

AVERAGE HOUSE PRICE INCREASES DURING THE YEAR TO DATE

Western Cape — 8.2%KZN — 7.1%Gauteng — 5.4%National average — 5.8%

Source: PGP Index

Local homeowners can now build green-certified sustainable

homes. The nonprofit Green Building Council SA (GBCSA) certified three local housing developments in a pilot phase, using the Excellence in Design for Greater Efficiencies (EDGE) online building tool. It is now being rolled out for wider use.

The tool’s designer, Prashant Kapoor, is a green building specialist for the International Finance Corporation (IFC), which is in local partnership with GBSCA. “One of the challenges, even if a client or homeowner wants to go green, is to know what works in terms of materials and energy-efficient equipment,” says Kapoor of the EDGE application’s usefulness. SA is one of 80 countries where it has been launched.

The EDGE certification process effectively greens a new building in practical ways, using energy-efficient materials and equipment. A developer or architect uses the EDGE system so homes can be green-certified, passing on the energy-saving benefits to the homeowner. The process involves two energy-saving steps: preliminary design certification, and as-built

certification. EDGE introduces a minimum of 20% saving on current national building regulation requirements, which is an attractive proposition for potential homeowners and tenants.

Ravenswood in Boksburg is the first local residential development to secure

EDGE green certification, with planned occupation in July 2016. The development has 188 two-bedroom and one-bathroom sectional title low-to-middle income homes. International Housing Solutions (IHS) partnered with GBSCA and IFC to provide equity finance for the project. IHS acquired the Ravenswood homes as rental stock for the affordable housing market.

“According to IHS, the Ravenswood development is predicted to realise a saving of almost R600,000 a year by applying EDGE-certified energy efficiency measures,” says Graham Cruickshanks, EDGE’s technical manager. “This would translate into an anticipated saving of about R3,200 in utility costs for each unit.”

GBCSA CEO Brian Wilkinson says the tool can now be used for new freestanding homes, flats or townhouses. “Most importantly, for a home occupier it provides an assurance that the building has been constructed with energy efficiency, water efficiency and material efficiency in mind. If I’m paying less for electricity and water, it means I have more disposable income.”

“It provides an assurance that the building has been constructed with energy efficiency, water efficiency and material efficiency in mind. If I’m paying less for electricity and water, it means I have more disposable income”Brian Wilkinson, CEO, Green

Building Council South Africa

Coastal PropertyHOMEFRONT

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

shaunkramerprop

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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

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contact@lolakramer.com

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Lola Kramer Shaun Kramer

ATLANTIC SEABOARD | LLANDUDNO | HOUT BAY

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WWW.LOLAKRAMER.COM

SALES | RENTALS | VILLAS

Hermanus Properties

Tel 028 313 0914 ○ 153 Main Road, Hermanus 7200 ○ www.hpsrealty.co.za

Kwaaiwater sea front is one of the most sought after addresses in Hermanus consisting of only a handful of homes. The tried and tested 3 Ps, “Position! Position!! Position!!!” has never been more evident in this quiet enclave. During our season when Hermanus is bursting at the seams and sun bathing space is scarce, one can simply stroll down to what feels like your very own private beach below away from the crowds. Quite simply this is a modest cottage in the best street. It is truly a rare opportunity to build your dream home on what is effectively a double stand.

JOINT AGENTSContact John Leppan, 082 801 5252, web ref KW-14

KWAAIWATER ○ THE NEEDLE IN THE HAYSTACK R13,75 MILLION

This immaculate home enjoys an elevated position in a quiet cul de sac. The house lives on one level including an inter-leading double garage. The accommodation is in two separate wings centred around a large open plan living area with two entertainment patios, one of which leads into the prettiest of gardens with well point, a real oasis to the myriad of birds. Set against a backdrop of the pristine fynbos mountains in the bio-diverse Fernkloof Nature Reserve.

4 Reception areas / 3 Bedrooms / 3 Bathrooms / Braai area

SOLE AGENTContact John Leppan, 082 801 5252, web ref HH-43

A short stroll to village shops, cliff paths, marine pool and restaurants. This charming home offers 4 large double bedrooms (all en-suite), a fi fth bedroom which could serve as a kid’s bunkroom, study or staff room. A culinary inspired kitchen and hip and trendy interiors throughout complete the picture. This home is set in a magnifi cently lush tranquil garden with calming water feature and a swimming pool located right next to the conversation corner and braai area. Special attention to details has been given to create an environment both sophisticated and entertainment friendly with all the essential mod cons.

SOLE AGENTContact Kate Woodhatch, 082 440 0104, Web Ref EC-83

EASTCLIFF ○ HEART OF THE VILLAGE ○ MASTERPIECE HOMESTEAD R7,5 MILLION

HERMANUS HEIGHTS ○ OUTSTANDING VALUE R3,4 MILLION

TAKING LUXURY TO DAZZLING NEW HEIGHTS

Bedrooms 3 Bathrooms 3.5 Garage 1 Parking 1

This duplex apartment on the awe-inspiring rocks of Bantry Bay is a grand vision of extravagant opulence, built to dominate the top-tier of exclusive seaside residences around theworld. Set elegantly on the azure waters of The Atlantic Ocean, this apartment embraces unprecedented views with expansive entertainment decks.

[O] 021 434 9175 ADRIAN MAUERBERGER 082 826 6454 | CECILY SHER 072 968 3280

WEB 369882

BANTRY BAY | R60 000 000

CAMPS BAY R29 950 000

R27 950 000BANTRY BAY

[O] 021 434 9175LANCE COHEN 082 416 6103

Magnificent, spacious & maintenance-free 'lock -up-and-go'home. 2 beds en-suite plus 3 bed/gym, 2 lounges flowing

out to rim flow pool with majestic views.

WEB 344786

Beds 3 Baths 2 Garages 2 Parking 3

EMERALD HEIGHTS

PERFECTION! POSITION!

[O] 021 438 1055LYN 082 575 1999 | ROCHELLE 072 239 4449

This exquisitely designed home exudes luxury and style withfinishes of the highest quality. It incorporates a spacious flow

throughout allowing for easy entertainment and a relaxedindoor and outdoor lifestyle.

WEB 313407

Beds 5 Baths 5 Garages 4 Parking 5

Ganzvlei House

Landmark Country Estate in the Heart of the Garden Route

• 2.87ha with extensive buildings

• 320m2 Heritage home with yellow-wood floors and ceilings

• 4 bedrooms 4 bathrooms in main house

• Flat, cottage, stores, workshops

• Direct frontage on the Goukamma river

• Magnificent and acclaimed garden with indigenous trees

• Within easy reach of the beach at Buffalo Bay

• Half way between Knysna and Sedgefield in the lovely Goukamma Valley

• Abundant birdlife (212 species recorded in the valley)

• Private water from spikes (fabulous quality suitable for bottling)

• All services, including Satellite Internet

• Rural Residential - low rates and taxes

• A magnificent home and/or commercial opportunity

• For sale from a family estate: first public offering in 37 years

R6,950,000Contact: 0607009111 house@ganzvlei.com

www.ganzvlei.com

at PepperclubResidencesThe

A selection of exquisitely renovated two and three bedroom residences have been released to the market by the developers. These luxury units range from spacious duplexes to classical two bedroom homes, all with en-suite bathroom, and stylish, well appointed brand new kitchens.

Unique amenities and services offered by the Residences at the Pepperclub include a well equipped gymnasium, spa, cinema, concierge, restaurant, bar, secure parking, high speed fibre-optic wifi internet and pool deck.

Magnificent Cape Town

From

VAT includedR3.49 million

www.TheResidencesAtPepperclub.comGareth 083 226 1020 Urszula 083 685 5634

Cape Town’s most luxurious New Apartments

Can be purchased as an investment with a guaranteed return .

Areal view of Property Advertised and position on the 6th Fairway

ATLANTIC BEACH ESTATE

R 6 195 000.00 This home Fairway home abounds with Character, old and new world charm. Offering a design that allows for one grand home or perfect dual living.

The spacious dining area with feature windows, extra high stacking doors and double volume ceiling opens to a sunny covered patio, an ideal space to relax and watch the ever changing view unfold.

A home designed with social areas to enjoy and to maximize the full experience of the house. Choose where you'd like to cook, perhaps in the warm and casual kitchen with fireplace overlooking the lake or perhaps in the sunny and private main kitchen area with large kitchen counter and views to the fairway.

The main bedroom with views is set upstairs with two children's bedrooms (all rooms are ensuite). The two spare family bedrooms are extra large and each have their own bathrooms, one with shower and one with bath. Use the additional room with own bathroom as an Office or 6th bedroom.

With two front entrances, the options are limitless. The triple garage offers additional storage space, has automated doors and direct access to the dwelling on both sides.

Ample off street parking and situated at a cul-de-sac allows for easy parking. SOLE MANDATE

ATLANTIC BEACH ESTATE - It’s a Lifestyle An 18-Hole Golf Estate comprising of over 900Freehold Properties, Atlantic Beach Estate is the largest Golf Estates in the Cape Town area.

With a focus on Lifestyle and Security, this estate offers its residence peace of mind and remarkable investment opportunity. Prices for entry level properties start at approx. R 2 000 000.00 and the highest achieved price to date is R11 500 000.00

When compared to other golfing estates, Atlantic Beach Estate still offers tremendous value for money per square meter as well as phenomenal

property price escalations year on year. The demand for property within security complexes continues to grow, this along with Atlantic Beach Estate being particularly well managed sets the estate in a fantastic position to become the most sought after Golf Estate in Cape Town.

30 Minutes from CBD, Beautiful wildlife including Springbok and Birdlife, Gorgeous Vistas and Fynbos Open Spaces COME EXPLORE WHAT THIS MAGNIFICENT ESTATE HAS TO

OFFER. BOOK AN INTRODUCTION APPOINTMENT WITH THE RESIDENT AGENT

ATLANTIC BEACH PROPERTY SPECIALIST

Hayley Bird

Principal Agent

082 561 7116 - 021 553 2235 hayley@completecoast.com

VISIT OUR WEBSITE FOR THIS AND OTHER EXCLUSIVE LISTINGS ON THE

WESTERN SEABOARD

• Ground floor unit 5 Bedrooms en suite • Study • Guest room en suite with kitchenette and separate entrance • Each bedroom leads onto a patio • Swimming pool • Koi pond • Walk in cold room • Integrated kitchen with separate pantry and separate scullery • Large living and dining

areas • Lift from basement into unit • Storerooms • View overlooking the Putting green of the iconic Jack Nicklaus signature island 7th hole

ADDRESS DETAILS

Unit 7015/12118, The Houghton on the 12th, 53 2nd Avenue, Houghton

Office – 011 034 2201 || Alan Becker – 082 718 8100

Email – alan@thehoughton.com

We are pleased to release one of our most prized apartments

UNIT 7015 NOW ON SHOW

APARTMENT 7015 AND 12118 WILL BE ON SHOW THIS WEEKEND – 10AM TO 5PMOn offer lifestyle opportunities - two, three, four bedroom apartments as well as penthouses from four bedrooms upwards

MAKE THIS A BUY OF THE CENTURY.

RESIDENTIAL SALES & MARKETING • RENTALS • DEVELOPMENTS • HOME LOANS

GAUTENGTHE ULTIMATE LIFESTYLE!

Enjoy the luxury of space in this appealing northfacing family home in the heart of ParktownNorth! Designed for pleasure, the generous freeflowing receptions & covered patio providesuperb entertainment facilities. Stylish kitchen withseparate scullery/ laundry opens to private court-yard – perfect al fresco dining; spacious diningroom and lounge; superb informal living roomwith feature fireplace; guest cloakroom; 3 doublebedrooms (mes); 2 bathrooms; stunning privateguest suite; in addition, a generous work fromhome/staff accommodation with private entrance;garaging for 2 cars; secure guest parking; excellentsecurity; sun-splashed pool in secluded garden.

BEDROOMS: 3 BATHROOMS: 2

Glynis van Zuydam 082 930 0081 Offive 011 880 3550

Web Ref: 95705

WESTERN CAPELIGHT SPACIOUS FAMILY HOME.

Spacious house offering 4 bedrooms, 2 bathrooms(m.e.s), dressing room, study, formal lounge, TVlounge with gas fireplace, open plan kitchen (withgranite tops), dining room, bar, fabulous outsideentertainment area with pool and built-in braai.The study has a separate entrance which is idealfor running a home business. Good sized staffaccommodation, double garage and double carportwith additional off-street parking.

BEDROOMS: 4 BATHROOMS: 2

Tessa van Rensburg 079 434 6162Office 021 794 5500

Web Ref: 96035

GAUTENGGRAND AND GRACIOUS.

This 564 m² home offers timeless elegance andexceptional quality throughout. The home offers4 bedrooms, 4 bathrooms, 3 living areas, study ,gourmet kitchen with gas stove, breakfast-nookand large scullery/laundry. A covered patio withbuilt-in braai leading to a sparkling pool in a landscaped garden. Full staff quarters, 3 lock-upgarages.

BEDROOMS: 4 BATHROOMS: 4

Amandie Scheepers 082 412 9421

Web Ref: 95903

UPPER KENILWORTHR6 million

PARKTOWN NORTH R6.9 million

SILVER LAKES GOLF ESTATE

R5.7 million