[Test] - The Week in Property (5th of July 2024)

National Monument, Trovato House in Cape Town, is going on auction on the 16th of July 2024 at The Houghton Golf Club via Aucor Property.

Trovato House is nestled on the gradual slope of Wynberg Hill where Carl Jeppe identified the ideal place to build this stately house in the late 1800s.

With construction taking place between 1898 to 1902, the site in Hershell Walk offers magnificent views spanning all directions and the English manor-house-style mansion, which Sir Herbert Baker is widely believed to have designed, takes full advantage of these surrounds.

On completion, it was described in the Wynberg Times as “having noble dimensions and a magnificent aspect” and declared a National Monument under old NMC legislation on the 17th of July 1987.

The estate has been the headquarters of international business, Forever Living Products, since 1996.

Features:

Street address: 1 Coach Road, Wynberg, Cape Town.
Erf size: 1.6087ha.
GBA:+- 2 100m2.
On the border of Wynberg/Claremont.
Suitable for commercial/residential purposes.
20 x offices/rooms and 11 x bathrooms.
Ideal for business headquarters.
Spacious grounds.

For more information on Trovato House, contact Andrew Miller at Aucor Property.

WhatsApp Andrew Miller

In other news, the JSE All Property Index closed at 8 859 last night.

The commercial property sector lacked strong and clear direction in overall sales activity during Q2 2024 according to property brokers surveyed by FNB Commercial Property with business confidence declining for the second successive quarter – the lowest level since Q4 2023. The office and retail markets saw a weakening in their sales activity ratings compared to the previous quarter with all three major commercial property markets i.e., office, retail, and industrial, down on multi-year highs. Cape Town remained perceived as the strongest market sales activity wise, producing the highest average sales activity rating for H1 2024 in retail and office. At the weaker end of the spectrum, Greater Johannesburg reported the lowest retail and office activity rating with the second lowest industrial rating – Tshwane the lowest.

Redefine's Mall of the South will receive a R45m capex injection to develop two fast-food drive-thrus and a tyre fitment centre on available bulk land; to consolidate its fast-food offering into a single food court while expanding its existing restaurant area - with plans to construct a taxi rank on its premises, pending government approval. The 68 168m2 shopping centre, situated in the heart of southern Joburg in Aspen Hills, offers 160 stores as it stands. The asset’s current valuation of R1.8bn is in line with its purchase value.

The City of Joburg has warned property owners to prepare for increases on their July 2024 municipal bills due to the annual tariff increases, as approved by City’s Council in May 2024: property rates (+3.8%), electricity (+12.7%), refuse (+5.9%), water and sanitation (+7.7%). Prepaid customers will also pay a fixed charge of R200 every month when purchasing electricity.

Collins Property Group has appointed its co-founder, KR Collins, as its CEO with effect from the 1st of July 2024. He formerly held a non-executive director position and as a member of the Group’s renumeration committee. The property fund has undergone extensive restructuring over the past year, with its conversion to a REIT. In a SENS announcement, its Board stated that the Group’s focus has now shifted to that of a property growth business. Past CEO, FH Esterhuyse, has assumed the role of non-executive director and chairman of its renumeration committee.

iLima, a SaaS PropTech company specializing in the construction of affordable housing, has partnered with Royal HaskoningDHV SA to accelerate the delivery of sustainable smart villages and affordable housing. The joint solution will deliver smart villages at lower costs, in shorter time, with improved quality and better sustainability and transparency – all while involving the community in decisions from start to finish.

Shoprite has launched a digital solution for its Cash & Carry stores, marking the wholesale brand’s first venture into ecommerce. Bulk-buying customers can now browse and purchase a wide range of goods through a fully automated online shopping system with free delivery within a 50km radius. In addition, the new system streamlines the purchasing and fulfilment process for Cash & Carry’s instore traders, allowing them to log in, access customer and product info, and to build and fulfil orders more efficiently.

NEPI Rockcastle has entered into a binding agreement dispose of its total shares in shopping centre, Promenada Novi Sad for €177m, subject to conditions precedent. On completion, the property fund will have exited, and ceased all operations, in Serbia. The net proceeds from the disposal will be used to fund NEPI’s pipeline of acquisitions and developments.