[Test] - The Week in Property (2nd of August 2024)

The John Ross Eco Junction in Richards Bay is going on auction via Aucor Property on the 13th of August 2024 at the Houghton Golf Club.

A mixed-use commercial, light industrial security complex, it takes up a prime position along the north of the John Ross Highway (R34) and runs adjacent to the east of the N2 highway.

There are 24 stands, zoned and serviced, ranging in sizes of between 4 000m2 and 13 000m2, to be sold separately or together.

The development’s zoning ‘Core Mixed Use 1’ supports various industries, from showrooms and educational institutions to light industrial facilities.

For more information, contact William Amerseder at Aucor Property.

WhatsApp William Amerseder

The John Ross Eco Junction Showroom.

In other news, the JSE All Property Index closed at 9 059 last night.

SA’s largest primary JSE-listed REIT, Growthpoint Properties, has added its substantial retail portfolio to the Clur Collective asset management support platform and integral shopping centre index. The Clur Index is a leading independent industry standard and economic indicator representing more than 5.4 million square metres across over 130 shopping centres in South Africa and Namibia. The REIT joins other dominant funds including Attacq Limited, Hyprop Investments Limited, Liberty Two Degrees, Old Mutual Property, and Vukile Property Fund.

Dipula Income Fund’s credit rating remains unchanged with GCR affirming the company’s national scale long-term and short-term ratings of BBB+(ZA) and A2(ZA) respectively, with a ‘Stable’ outlook. According to GCR, the affirmation of Dipula’s issuer ratings “reflects expectations that Dipula will maintain steady profitability from its diversified portfolio of good quality assets ... maintaining conservative gearing metrics whilst the improvements to the capital structure and recent financing efforts have strengthened financial flexibility and liquidity.”

South African females home buyers are outnumbering men, says Lightstone, especially in the <R750k property market. Women account for 38% of all stock owned and co-owned another 33% with men-only buyers accounting for 29% of all property. However, while more women are buying property, they are doing so at lower values (including social housing). A separate report published by BetterBond highlights that women in their 30s are the major drivers of the traditional township property market and are predominantly young professionals or single mothers investing in a family home.

Spear REIT Limited’s shareholders have approved the Category 1 acquisition of the Western Cape Property portfolio from Emira Property Fund for a total consideration of R1.146bn comprising five light industrial assets, three office assets, three mixed-use assets (office and retail) and two medical retail centres with a total GLA of +93 000m2. All conditions precedent have been fulfilled with transfer of the assets anticipated during December 2024. The acquisition will increase the REIT’s assets under ownership from 29 to 40, c. R5.4bn, with the GLA of its portfolio increasing to c.502 000m2 in the Western Cape.

Women in Sectional Title (WiST) has launched a new dispute resolution platform in partnership with ADR Ubuntu for women who own, rent, or are involved in sectional title property in SA. While ADR Ubuntu’s mediation services are not just for women, there are benefits for female professionals including an all-women team of mediators. WiST founder and BBM Law director Marina Constas says that this service does not replace the mediation, and adjudication offered by the Community Schemes Ombud Service (CSOS) but complements it. A percentage of the fees for each mediation will be allocated by WiST to grow and enhance its support and services to women in property.

Shaftesbury Capital has reported improved market conditions across London’s West End. The Group experienced strong leasing demand across its portfolio during the six months ended June 2024 with 217 leasing transactions, representing £28m of contracted rent. With a high occupancy (2.7% of ERV available to let), levels of footfall, customer sales growth, and increasing levels of international tourism was reported at its West End estates. In March 2023, Shaftesbury PLC merged with Capital & Counties. The Group’s EPRA LTV currently sits at 30% (December 2023: 31%).