Business Day HomeFront 25 August 2017

HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 25 AUGUST 2017 WWW.BUSINESSLIVE.CO.ZAMUST READV&A Silo District a hot design hive PAGE 2Recession drives rental demand…
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HOMEFRONT 13 OCTOBER 2016 WWW.BDLIVE.CO.ZA 25 AUGUST 2017 WWW.BUSINESSLIVE.CO.ZAMUST READV&A Silo District a hot design hive PAGE 2Recession drives rental demand PAGE 4Food followers: malls step up PAGE 12Ubuntu House Stag African Residence, Tygerberg, Cape TownStudent living space As the student population booms and accommodation needsLuxury Joburg home sales surge change, developers are adapting to suit modern priorities PAGE 18PAGE 8HOMEFRONT LIFESTYLE AND DÉCORSilo District hots up The V&A Waterfront’s new precinct is shaping up as an inspiring hive of art, design and cultural historyWORDS: HILARY PRENDINI TOFFOLI :: PHOTOS: SUPPLIEDCKat Van Duinenape Town’s grain silos have been brilliantly reimagined as the iconic heart of a R2.5bn Waterfront development. This latest venture in the Waterfront’s valuable 123 hectares is on the East Quay side, near the Cape Grace Hotel and the Clock Tower — historic turf where the cannons of the Chavonnes Battery were placed in the 1700s to protect the little town. The imposing 42 silos were built in 1924 to store thousands of tonnes of grain for transport elsewhere, so they were located close to ships berthed at the Victoria Basin. Disused since 2001, the beautifully weathered maize-coloured columns are now the dramatic focal point of a complex of six new office and residential buildings that surround it, known as the Silo District. Big business has moved into the new block known as Silo 5, in the shape of Werksmans Attorneys and international accounting conglomerate PricewaterhouseCoopers. Across the square is the head office of Allan Gray investment company in Silo 1, a building whose sustainability feats include the ingenious use of icy Atlantic seawater in the cooling system.SILOSSouthern Guild gallerySilos 2 and 3 are residential and Silo 4 houses Virgin Active. Silo 6 will house a Radisson Red hotel when it is completed in September. The Silo Hotel is already here, in the boxy grain lift section on top of the silos themselves. Its rooms are alive with designer colour and lined with pillowed floor-toceiling windows that have extraordinary views. But what is really making waves is now housed inside the silos — the biggest collection of post2000 African art on the continent. It is the Zeitz Museum of Contemporary African Art, a nonprofit public museum that opens on September 22.Collected by former Puma CEO Jochen Zeitz and displayed in nine floors of about 80 galleries, this is 21st century African art at its most progressive: installations, conceptualism, performances, films, photography and multimedia sculptural structures. It is aimed at challenging the viewer and all created by artists born in Africa or the diaspora — a platform for a previously neglected area that is now exploding and fetching high prices globally.TRICKY The silos revamp was tricky. It took four years and involved British design genius Thomas Heatherwick and his team, working with local partners. The huge, densely packed cylinders had none of the grand central spaces you find in most historic buildings. For the main museum hall they had to cleverly carve into these concrete tubes a central atrium that stretches up to a remote glass roof. It is an architectural masterpiece. As CEO of the V&A Waterfront David Green puts it: “Thomas Heatherwick understood how to interpret the industrial narrative of the building. His design respects its heritage. By preserving the silos as a centrepiece for the District and as a cultural institution, its character and personality will be honoured.”“The Silo Hotel is already here, in the boxy grain lift section on top of the silos themselves”HOMEFRONT HIGH-END SILO DESIGN STORES GUILD Design is what GUILD at the base of Silo 5 is all about. This generous concept space includes a design store, an in-house range of furniture and the Southern Guild gallery, showcasing the work of major local names such as Gregor Jenkin, Cheick Diallo, Meyer von Wielligh, Conrad Hicks, John Vogel, Porky Hefer and the duo behind Dokter and Misses Adriaan Hugo and Katy Taplin. Southern Guild gallery founders Trevyn and Julian McGowan handpick their creatives. “When designers are deeply involved in what they make — hands-on, immersed — a different kind of work emerges,” says Trevyn. “The distance becomes greater between what is a result of process, intimacy and narrative and what is rapidly made, massproduced or machine-led.” She regards the Silo District as “an incredible hub — residential, commercial, cultural, historical, architectural — centred around a monumental museum championing African creativity”.Kirsten Goss This busy South African jewellery designer didn’t want to miss theopportunity either. “Zeitz Mocaa is a seminal bit ofarchitecture,” she says. The store in Silo 5 is her fifth in SA. Its luminous space-age decor created by Johannesburg-based HK Studio is as stylishly playful as the necklaces, earrings and new range of diamond rings Goss produces with her Durban-based team.Kat van Duinen Another chic dynamo in Silo 5 is Polish-born fashion designer Kat van Duinen. She calls it “a dream come true”. Known since 2010 for her signature leather handbags and evening designs in sensuous satiny fabrics and jewelled colours, she and interior designer Ivan Peens have created an elegant feel for her boutique. Drapes are velvet, while covering the wall behind Kat’s flirty ruffles a striking oil by her artist husband John Kelly Gough depicts a glowing nude figure stretching out of the dark. Glasshouse Rejuvenation Men are catered for here. A grooming emporium in Silo 5 titillatingly titled Glasshouse Rejuvenation for Men takes the concept of metrosexuality toheroic new levels. In reassuringly masculine but luxurious surroundings — black leather and Nguni cowhide — guys can have their faces wet-shaved, their teeth whitened, and their bodies waxed, bronzed and massaged, all while watching sport and drinking beer.Lindt chocolate Lindt’s shop in Silo 2 is the place to indulge your chocolate obsessions. Lindt’s studio workshops are great places for team building or birthday parties. Opus flower shop Specialising in botanical installations, Marissa Pretorius is behind the Opus flower shop in Silo 3. Visitors can browse her signature potless gardens inspired by kokedama (Japanese moss balls) suspended from the ceiling, or select fresh flowers and gifts. UpCycles rentals Work off all those chocolate truffles by renting a bicycle at UpCycles in Silo 5, Cape Town’s first drop-and-go bike rental company. It now has stations at the Sea Point Pavilion, the Promenade and Mandela Rhodes Place in the CBD.Kirsten Goss PRODUCED BY BLACKSTAR PROPERTY PUBLISHING Unit G4, Old Castle Brewery, 6 Beach Road, Woodstock, 7925 021 447 7130“When designers are deeply involved in what they make — hands-on, immersed — a different kind of work emerges” Trevyn McGowan, co-founder, Southern Guild galleryWangechi Mutu, Second Born, 2013, at Zeitz Museum of Contemporary Art A EDITORIAL TEAM Editor: Kim Maxwell Creative Director: Mark Peddle Designer: Samantha DurandPUBLICATIONCopy Editor: Michael van Olst Content Business Manager: Catherine Davis Production: Joanne Le RouxADVERTISING SALES Michèle Jones Susan Erwee 084 246 8105 083 556 9848HOMEFRONT RENTALSRental surgeAs the recession grips, the demand for rental property has risen WORDS: GEORGINA GUEDES :: PHOTOS: SEEF PROPERTIES & ISTOCKIncreasingly low confidence levels and mounting affordability pressures among South Africans indicate rising demand for rental properties across the country. The PayProp Rental Index (which outlines trends on a quarterly basis in the residential rental market) reported that in the past quarter the weighted average national rental exceeded R7,000 for the first time. “Consumers will stay in the rental market because financially they cannot afford to buy a property that offers them the same features as a rental property,” says Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa. “With the increased cost of living that consumers have endured over the past while many prospective buyers have been forced to stay in the rental market until their financial situation improves,” he says.UNEMPLOYMENT PayProp’s Johette Smuts says that SA is in a technical recession for the first time since 2009. “And it doesn’t help that our unemployment rate is at its highest level in 12 years. The truth is, living standards can’t improvewithout economic growth.” The spike in rental growth noted toward the end of 2016 was temporary, most likely as a result of holiday rentals. “The weighted average year-on-year growth rate in Q2 2017 (6.87%) is lower than in Q1 (7.62%) and more in line with previous growth rates.” The weighted national rental average for Q2 2017 was R7,080. The Western Cape is the only province with a (slight) upward trend over the past four quarters, she says. It is the most expensive province to live in as it attracts the highest rent. It is seeing a “semigratory” influx of people from other provinces, especially Gauteng, which has increased demand in the region.TREND Smuts says: “We expect this trend to continue and Western Cape rents to continue their doubledigit growth, at least in the short term.” Samuel Seeff, chairman of the Seeff Property Group, says the rentals sector of the Cape metro remains the strongest performer in the country. Recent reports from TPN credit bureau have also pointed to the Cape as having the strongestrentals market. However, Dinis Martins, chief operating officer of Seeff Atlantic Seaboard and City Bowl, says it is likely that top-end rates (R150,000 to R170,000 a month in Clifton) will come under increasing pressure in a weak economic climate. In Gauteng, Pretoria East has one of the most dynamic rental markets with the area attracting excellent rates given its rising status among wealthier buyers and tenants which include foreign consulate residents. PG van der Linde, rental manager for Seeff Pretoria East, says there is always high demand for rentals. There is also a high concentration of luxury security estates. Rentals can now range to R80,000, easily matching that of Sandton. Leapfrog Property Group Pretoria East manager Silvana dos Reis Marques agrees. “Properties of less than R2m are selling quickly, yet properties of more than R5m, in secure estates, are not standing still either.”OVERSUPPLY On the flip side, a downward trend has been tracked in the Eastern Cape, Free State and KwaZulu-Natal. This could indicate an“Many prospective buyers have been forced to stay in the rental market” Adrian Goslett, regional director and CEO, RE/MAX of Southern Africaoversupply in rental properties in those areas. Goslett says that irrespective of whether a consumer continues to stay in the rental market or decides to purchase a home, there are advantages and disadvantages to both options. “Each consumer needs to evaluate their circumstances and make the best decision that meets their personal needs. Renting offers the tenant a certain amount of flexibility before making a long-term commitment, while buying a home can provide the owner with an asset to their name that will certainly show good returns in time to come,” he says.THE GENDER COMPARISON The PayProp Rental Index revealed the following differences between men and women in the rental market: Men have a 30% higher net income than women. The Eastern Cape reports the lowest difference in income, but also the lowest income for both men and women. Men spend on average 11% more on rent than women. This means that in relative rental values, men rent properties priced slightly above the national average while properties rented by women are in line with the national average. Women have lower average incomes, but slightly better debt-toincome ratios — 41% for men and 40.4% for women.YOUR PROPERTY DEVELOPMENT PARTNERHOMEFRONT HOUSINGStudent living space As the student population booms and accommodation needs change, developers are adapting to suit modern priorities WORDS: MIRIAM MANNAK :: PHOTOS: SUPPLIEDCampusKeyThe student population in SA has grown from 490,000 in 1994 to more than a million in 2015. The government expects numbers to rise to 1.5-million by 2030 as more universities open their doors. This, aided by societal and practical trends, is changing students’ accommodation priorities. Here are five key trends:1. Luxury digs Studios on Park, StellenboschStudentathome, Cape TownThese days, students are seeking more than a bed and a desk, says CampusKey MD Leon Howell. “We’re breaking ground for Africa as the first luxury student housing company and are setting the standard for secure student living in SA.” For completion in November, CampusKey will add a central Bloemfontein property offering 112 luxury, fully furnished bedrooms. Many of the luxury rooms will have en-suite bathrooms, equipped kitchens, gym facilities and pool tables as standard features. Its all-inclusive model is popular. “Our six residences in Johannesburg, Pretoria, Bloemfontein, Port Elizabeth, CapeTown, Stellenbosch and Potchefstroom are allinclusive in terms of water, electricity, laundry, a weekly cleaning service, parking, furniture and a fully equipped kitchen,” he says. Average rental fees range about R60,000 a year. “This is all-in. All students need to bring is their own linen. We don’t do meal services, though.” Emily Whitefield, CEO of Cape Town-based student accommodation rental company Studentathome, agrees. “We offer students single or shared units with a fully equipped kitchen, a bathroom, curtains, furniture and a weekly cleaning service,” she says. Units go from R5,000 to R7,500 a month. “We offer a linen service for an additional fee.”2. Technology Technology has become a key demand among students with internet connectivity on top of the list. “We have put in internet in all the residences we have built so far,” says John Schooling, CEO of Stag African. The company has developed student accommodation across SA catering for about 2,000 people. CampusKey residents can also expect internetconnectivity. “Our six existing campuses come with unlimited Wi-Fi and DStv. All our rooms come with a television, too,” Howell says. These amenities will apply to all CampusKey residences. “We are working on three other campuses, in Pretoria (160 beds), Bloemfontein (114 beds) and Port Elizabeth (296 beds). All will be completed by the end of October this year and ready for intake for January 2018.”3. Communal v private Besides laundry, cleaning services and technology, students look for a sense of community, says Schooling. “They want to live somewhere where they feel at home and near people. We break a hostel into apartments for eight people — with bedrooms, kitchen facilities, a communal room, showers and toilets.” While students like sharing their living space with peers, they also demand their own space. “Students will share twobedroom apartments like the ones found at Unicrest in Hatfield, Pretoria as long as they have their own bedroom,” says Kari-Mari Erasmus, real estate agent at Seeff Pretoria East. The preference is for flats, sheHOMEFRONT STUDENT PROPERTY INVESTMENT Pretoria, home to the University of Pretoria, Unisa, the Tshwane University of Technology, fashion school Lisof and other tertiary education institutions, is one of SA’s most vibrant student cities — also from an accommodation point of view. “Popular student areas include Hatfield and Hillcrest which will always have a high demand as accommodation is stunningly located near the University of Pretoria,” Erasmus says. “Areas close to LC de Villiers sports complex will also continue to be in demand because of the sports grounds and sports campus. Lynnwood, Brooklyn and Menlo Park are popular among thirdand fourth-year students.”Ubuntu House Stag African Residence, Tygerberg, Cape TownIn Johannesburg, areas like Brixton, Auckland Park, Melville, Westdene and Yeoville take the student property cake. “The demand is strong as there is an undersupply. Many investors have capitalised on this by converting residential dwellings into student accommodation,” says Chris Hajec, MD of Seeff Randburg.says. “If students share a house as a commune, they tend to do so as a group of friends who know each other well.” That said, there is a demand for furnished one-bedroomed flats and bachelors, particularly among older students. “Units like those at Campus Terrace and Unilofts in Hatfield, both in Pretoria, are popular,” Erasmus says. Rental rates in Pretoria are about R5,500 a month for a student bachelor flat, R6,000 for a one-bedroom flat and R8,500 to R10,500 for a two-bedroom flat. “Student housing can definitely be a feasible investment, but rather buy an apartment to rent out to students than buying a house. Communal homes have more management, admin and maintenance issues than flats.”BIG MARKET Johannesburg will, therefore, be CampusKey’s next big market, Howell says. “We have already acquired land across from the University of Johannesburg which we will start developing next year.” The demand for student accommodation in Stellenbosch is enormous across the board. “Students prefer being central and close to campus rather than right on campus, and they like blocks that are not just students, but a bit of a mix of occupants,” says Pam Golding Properties Stellenbosch agent Vanessa Johnson.4. Sustainability Soeteweide, StellenboschLike the overall propertyindustry, SA’s student accommodation sector is becoming more aware of sustainability issues, particularly in the light of water shortages and energy insecurity. “Students like innovative buildings that feature technology that underpins a level of sustainability, including solar panels, water harvesting systems and other green innovations like shower meters,” says Schooling. The demand for sustainable student digs is likely to grow. “The use of innovative building technology as opposed to bricks and mortar will continue to grow,” he says. CampusKey, too, is moving into that market. Says Howell: “In our new buildings, sustainability is a focus area. We mainly look at how we manage our electricity and water efficiently.”5. Safety and securityThe student accommodation demand in Stellenbosch is expected to grow. Stellenbosch had about 31,000 students enrolled in 2016, with residences able to accommodate 6,500. “It is definitely worth buying to rent out to students as you’ll have the peace of mind of always having a tenant.”“In our new buildings, sustainability is a focus area” Leon Howell, CampusKey MD CampusKey, BloemfonteinSafety is another priority among students and parents. Both CampusKey and Stag African residences feature access control systems. “Access to the premises, each floor and each room is biometrically controlled with fingerprint scans,” Howell says. Doors open automatically if there is a fire. Stag African residences operate similarly, says Schooling, noting that the thermal qualities of the building materials his company uses are high. “They have been tested to 2,000˚C before they catch fire. Smoke and heat detectors are installed in all residences, which are connected to a central panel to help determine where a fire started.”D E V E LO P M E N T SHOMEFRONT TRENDFood is the destination Eating out is coming to the fore as a reason people visit shopping malls — and food courts are no longer just an added attraction. How are local malls evolving their food and beverage offering?WORDS: GEORGINA GUEDES :: PHOTOS: SUPPLIEDYvonne Court, partner and head of International at global real estate services firm Cushman & Wakefield, says global food trends are impacting South African retail. The co-head of a dedicated cross-border retail and leisure team was speaking at the South African Council for Shopping Centres Conference earlier this year. “Gone are the days when people shared news of a
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