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Valuers' Newsletter Issue 02
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#02 issue: Tuesday 01 November 2016

Herewith the SAIV's Valuers Newsletter.


A look inside the world’s very first droneport
Is it a bird? Is it a plane? No, it’s a commercial cargo drone returning to its droneport after delivering life-saving blood supplies.
The sight of commercial delivery drones whizzing through the sky is much closer than you think. And nowhere more so than in Africa, where the world’s very first droneport is expected to open in Rwanda next year.

A collaboration between architecture firm Foster + Partners, the Swiss Federal Institute of Technology in Lausanne and its linked Afrotech initiative, the ambitious Red Line droneport project will eventually see a delivery network of drones help deliver medical and emergency supplies as well as commercial products across the country.

Jonathan Ledgard, Director of Afrotech-EPFL and Founder of Red Line, gives a guided tour through the world’s very first droneport.

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One wrong does not justify another

Taddese and Others v Peer NO and Others (5250/2016) [2016] ZAKZDHC 26 (4 August 2016)

Most property practitioners know the legal maxim that one may not take the law into your own hands. But how does this work practically?


If a tenant breaches the provisions of the lease and a subsequent acknowledgement of debt, can the landlord lock the gate giving access to the premises as the tenant’s occupation was illegal? The judgement explains how the ‘mandament van spolie’, the action supporting the maxim, works in such a scenario.

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The ultimate QS challenge: QS: building almost entirely with scrap materials

For many centuries, quantity surveyors were regarded as financial managers for conventional building projects.

But the ‘green revolution’ has changed that. Nowadays, a quantity surveyor (QS) has to be able to control costs for the most unusual type of structure – even one built almost entirely with scrap materials.

This has been the challenge for De Leeuw Namibia, a subsidiary of South African quantity surveyors, the De Leeuw Group, a long-standing member firm of the SA Association of Quantity Surveyors (ASAQS).

De Wet explains: “Green building calls for unique thinking from the entire project team. The quantity surveyor plays a leading and vital role in estimating the costs and managing financial control until completion of a project. So, when faced with a green project, even the most experienced QS has no previous records from which costing models can be drawn. Indeed, past experience was no guideline when my colleagues in Windhoek were appointed as QS for a building that is a monument to alternative and cost-effective construction methods,” De Wet comments. 

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A look at Tshwane’s R1.8 billion mixed-use green development


Central Square, a R1.8 billion mixed-use development which opened on Wednesday. is set to become a prominent landmark in Menlyn Maine district of Tshwane – the country’s first “green city” precinct.

The greater Tshwane metro is seeing tens of billions of rands being pumped into new developments. Central Square takes up 65,000m² in the heart of the 315,000m² Menlyn Maine decentralised green city mega-development.

Menlyn Maine near the Menlyn Shopping Mall, is SA’s first green, mixed-use city precinct. As a partner of the Clinton Climate Initiative, it is one of 16 green "cities’ being built in various countries, and the only one in Africa.

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60 day count down to opening of new Menlyn Park Shopping Centre

A press conference marking 60 days to the November launch of the new Menlyn Park Shopping Centre was held today.


The R2.5-billion redevelopment is an ambitious undertaking that has been two years in the making. Once complete, the new shopping centre will be the largest mall in Africa, with a total lettable floor space of over 170 000m2.

“The redevelopment of Menlyn Park Shopping Centre was driven by a strong demand from retailers, as they’re enjoying robust trade results year-on-year,” says Malose Kekana, group CEO for Pareto Limited, owner of the centre. Pareto Limited, Africa’s first black-owned black-managed property company, who purchased Menlyn Park Shopping Centre in 2015. 

The shopping centre is in Tshwane, the metropolitan municipality with the fastest-growing gross domestic product (GDP) in South Africa, as well the youngest population. A buoyant consumer market, driven by above-inflation wages and relatively low inflation, has boosted spending power in the region. And the capital city of Pretoria has the highest number of embassies in South Africa, and a parallel demand for a truly superior shopping experience.

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Spear REIT to bring its Cape Town speciality to market

There will be a feeling of déjà vu about November’s listing on the JSE of Spear Reit, a property investment vehicle focusing exclusively on the Western Cape.

Spear is headed by Mike Flax, who brought a similarly Western Cape-focused Spearhead Properties to the JSE in 1999. Spearhead was eventually bought out by Redefine in 2006.

Flax said Spear intended to raise R300m at listing, which would infer a market valuation of about R1bn at listing. “We have already issued R200m worth of shares in a private placement, so there will only be R100m made available to the public.”

Spear could grow its assets under ownership to R6bn-R7bn in the medium term. “There are a number of family-owned property companies in the Western Cape that we are already talking to around potential deals to reverse list assets into Spear.”

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Durban’s Shaka International Airport was built by Acsa without a feasibility study

Shaka International Airport was built by Acsa without a feasibility study, it emerges in correspondence linked to a court process.
The King Shaka International Airport, which cost R6.7bn and has yet to prove that it is a viable investment, was built by Airports Company SA (Acsa) without a feasibility study, it has emerged in correspondence linked to a court process.

The airport, near Durban, was built as part of Acsa’s investment leading up to the 2010 World Cup, but has since failed to attract significant traffic to warrant the size of the investment.

Acsa’s annual results, released on Friday, show King Shaka International Airport made a profit of R93m in 201516, after a loss in 2014-15 of R80m. However, the profit does not take into account the cost of the debt raised to build the airport, which, if accounted for, would reflect a substantial loss.
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Growthpoint Properties Greenfield Industrial Park achieves SA's first industrial Green Star rating

Growthpoint Properties’ Greenfield Industrial Park in Cape Town has been awarded South Africa’s first ever Green Star SA rating for an industrial property.
In a milestone achievement for green building in South Africa, Greenfield received a 4-Star Custom Industrial As-Built Green Star SA certification from the Green Building Council South Africa (GBCSA).

Engelbert Binedell, Growthpoint Properties Industrial Division Director, comments: “We are delighted Greenfield has become the country’s very first certified green industrial property. Growthpoint is proud to be part of creating a greener, more sustainable built environment for South Africa.”

Growthpoint owns or co-owns the largest portfolio of Green Star SA certified buildings of any company in South Africa, comprising 50 properties so far. It holds an entire quarter of South Africa’s 200 office, retail and properties independently certified to date.
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New Cape restaurant node opens with dining firsts

The developers behind Somerset West’s acclaimed Waterstone Village are celebrating the opening of their anticipated destination centre, a R400-million mixed-use retail and convenience development called The Sanctuary.
Anchored on the corner of the R44 and De Beers Avenue, the three-storey building offers 8,000m² of retail space on the ground floor, with a further 8,000m² of optic fibre-connected office space and a Virgin Active gym on floors one and two. 

Designed by SVA International Cape Town, The Sanctuary boasts the first formalised restaurant node for Somerset West, bringing with it popular Gauteng steakhouse franchise, Turn ‘n Tender – a first for the Western Cape.
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Potential seen in Industrial Property Sector

Compared particularly to the retail market, less so the office sector, there is a growing view in the market that the industrial property sector is worthy of a more detailed assessment.

Listed property groups are shifting to clean industrial properties focussed on light manufacturing, warehousing and distribution as harder manufacturing struggles.

Despite weak economic growth in SA, experts believe the industrial property sector offers great potential for growth, especially in developing specialised warehousing and distribution centres.

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Marriott International gains foothold in South Africa with new hotel brands  
NASDAQ-listed Marriott International today announced plans to built three hotels in Cape Town and two already in construction in Johannesburg — in partnership with Amdec Group.

After the 2010 World Cup there were too many hotel rooms and it took about four years for the oversupply to be absorbed.

But in the past two years trading has been positive because of tourist influx in the country. And this has provided opportunities for International Hotel groups flock to SA.

According to the World Travel and Tourism Council, the direct contribution of travel and tourism to GDP in SA was R113.4bn in 2014 (3% of GDP). The contribution is expected to grow 4.6% per annum to R184.7bn (3.4% of GDP) by 2025, reflecting the economic activity generated by industries such as hotels and airlines.

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more Calendar

Southern Branch 2018 Winter Warmer Seminar 10 July

KZN Branch 2018 One Day Seminar 25 July

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