Construction World August 2017

PROPERTY

Historic Linksfield’s NEW DEVELOPMENT A new residential lifestyle development that celebrates the heritage and natural environment of Johannesburg’s historic Linksfield area is being launched by Investec Property.

the existing vegetation and our development will be thoughtfully built around the existing topography,” says Nicolas Kyriacos, head of mixed use developments at Investec Property. Experienced South African architects, Boogertman + Partners and landscape architects, Landmark Studios, have created a design that resonates with the history and architecture of the area, while ensuring that the large majority of existing trees and vegetation remain intact. New indigenous plant life will be incorporated into the landscaping and lush green spaces will be a feature of the estate. “With regards to the landscaping considerations, all the trees were surveyed, and a master plan was created so that the development maximises the number of existing trees that could be retained. While this isn’t the most economical way to develop, these mature trees add value and richness to The Neighbourhood, which is important to the overall concept

Aptly named, The Neighbourhood, this close-knit estate is set to be one of the few secure residential developments in the area, offering buyers a choice of upmarket stand- alone houses, cluster-style living or luxury loft apartments. Complementing the residential development will be a new village square, complete with a vibrant shopping walkway and plaza, which will offer the community the best of leisurely living, with plenty of options to shop, socialise, dine and unwind. The Neighbourhood is nestled beneath Linksfield Ridge, and lies adjacent to the Huddle Park precinct, a 220-hectare greenbelt that is home to a public golf course and other leisure amenities. Investec Property has carefully crafted

a design for their approximately 53-hectare estate that complements the existing land and facilities, while delivering a village-style development to meet the needs of families in the area. “Sensitive to the surrounding area, The Neighbourhood development will take up just a small portion of the natural parkland area that it is situated on, in fact the estate has been designed to fully maximise the beautiful views of the Huddle Golf Course and greenways. Adding to this, 40% of the new development will be open spaces – parks, gardens, walkways, tree-lined roads and a retail square. The concept is not about maximising the development, but providing a best-use solution. “We have taken the time to understand

Accelerate reported year-on-year distribution growth of 7,3%, translating into a distribution per share of 57,57 cents, up from 53,67 cents year-on-year. Accelerate’s property portfolio has grown to R11,6-billion, resulting in a 38% increase for the comparative period. The increase is largely due to Accelerate’s initial offshore investment of R1,25-billion, the acquisition of approximately 50% of the iconic Portside tower in Cape Town for R755-million, Eden Meander retail centre in George and the Citibank building in Sandton. “Notwithstanding the tough current macroeconomic environment, we remained focused on active asset management. Our aim is to continually improve the quality of our portfolio through quality acquisitions and the sale of non-core properties. “This year was a very important year for Accelerate. We diversified our portfolio offshore by creating a bespoke strategy to invest in long-term single tenant net leased properties that are strategic to blue-chip multinational or large regional tenants in Central and Eastern Europe. On the local front, we have also made excellent progress with the Fourways Mall redevelopment and continued with our drive for quality,” said Andrew Costa, chief operating officer of Accelerate Property Fund. Our nodal strategy remains our key local differentiating factor. The Company focuses on nodes that are deemed to have good economic fundamentals and superior growth potential. The strategy allows for economies of scales within these nodes where any investment in improving specific properties, Major exposure in Fourways Accelerate Property Fund, the JSE listed REIT with significant exposure in the dynamic Fourways node in Johannesburg, recently announced solid Annual Results for the year ended 31 March 2017.

infrastructure or services is to the benefit of other assets owned by the Company in the same area. The constant focus on tenant optimisation and letting activity resulted in vacancies (net of structural vacancies) marginally decreasing to 6,9% from 7,1% whilst the weighted average lease period improved from 5,1 to 5,6 years during the reporting period. The company’s cost-to- income ratio of 16,9% is in line with the market. The Fourways Mall redevelopment is well underway having opened Bounce and the food court during the reporting period. Infrastructure upgrades in excess of R280-million are underway, including a flyover from Witkoppen Road directly into the new multi-level parking. “The completed Fourways super-regional mall will anchor the Fourways node, attracting top-quality tenants in the retail and office segments,” said Costa. In February 2017 Accelerate announced the acquisition of the Murray & Roberts building in the Cape Town Foreshore which together with Accelerate’s existing properties in the node, lends itself to a large scale commercial and residential development opportunity. In addition, the Fund has acquired a Sandton office building anchored by Citibank. Both these acquisitions are strategic and represent Accelerate’s focus to acquire quality enhancing properties. 

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CONSTRUCTION WORLD AUGUST 2017