Property portfolio – South Africa

OPERATIONAL REVIEW

Geographical spread

Hyprop’s portfolio is dominated by retail property in high-income metropolitan areas, reinforcing its specialist profile as a shopping centre REIT. Year on year, the number of retail properties decreased to 11 after disposing of CapeGate Lifestyle, CapeGate Value Centre and Stoneridge Mall. Developments were completed at Rosebank Mall, Hyde Park Corner and Canal Walk.

  2015   2014*  
South African consolidated spread
Rentable area m2   Revenue   Rentable area m2   Revenue  
Gauteng 438 405   1 491 825   403 323   1 193 779  
Western Cape 341 667   1 125 317   377 816   1 023 911  
Total
780 072   2 617 142   781 139   2 217 690  
Retail 745 686   2 544 016   747 025   2 149 790  
Office# 34 386   73 126   34 114   67 900  
Total
780 072   2 617 142   781 139   2 217 690  

* Excluding Rosebank Mall
# Standalone offices

 

Geographical spread by rentable area

Geographical spread by rentable area

Asset type by rentable area

Asset type by rentable area

Tenant profile*

Tenants in our portfolio are categorised by grade, although these categorisations are largely subjective given the strong retail nature of the Hyprop portfolio:

A grade: Large national tenants, large listed tenants and major franchisees (including all national retailers and tenants in large listed groups)
B grade: Smaller national and listed tenants, medium-sized franchisees, medium to large retailers
C grade: Smaller line stores (918 tenants)

Tenant profile
% of rentable area
 
% of income
 
A grade 65   52  
B grade 20   28  
C grade 15   20  

* All co-owned included at 100%

 

Top 10 tenants by rentable area
% of total rentable area
 
Edcon Group 8,8  
Massmart Group 6,9  
Pick n Pay Limited 6,5  
Woolworths 6,3  
Foschini Group 4,1  
Mr Price Group 3,6  
Nu Metro 2,3  
Shoprite Holdings 2,1  
Truworths Limited 2,0  
Pepkor 1,7  
Total
44,3  
 
Top 10 tenants by income
% of total income
 
Edcon Group 7,0  
Foschini Group 5,3  
Massmart Group 3,9  
Mr Price Group 3,6  
Pick n Pay Limited 2,4  
Woolworths 2,3  
Truworths Limited 2,3  
Pepkor 2,0  
Clicks Group Limited 1,8  
Famous Brands 1,7  
Total
32,3  

 

Weighted average rental* per m2 per month

  June 2015
Rental
R/m2
  June 2014
Rental
R/m2
  Growth
%
 
Shopping centres            
Hyde Park Corner – retail 373   328   13,6  
Canal Walk – retail 291   274   6,1  
Clearwater 220   204   7,9  
The Glen 218   209   4,7  
Somerset Mall 209   200   4,7  
Woodlands 179   168   6,4  
CapeGate 152   143   6,6  
Value centres
           
Atterbury Value Mart 159   148   7,0  
Somerset Value Mart 121   109   10,8  
Willowbridge – retail 118   110   7,2  
CapeGate Lifestyle**     98      
Stoneridge**     83      
Offices
120   114   5,3  

 

Trading density

Per month (R/m2)

Average portfolio growth: 7,4% (2014: 7,0%)

Trading density

Vacancy profile

Vacancies in the retail portfolio (including Rosebank Mall) increased marginally to 1,3% (2014: 1,2%). Vacancies in the office portfolio (9,7% of the total portfolio by rentable area) reduced to 8,3% (2014: 13,8%), mainly due to new lettings at Lakefield Office Park and Canal Walk offices.

Vacancies
30 June 2015
%
  30 June 2014
%
  30 June 2013
%
 
Retail 1,3   1,2*   2,1*  
Offices 8,3   13,8   8,1  
Total
2,0   2,4   2,7  

* Excludes Rosebank Mall

 

Vacancies by rentable area

Vacancies by rentable area

 

    30 June 2015   June 2014  
Vacancies   Total area
available
for leasing
m2
  Rentable
area
%
  Total area
available
for leasing
m2
  Rentable
area
%
 
RETAIL                  
Canal Walk   1 368   0,9   1 089   0,7  
Clearwater Mall   0   0,0   18   0,0  
The Glen   964   1,2   496   0,6  
Woodlands   0   0,0   0   0,0  
Somerset Mall   1 087   1,6   2 148   3,2  
CapeGate   902   1,4   420   0,7  
Rosebank   827   1,3          
Hyde Park Corner   329   1,2   0   0,0  
Shopping centres   5 477   0,9   4 171   0,8  
Stoneridge   Sold   Sold   1 711   3,5  
Atterbury Value Mart   0   0,0   0   0,0  
Willowbridge   1 674   4,2   199   0,5  
CapeGate Lifestyle   Sold   Sold   2 406   7,4  
Somerset Value Mart   1 987   15,8   130   1,0  
Value centres   3 661   3,7   4 446   2,4  
Total   9 138   1,3   8 617   1,2  
Offices total*   6 247   8,3   10 755   13,8  
Grand total   15 385   2,0   19 372   2,4  

* Includes offices in shopping centres and standalone offices

 

Held for sale, disposals and acquisitions

In line with our strategy of primarily owning premium shopping centres, we are disposing of our standalone office portfolio and non-core retail assets. To date, the following properties have been sold:

Proceeds
Rm  
CapeGate Value Centre 30  
CapeGate Lifestyle Centre 323  
Stoneridge 480  
Total
833  

The proceeds of these disposals were applied to reduce debt. Efforts to sell Willowbridge Centre, Somerset Value Mart and Pretoria standalone office portfolio are continuing.

 

Lease renewal profile

 
Vacancy
%
 
2015/2016
%
 
2016/2017
%
 
2017/2018
%
 
2018/2019
%
 
2019+
%
 
By income                        
Canal Walk     31   16   16   11   26  
Clearwater     13   12   13   8   54  
The Glen     20   18   13   11   38  
Woodlands     7   13   13   11   56  
CapeGate Shopping Centre     24   19   13   4   40  
Somerset Mall     28   16   25   19   12  
Rosebank Mall     4   11   8   34   43  
Hyde Park Corner     21   13   15   16   35  
Willowbridge     39   14   17   7   23  
Somerset Value Mart     36   39   25   0   0  
Atterbury Value Centre     20   26   23   17   14  
Offices     18   30   23   5   24  
Total
    21   16   16   13   34  
By rentable area                        
Canal Walk 1   32   11   13   11   32  
Clearwater 0   9   6   10   4   71  
The Glen 1   22   18   8   9   42  
Woodlands 0   3   11   8   5   73  
CapeGate Shopping Centre 1   20   17   7   2   53  
Somerset Mall 2   20   10   22   34   12  
Rosebank Mall 1   8   4   7   24   56  
Hyde Park Corner 1   20   8   11   8   52  
Willowbridge 4   38   15   12   6   25  
Somerset Value Mart 16   31   32   21   0   0  
Atterbury Value Centre 0   19   28   21   18   14  
Offices 8   18   24   23   5   22  
Total
2   20   14   13   11   40  

Woodlands Boulevard, Pretoria
Woodlands Boulevard, Pretoria

Regions

Canal Walk, Cape Town
Canal Walk, Cape Town
 
CANAL WALK
Super regional
One of Africa’s premier super regional shopping centres, situated in Century City, Cape Town.
Anchor tenants Checkers, Dis-Chem, Edgars, Game, Pick n Pay, Woolworths
Retail rentable area 146 599m²
Stores 390
Office rentable area 10 090m²
Parking bays 8 004
Footcount 21 201 723
Management Gavin Wood

 

   
Clearwater Mall, Johannesburg
Clearwater Mall, Johannesburg
 
CLEARWATER MALL
Large regional
The prime shopping destination in Johannesburg’s western suburbs, located in a rapidly expanding residential corridor.
Anchor tenants Dis-Chem, Edgars, Game, Pick n Pay, Woolworths
Retail rentable area 86 081m²
Stores 237
Office rentable area
Parking bays 5 125
Footcount 10 110 642
Management Vicky Denyschen
     
The Glen Shopping Centre, Johannesburg
The Glen Shopping Centre, Johannesburg
 
THE GLEN SHOPPING CENTRE
Large regional
The shopping destination of choice for affluent suburbs south of Johannesburg.
Anchor tenants Dis-Chem, Edgars, Game, Pick n Pay, Woolworths
Retail rentable area 79 665m²
Stores 205
Office rentable area
Parking bays 3 700
Footcount 14 161 992
Management Glen Maboe
     
Woodlands Boulevard, Pretoria
Woodlands Boulevard, Pretoria
 
WOODLANDS BOULEVARD
Large regional
Ideally situated near the exclusive Woodhill Golf Estate and known as the “fashion capital” of Pretoria.
Anchor tenants Builders Warehouse, Dion Wired, Dis-Chem, Edgars, Food Lover’s Market, Game, Pick n Pay, Woolworths, Nu Metro
Retail rentable area 71 659m²
Stores 151
Office rentable area
Parking bays 4 200
Footcount 8 482 852
Management Malize Jacobs
     
Somerset Mall, Western Cape
Somerset Mall, Western Cape
 
SOMERSET MALL
Large regional
Situated in the scenic foothills of Helderberg, the mall has become an indispensable part of the community.
Anchor tenants Dis-Chem, Edgars, Game, Pick n Pay, Woolworths, Ster-Kinekor
Retail rentable area 66 354m²
Stores 183
Office rentable area
Parking bays 3 809
Footcount 10 849 399
Management Mandy Bellamy
     
CapeGate Shopping Centre, Cape Town
CapeGate Shopping Centre, Cape Town
 
CAPEGATE SHOPPING CENTRE
Large regional
Conveniently located at the Okavango interchange on the N1 in Cape Town’s northern suburb of Brackenfell.
Anchor tenants Checkers, Edgars, Game, Pick n Pay, Woolworths, Ster-Kinekor
Retail rentable area 63 700m²
Stores 151
Office rentable area
Parking bays 2 850
Footcount 10 703 861
Management Nicholas Oliphant
     
Rosebank Mall, Johannesburg
Rosebank Mall, Johannesburg
 
ROSEBANK MALL
Situated in the heart of cosmopolitan Rosebank, Rosebank Mall provides amenities to a wide range of shoppers, business executives and international visitors.
Anchor tenants Clicks, Foschini, Planet Fitness, Pick n Pay, Stuttafords, Truworths, Edgars, Woolworths, Dis-Chem
Retail rentable area 62 410m²
Stores 153
Office rentable area 18 302m²
Parking bays 2 200 (retail) & 470 (office)
Footcount 8 554 776 (from October 2014 to June 2015)
Management Lynda Burger
     
Hyde Park Corner, Johannesburg
Hyde Park Corner, Johannesburg
 
HYDE PARK CORNER
Regional
The grande dame of South African shopping, Hyde Park Corner caters for the most discerning visitors with exclusive, high-end retail.
Anchor tenants Clicks, Dion Wired, Pick n Pay, Woolworths
Retail rentable area 27 929m²
Stores 123
Office rentable area 10 188m²
Parking bays 1 730
Footcount 5 123 172
Management Jacqui McGeehan
     
Atterbury Value Mart, Pretoria
Atterbury Value Mart, Pretoria
 
ATTERBURY VALUE MART
Value/lifestyle
A convenient one-stop shopping destination in Pretoria.
Anchor tenants Builders Warehouse, Spar, Sportsmans Warehouse
Retail rentable area 47 785m²
Stores 98
Office rentable area
Parking bays 2 135
Footcount Not measured
Management Danie de Beer
     
Willowbridge Shopping Centre, Cape Town
Willowbridge Shopping Centre, Cape Town
 
WILLOWBRIDGE SHOPPING CENTRE
Value/lifestyle
A world-class open-air shopping experience in the northern suburbs of Cape Town.
Anchor tenants Builders Warehouse, Checkers, Dis-Chem, Food Lover’s Market, Pick n Pay, Woolworths
Retail rentable area 39 904m²
Stores 95
Office rentable area 2 474m²
Parking bays 2 302
Footcount 4 252 875
Management Salome Thonnard
     
Somerset Value Mart, Cape Town
Somerset Value Mart, Cape Town
 
SOMERSET VALUE MART
Value/lifestyle
Fifteen outlets offer shoppers a wide variety to meet all their needs in one convenient location.
Anchor tenants Fruit & Veg City, Hi-Fi Corporation, Sportsmans Warehouse, Toys R Us
Retail rentable area 12 546m²
Stores 16
Office rentable area
Parking bays 745
Footcount Not measured
Management Mandy Bellamy

 
REGISTERED OFFICE AND BUSINESS ADDRESS

Registration number: 1987/005284/06
2nd Floor, Cradock Heights, 21 Cradock
Avenue, Rosebank, 2196
PO Box 52509, Saxonwold, 2132
Tel: +27 11 447 0090
Fax: +27 11 447 0092
Website: www.hyprop.co.za

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