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
|
 |
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 |
|
* Includes basic rent and operating costs
** Sold
Trading density
Per month (R/m2)
Average portfolio growth: 7,4% (2014: 7,0%)
|
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
|
| |
|
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 |
 |
| 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 |
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 |
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 |
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 |
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 |
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 |
| 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 |
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 |
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 |
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 |
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 |
|
|
|
|
|
