Property portfolio - South Africa

South Africa map

 
     
 

 

Geographical spread

Hyprop’s portfolio is dominated by retail property in middle to high-income metropolitan areas, reinforcing its profile as a specialist shopping centre REIT. Post year-end, the number of retail properties decreased to 10, following the disposal of Somerset Value Mart.

Geographic and sectoral spread

  30 June 2016   30 June 2015  
  Rentable
area m2 		    Revenue
R000 		  Rentable
area m2 		    Revenue
R000 		 
Gauteng 439 932   1 554 918   438 405   1 491 825  
Western Cape 346 824   1 189 775   341 667   1 125 317  
Total 786 756   2 744 693   780 072   2 617 142  
Retail 752 625   2 667 615   745 686   2 544 016  
Offices# 34 131   77 078   34 386   73 126  
Total 786 756   2 744 693   780 072   2 617 142  

# Standalone offices

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 (906 tenants)
Tenant profile % of rentable
area		   % of
income		  
A grade 67   52  
B grade 22   29  
C grade 11   19  

* Co-owned shopping centres included at 100%

Top 10 tenants by rentable area

Rank Tenant % of total rentable area
1 Edcon Group 9,0
2 Woolworths 7,0
3 Massmart Group 6,8
4 Pick n Pay Limited 6,6
5 Foschini Group 4,1
6 Mr Price Group 3,6
7 Steinhoff Group 3,2
8 Nu Metro 2,3
9 Truworths Limited 2,2
10 Shoprite Holdings 2,1

Top 10 tenants by income

Rank Tenant % of total income
1 Edcon Group 6,7
2 Foschini Group 5,0
3 Massmart Group 3,6
4 Mr Price Group 3,4
5 Steinhoff Group 3,2
6 Truworths Limited 2,4
7 Pick n Pay Limited 2,3
8 Woolworths 2,2
9 Clicks Group Limited 1,7
10 Famous Brands 1,6

Weighted average rental per m2 per month

Business segment 2016
average rental
R/m2		   2015
average rental
R/m2		   Growth
%		  
Shopping centres            
Hyde Park Corner 376   373   0,9  
Canal Walk 312   291   7,4  
The Glen 259   242   7,1  
Clearwater Mall 237   220   7,8  
Somerset Mall 230   209   9,8  
Rosebank Mall 219   194   12,9  
Woodlands Boulevard 189   179   5,5  
CapeGate 167   152   9,5  
Value centres            
Atterbury Value Mart 168   159   6,1  
Somerset Value Mart*** 139   121   15,0  
Willowbridge** 128   118   8,7  
Average – total South African portfolio 225   209   7,6  
Shopping centres 250   231   7,9  
Value centres 149   138   7,8  
Offices 123   120   2,8  
** Held-for-sale
*** Sold post year-end

Vacancy profile

Vacancies in the retail portfolio improved to 0,8% (2015: 1,3%). Vacancies in the office portfolio also improved to 4,5% (2015: 8,3%), mainly due to new lettings at Hyde Park Corner offices, Glenwood offices and Lakefield offices.

  30 June 2016   30 June 2015  
Vacancies Total area
available for
leasing
m2		   Rentable
area
%		   Total area
available for
leasing
m2		   Rentable
area
%		  
Retail                
Canal Walk 1 763   1,2   1 368   0,9  
Clearwater Mall 449   0,5   0   0,0  
The Glen 1 618   2,0   964   1,2  
Woodlands Boulevard 0   0,0   0   0,0  
CapeGate 132   0,2   902   1,4  
Somerset Mall 0   0,0   1 087   1,6  
Rosebank Mall 539   0,9   827   1,3  
Hyde Park Corner 148   0,5   329   1,2  
Willowbridge 233   0,6   1 674   4,2  
Somerset Value Mart 495   3,9   1 987   15,8  
Atterbury Value Mart 163   0,3   0   0,0  
Retail total 5 540   0,8   9 138   1,3  
Offices 3 382   4,5   6 247   8,3  
Grand total 8 922   1,1   15 385   2,0  

Weighted average retail escalation profile

  % of total
portfolio		   Rentable
area
m2		   Rental
growth
%		   Contractual
escalation
%		   Number
of leases		  
Retail 19,3   137 568   7,4   8,0   504  
Offices 21,3   16 096   5,2   8,3   64  
Total 19,6   153 664   7,3   8,1   568  

Lease renewal process

  Rentable
area
m2		   %  
Lease still outstanding
 6 346   4  
Leases completed 153 664   96  
Total 160 010   100  

Lease expiry profile

By income 2016/2017
% 		  2017/2018
% 		  2018/2019
% 		  2019/2020
% 		  2020+
% 		 
Canal Walk 15   16   18   12   39  
Clearwater Mall 7   13   9   34   37  
The Glen 26   15   13   19   27  
Woodlands Boulevard 9   13   13   24   41  
CapeGate 23   17   10   40   10  
Somerset Mall 21   22   23   10   24  
Rosebank Mall 6   7   34   21   32  
Hyde Park Corner 21   13   22   16   28  
Willowbridge 21   22   11   12   34  
Atterbury Value Mart 22   21   20   12   25  
Offices 39   26   12   7   16  
Total 17   16   17   19   31  

 

By rentable area Vacancy
% 		  2016/2017
% 		  2017/2018
% 		  2018/2019
% 		  2019/2020
% 		  2020+
% 		 
Canal Walk 1,2   12   13   14   12   47  
Clearwater Mall 0,5   4   9   4   37   46  
The Glen 2,0   25   9   15   18   31  
Woodlands Boulevard 0,0   9   7   8   23   53  
CapeGate 0,2   21   12   5   44   16  
Somerset Mall 0,0   14   19   28   9   30  
Rosebank Mall 0,9   4   7   24   17   47  
Hyde Park Corner 0,5   27   10   20   11   31  
Willowbridge 0,6   23   17   8   8   45  
Somerset Value Mart 3,9                      
Atterbury Value Mart 0,3   26   19   20   10   24  
Offices 4,5   30   22   10   7   13  
Total 1,1   16   13   14   18   36  

 

Canal Walk

Super regional

One of Africa’s premier super regional shopping centres, situated in Century City, Cape Town.

 
Region     Western Cape
Anchor tenants     Woolworths, Checkers, Dis-Chem,
Edgars, Game, Pick
Retail rentable area     158 632m2
Stores     362
Footcount     20 592 363
Ownership     80%
Office rentable area     10 183m2
Parking bays     8 004
Manager     Gavin Wood
 
     

Clearwater Mall

Large regional

The prime shopping destination in Johannesburg’s western suburbs, located in a rapidly expanding residential corridor.

 
Region     Gauteng
Anchor tenants     H&M, Woolworths, Dis-Chem, Edgars, Game, Pick n Pay
Retail rentable area     86 867m2
Stores     231
Footcount     10 432 841
Ownership     100%
Office rentable area     10 183m2
Parking bays     5 125
Manager     Lauren Meyer
 
     

The Glen

Large regional

A premium shopping destination of choice for affluent suburbs south of Johannesburg.

 
Region     Gauteng
Anchor tenants     Woolworths, Dis-Chem, Edgars, Game, Pick n Pay
Retail rentable area     79 704m2
Stores     185
Footcount     13 486 432
Ownership     75%
Office rentable area     10 183m2
Parking bays     3 700
Manager     Glen Maboe
 
     

Woodlands Boulevard

Large regional

Nestled between eight exclusive residential estates in the east of Pretoria.

 
Region     Gauteng
Anchor tenants     Woolworths, Builders Warehouse, Dis-Chem, Edgars, Dion Wired, Food Lovers Market, Game, Pick n Pay
Retail rentable area     71 642m2
Stores     152
Footcount     8 183 775
Ownership     100%
Office rentable area     10 183m2
Parking bays     4 200
Manager     Malize Jacobs
 
     

Somerset Mall

Large regional

Situated in the scenic foothills of the Helderberg, the mall is an indispensable part of the community.

 
Region     Western Cape
Anchor tenants     Woolworths, Dis-Chem, Edgars, Game, Pick n Pay
Retail rentable area     69 048m2
Stores     180
Footcount     10 784 396
Ownership     100%
Office rentable area     10 183m2
Parking bays     4 047
Manager     Mandy Bellamy
 
     

CapeGate

Large regional

Conveniently located at the Okavango interchange on the N1 in Cape Town’s northern suburb of Brackenfell.

 
Region     Western Cape
Anchor tenants     Dis-Chem, Checkers, Edgars, Game, Pick n Pay, Woolworths, Ster-Kinekor
Retail rentable area     63 783m2
Stores     159
Footcount     10 469 767
Ownership     100%
Office rentable area     10 183m2
Parking bays     2 897
Manager     Nicholas Oliphant
 
     

Rosebank Mall

Large regional

Situated in the heart of cosmopolitan Rosebank, Rosebank Mall provides amenities to a wide range of shoppers, business executives and international visitors.

 
Region     Gauteng
Anchor tenants     Edgars, Woolworths, Dis-Chem, Clicks, Foschini, Planet Fitness, Pick n Pay, Stuttafords, Truworths
Retail rentable area     62 413m2
Stores     151
Footcount     12 130 917
Ownership     100%
Parking bays     2 200
Manager     Danie de Beer
 
     

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.

 
Region     Gauteng
Anchor tenants     Woolworths, Clicks, Dion Wired, Pick n Pay
Retail rentable area     39 088m2
Stores     121
Footcount     4 989 172
Ownership     100%
Office rentable area     10 505m2
Parking bays     1 730
Manager     Jacqui McGeehan
 
     

Atterbury Value Mart

Regional

A convenient one-stop shopping destination in Pretoria.

 
Region     Gauteng
Anchor tenants     Builders Warehouse, Sportsmans Warehouse
Retail rentable area     47 785m2
Stores     91
Footcount     Not measured
Ownership     100%
Parking bays     2 135
Manager     Rendani Phaswana
 
     

Willowbridge*

Value centre

A world-class open-air shopping experience in the northern suburbs of Cape Town.

 
Region     Western Cape
Anchor tenants     Dis-Chem, Food Lovers Market, Pick n Pay, Woolworths, Builders Warehouse, Checkers
Retail rentable area     40 341m2
Stores     100
Footcount     Not measured
Ownership     100%
Office rentable area     2 474m2
Parking bays     2 167
Manager     Salome Thonnard
 
* Held-for-sale    

Somerset Value Mart**

Value centre

Situated in the scenic foothills of the Helderberg.

 
Region     Western Cape
Anchor tenants     Sportsmans Warehouse, Toys R Us, Fruit & Veg City,
Hi-Fi Corp
Retail rentable area     12 546m2
Vacancy rentable area     3,9%
Stores     15
Footcount     Not measured
Ownership     100%
Parking bays     745
Manager     Mandy Bellamy
 
** Sold post year-end    
     

Cradock Heights

Gauteng offices

 
Anchor tenants     Standard Bank, Actis, Hyprop, Starbucks
Office rentable area     4 468m2
Ownership     100%
Parking bays     88
Manager     Danie de Beer
 

Lakefield Office Park*

Gauteng offices

 
Anchor tenants     MMI Group, Pioneer Hi-Bred RSA,
Optron
Office rentable area     15 872m2
Ownership     100%
Parking bays     730
Manager     Malize Jacobs
     

Glenfield Office Park*

Gauteng offices

 
Anchor tenants     Bestmed Medical Scheme, Weavind & Weavind Inc,
Trustlink
Office rentable area     10 320m2
Ownership     100%
Parking bays     577
Manager     Malize Jacobs
 

The Mall Offices

Gauteng offices

 
Anchor tenants     Sasol, Metorex,
State Bank of India
Office rentable area     18 302m2
Ownership     100%
Parking bays     470
Manager     Danie de Beer
     

Glenwood Office Park**

Gauteng offices

 
Anchor tenants     Independent Development Trust, Strydom Britz Mohulatsi Inc, Direct Transact
Office rentable area     3 471m2
Ownership     100%
Parking bays     237
Manager     Malize Jacob
   
* Held-for-sale
** Sold post year-end