Property portfolio – South Africa

South Africa property locations

Geographic analysis – South Africa

2017		 Rentable
area
m2		   Value
attributable
to Hyprop
R000		   Rentable
area
%		  
Western Cape 308 516   12 298 600   42,2  
Gauteng 422 402   15 975 787   57,8  
Total 730 918   28 274 387   100,0  

Asset type analysis – South Africa

2017		 Rentable
area
m2		   Value
attributable
to Hyprop
R000		   Rentable
area
%		  
Retail 710 591   27 963 589   97,2  
Standalone offices 20 328   310 798   2,8  
Total 730 918   28 274 387   100,0  

Tenant profile

Tenants in our portfolio are categorised by grade, although this is largely subjective given the strong retail nature of our portfolio:

  • A grade: Large national tenants, large listed tenants and major franchises (including all national retailers and tenants in large listed groups)
  • B grade: Smaller national and listed tenants, medium-sized franchises, medium to large retailers
  • C grade: Smaller line stores (862 stores).
Tenant profile % of
rentable
area		   % of
income		  
A grade 68   53  
B grade 21   28  
C grade 11   19  

Top 10 tenants by rentable area

  

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

Retail portfolio by category

  Total
rentable
area
m2		   % of total
rentable area		  
Department stores 162 496   24  
Apparel 120 422   18  
Food 70 226   10  
Home furnishings/art/antiques/décor 48 687   7  
Sporting/outdoor goods and apparel 36 159   5  
Food service 35 569   5  
Other 198 003   29  
Total 671 563   100  

Weighted average rental per m2

Business segment 2017
Average
rental
R/m2		   2016
Average
rental
R/m2		  
Shopping centres
   Canal Walk (80%) 337   312  
   Clearwater Mall 252   237  
   Somerset Mall 254   230  
   Rosebank Mall 219   219  
   Woodlands Boulevard 208   189  
   The Glen (75,15%) 246   259  
   Hyde Park Corner 411   376  
   CapeGate 180   167  
Value centres
Atterbury Value Mart 181   168  
Willowbridge North(1) 128   128  
Average – total South African portfolio 242   225  
Shopping centres 265   250  
Value centres 161   149  
Offices 122   123  
(1) Sold

Vacancy profile

  30 June 2017   30 June 2016  
Vacancies Total area available
for
leasing
m²		   Rentable
area
%		   Total area available
for
leasing
m²		   Rentable
area
%		  
Retail
Canal Walk 42   1 764   1,2  
Clearwater Mall 3 652   4,2   449   0,5  
The Glen 1 519   2,0   1 618   2,0  
Woodlands Boulevard 2 492   3,5  
CapeGate 1 542   2,4   132   0,2  
Somerset Mall 41   0,1  
Rosebank Mall 2 987   4,8   539   0,9  
Hyde Park Corner 570   2,0   148   0,5  
Willowbridge 233   0,6  
Somerset Value Mart 495   3,9  
Atterbury Value Mart         163   0,3  
Retail total 12 846   1,9   5 540   0,8  
Offices 4 713   7,9   3 382   4,5  
Grand total 17 559   2,4   8 922   1,1  

Weighted average lease escalation profile

Sector % of total
portfolio		   Rentable
area
m2		   Rental growth
%		   Contractual
escalation
%		   Number
of leases		  
Retail 15,4   103 286   6,1   7,9   355  
Offices 37,6   22 290   (9,7)   8,1   47  
Total 17,2   125 576   4,0   7,9   402  

Lease renewals

  Rentable
area
m2		   %  
Leases still outstanding 14 387   10  
Leases completed 125 576   90  
Total 139 963   100  

Lease expiry profile

By income 2017/2018
%		   2018/2019
%		   2019/2020
%		   2020/2021
%		   2021+
%		  
Canal Walk 15,4   15,1   18,0   21,5   30,0  
Clearwater 9,5   8,4   38,3   23,6   20,2  
The Glen 20,2   11,1   21,4   11,2   36,2  
Woodlands Boulevard 11,9   11,9   24,1   31,6   20,5  
CapeGate Mall 25,9   10,5   48,2   2,7   12,7  
Somerset Mall 28,9   25,4   16,2   11,9   17,6  
Rosebank Mall 6,6   33,4   25,9   5,4   28,7  
Hyde Park Corner 22,4   22,2   24,2   12,7   18,4  
Atterbury Value Centre 14,0   19,4   18,3   19,4   29,0  
Offices 27,8   21,4   12,0   16,4   22,3  
Total 17,0   16,5   24,2   17,5   24,7  

By rentable area Vacancy
%		   2017/2018
%		   2018/2019
%		   2019/2020
%		   2020/2021
%		   2021+
%		  
Canal Walk 0,0   13,2   12,8   23,4   15,6   34,9  
Clearwater 4,2   4,5   3,6   20,7   38,7   28,3  
The Glen 2,0   16,8   7,6   7,2   19,0   47,4  
Woodlands Boulevard 3,5   7,3   7,1   34,3   16,2   31,6  
CapeGate Mall 2,4   23,5   5,3   1,8   46,9   20,1  
Somerset Mall 0,1   24,7   28,5   10,3   12,5   24,0  
Rosebank Mall 4,8   7,9   23,2   4,1   18,7   41,3  
Hyde Park Corner 2,0   16,2   19,9   9,8   28,4   23,7  
Atterbury Value Centre 0,0   14,1   19,2   17,7   15,6   33,4  
Offices 7,9   26,9   17,7   10,8   12,2   24,5  
Total 2,4   14,9   13,2   21,5   16,3   31,7  

The weighted average lease expiry profile (by rentable area) is 4,0 years.

Canal Walk  

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 n Pay
Retail rentable area     147 994m2
Footcount     19 910 587
Ownership     80%
CEO     Gavin Wood
Retail vacancy     0,0%
Office vacancy     9,4%
Parking bays     8 004
Office rentable area     10 173m2
     
Rosebank Mall  

Rosebank Mall

Large regional

In the heart of cosmopolitan Rosebank, the mall provides amenities to a range of shoppers, business executives and international visitors.

Region     Gauteng
Anchor tenants     Edgars, Woolworths, Dis-Chem, Clicks, Foschini, Planet Fitness, Pick n Pay, Truworths
Retail rentable area     62 266m2
Footcount     11 826 402
Ownership     100%
CEO     Danie de Beer
Retail vacancy     4,8%
Office vacancy     12,8%
Parking bays     2 808
Office rentable area     18 350m2
     
Clearwater Mall  

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
Rentable area     87 107m2
Footcount     10 308 282
Ownership     100%
General manager     Lauren Meyer
Vacancy     4,2%
Parking bays     5 125
     
The Glen  

The Glen

Large regional

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

Region     Gauteng
Anchor tenants     Woolworths, Dis-Chem, Edgars, Game, Pick n Pay, Clicks, Foschini, Truworths
Rentable area     74 769m2
Footcount     12 367 371
Ownership     75,15%
General manager     Glen Maboe
Vacancy     2,0%
Parking bays     3 700
     
Somerset Mall  

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     H&M, Woolworths, Dis-Chem, Edgars, Game, Pick n Pay
Rentable area     69 035m2
Footcount     11 055 519
Ownership     100%
General manager     Mandy Bellamy
Vacancy     0,1%
Parking bays     3 955
     
Woodlands Boulevard  

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
Rentable area     71 641m2
Footcount     8 358 295
Ownership     100%
General manager     Malize Jacobs
Vacancy     3,5%
Parking bays     4 200
     
CapeGate  

CapeGate

Large regional

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

Region     Western Cape
Anchor tenants     Dis-Chem, Checkers, Edgars, Game, Pick n Pay, Woolworths, Ster Kinekor
Rentable area     63 767m2
Footcount     10 581 101
Ownership     100%
General manager     Nicholas Oliphant
Vacancy     2,4%
Parking bays     2 897
     
Hyde Park Corner  

Hyde Park Corner

Regional

Destination of choice for discerning shoppers in Johannesburg.

Region     Gauteng
Anchor tenants     Woolworths, Clicks, Dion Wired, Pick n Pay
Retail rentable area     28 588m2
Footcount     4 751 327
Ownership     100%
CEO     Jacqui McGeehan
Retail vacancy     2,0%
Office vacancy     13,4%
Parking bays     1 730
Office rentable area     10 505m2
     
Atterbury Value Mart  

Atterbury Value Mart

Value centre

A convenient one-stop shopping destination in Pretoria.

Region     Gauteng
Anchor tenants     Checkers, Builders Warehouse, Sportsmans Warehouse
Total rentable area     48 848m2
Ownership     100%
General manager     Rendani Phaswana
Vacancy     0,0%
Parking bays     2 135

Gauteng offices

Cradock Heights

  

Lakefield Office Park(1)
Anchor tenants     Standard Bank, Actis, Hyprop, Starbucks
Office rentable area     4 468m2
Ownership     100%
General manager     Danie de Beer
Vacancy     0,0%
Parking bays     88
 
Anchor tenants     MMI Group, Pioneer Hi-Bred RSA, Optron
Office rentable area     15 859m2
Ownership     100%
General manager     Malize Jacobs
Vacancy     0,0%
Parking bays     739
    (1) Held-for-sale