Convert to survive low growth
Private companies, investors meet demand for housing by turning from commercial to residential
Widespread office-to-residential property conversion is taking place in Durban as the demand for housing in the city grows. In particular, student accommodation and entry-level to middle-income homes are needed, says Yianni Pavlou, company principal at Portfolio Property Investments.
Prominent private companies and investors are driving the trend, he says.
The reasons behind these conversions include:
Shortage of housing supply.
Better rental yields in the residential space compared to office.
Increased migration to Durban.
Furthermore, the regeneration of areas drives up the residential interest in them and the global trend of densification has finally started to take hold in Durban. The volume of such conversions is definitely increasing and expected to continue on this upward trajectory, Pavlou says.
Bonny Fourie
Property360.co.za
Posted at 09:37AM Oct 01, 2018 by Editor in Commercial |
Market are showing signs of recovery
Construction activity in Durban could challenge Cape Town, Joburg for international occupiers
The future looks bright for Durbans commercial property market, despite the economic slump plaguing the industry.
In fact, current construction activity could see Durban challenging Cape Town and Joburg for international occupiers.
The latest Durban Market Report by JLL states that vacancies in both the citys industrial and office markets are showing promising signs of recovering demand.
The report reveals investor confidence also remains intact as new developments come on to both markets.
But while the office sector is seeing some firming in rental rates, JLL says price sensitivity in the industrial market has led to rates stagnating in recent months.
Bonnie Fourie
Property360.co.za
Posted at 09:46AM Sep 24, 2018 by Editor in Commercial |
Westville North: A hive of busy activity
Rodger Sishi Road, once known as Blair Atholl Road, has changed over the years, and today is marked by business energy
Whether recognised by the old name Blair Atholl Road (as many of the signboards still reflect), in honour of the Scottish town, or by the new name Rodger Sishi Road to commemorate the late ANC councillor, teacher and businessman Rodger Dinga Sishi, this Westville North road reflects the changing dynamics of 21st century living.
About 11km long, Rodger Sishi Road can be traced from the traffic lights under the M13 bridge separating central Westville from Westville North towards Otto Volek Road in New Germany.
Nicola Jenvey
Property360.com
Posted at 09:38AM Sep 24, 2018 by Editor in Commercial |
Check zoning rights before buying residential property for business use
How often do we see those adverts "perfect for home-office" or "ideal for business" on an estate agent's advertising platform and take it as a given that the said property is in fact 'ideal for business'?
[Read More]Posted at 07:38AM Feb 06, 2018 by Editor in Commercial |
Commercial tenant payments set to deteriorate
The performance of commercial property tenants could deteriorate further before improving, according to credit bureau Tenant Profile Network (TPN).
[Read More]Posted at 09:02AM Jun 06, 2017 by Editor in Commercial |
Supermarkets' exclusive leases under investigation
The multibillion-rand retail sector, which is 90% ruled by the four national supermarket chains, has become the focus of an investigation by the Competition Commission, with public hearings under way in the city.
[Read More]Posted at 04:07AM May 10, 2017 by Editor in Commercial |
Fresh start for ill-fated Tongaat mall
The ill-fated Tongaat Mall that collapsed three years ago, killing two construction workers, has been sold and a new shopping centre is to be built on the site.
[Read More]Posted at 04:50AM Feb 20, 2017 by Editor in Commercial |
Sandton comprises 48% of SAs new office development
Office vacancy rates in South Africa increased by 0.2 percent to 10.7 percent in the fourth quarter of last year, compared with the previous quarter. The probability is that they could deteriorate further before improving.
[Read More]Posted at 08:32AM Jan 25, 2017 by Editor in Commercial |
Houw Hoek hotel bought for R42m
One of South Africa's oldest hotels, built in the 18th century, was recently sold for R42 million.
[Read More]Posted at 09:37AM Nov 15, 2016 by Editor in Commercial |
Parkhurst bowling club awaits tenders for redevelopment
The old Parkhurst Bowling Club is up for grabs. The tender to redevelop this park closes at noon today.
[Read More]Posted at 09:09AM Nov 04, 2016 by Editor in Commercial |