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Showing posts from August, 2013

Sandton property on market for record R60m

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Sandton property on market for record R60m Need a new home and have R60 million to spare? An apartment in Morningside, Sandton, has broken records after it was given this price tag. The interior of the apartment in Morningside features electric blinds and plush carpets. But the luxury property could be on the market for quite some time as estate agents try to find a potential buyer.

Work begins on Midrand’s monster Mall

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Work begins on Midrand’s monster Mall Development has started in Midrand on a R3.5 billion regional super shopping centre, claimed to be South Africa’s largest single phase shopping mall development, for the Atterbury Property Group. Called the Mall of Africa, the two-level 120 000m2 mall will be in Waterfall City, the heart of a 1.6 million square metre mixed-use commercial estate launched in March last year. It is being developed on a site that spans both sides of the N1 from the Woodmead interchange through the Buccleuch interchange to the Allandale interchange.

Landmark Pretoria property auctioned 'for a song'

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Landmark Pretoria property auctioned 'for a song' Nedbank has bought the Sanlam Middestad building owned by businessman Roux Shabangu. A collage showing Martin Phillip, head of Nedbank Corporate Properties, with his winning bid, the Sanlam MIddestad building, and Roux Shabangu . The building in the centre of Pretoria was at one stage the headquarters of the SAPS. Nedbank bought the building for R66 million at an auction held at the sheriff 's offices in Centurion yesterday. The bank's bid was made in response to an opening offer of R65m for the building, which attracted a lot of interest from the public and the many people who turned up to watch the auction. The bank held the R320m mortgage on the building, which Shabangu bought in 2011. The bond had been granted to Roux Shabangu Properties on the basis that a valid, longterm lease agreement was signed with the Department of Public Works. The bank turned to the high court when Shabangu breached payment a

Thousands objecting to Menlyn casino plan - lawyer

I may be in the minority but I believe that these "thousands of objectors" have completely missed the boat! This is a unique opportunity for Pretoria that is highly unlikely to be repeated if it is rejected for short-sighted and uninformed reasons. A casino is not a whirlpool that sucks in the innocent and lures them into a sordid world that they can't escape.  As I understand it, gambling is an addiction like many others and just because they open a bottle store slightly closer to the alcoholic does not cause him/her to be an alcoholic.  Similarly, just because they open a casino slightly closer than the 40 minutes to Montecasino does not mean that the whole of Pretoria East will suddenly be corrupted. On the contrary, the job opportunities and boost to the economy is more likely to give people in the area something to keep "idle hands" busy and therefore out of trouble. If the citizens of that area are so concerned about crime in that area, I would sug

Owner evicted from property after sale falls through

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Owner evicted from property after sale falls through A resident of one of Joburg's top golf estates thought he had made a fantastic cash deal on his house. But now, businessman Paul Gallimore says he has instead ended up in a costly court battle to get his home back. Paul Gallimore in front of his house in the luxury Blue Valley Estate, Midrand. The buyers took occupation of the upmarket unit on a golf estate before the deal was completed. The transfer did not go through, occupational rent was never paid and now Gallimore says he is dealing with a nightmare. The businessman has a multimillion-rand house in Blue Valley Golf Estate in Midrand. For years, he said, he had a wonderful tenant, a former government minister, who paid her rent on time every month. When she moved out, he decided to sell the property. The estate agent handling the deal told him she had landed a cash offer of R5.5 million that was not subject to a bond being approved. She said R1m would be paid i

New income-linked loan arrangement for first-time property buyers

New income-linked loan arrangement for first-time property buyers Housing Investment Partners (HiP) is a welcome addition to the South African residential property sector, says Mike van Alphen, national manager of the Rawson Property Group's bond origination division, Rawson Finance. 'Old Mutual and the National Housing Finance Corporation (NHFC) are the shareholders in the new organisation, which has the goal of helping potential first-time home buyers to acquire affordable homes earlier (up to five years) than at present,' he says. According to Van Alphen, the home loan devised by HiP will be especially suited to lower-middle income earners with monthly salaries of between R3 500 and R20 000 and house prices ranging f rom R200 000 to R550 000. 'Below this level, first-time home buyers qualify for fully subsidised homes - and this eliminates the need for financial assistance. 'However, in this subsidised market, as HiP has pointed out, the pace of housing

Cape Town's defense of Philippi property development 'makes no sense'

I agree wholeheartedly with the authors of this opinion in the Cape Times. In my opinion, South Africans are far too easily prone to sacrifice the long-term in favour of short-term gains. I have no specific knowledge of this issue but concur with the authors that (in general) it is short-sighted to sacrifice our futures to short-term expediency. Gareth Shepperson Cape Town's defense of Philippi property development 'makes no sense' Having read the response of mayor De Lille to the many critics of the council's decision to amend the urban edge in order to alienate a significant parcel of agricultural land in Philippi for housing and commercial purposes, we are more alarmed than ever about the current quality of decision-making in the city. There are a number of dimensions to this: •The statement that the 'urban edge is an artificial barrier that assists the city with planning and can be moved or amended as needs require', is breathtaking in its inacc

Nedbank to auction property landmark in Pretoria

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Nedbank to auction property landmark in Pretoria The Sanlam Middestad building in Pretoria goes under the hammer next Wednesday as Nedbank tries to recoup some of the money owed to it by controversial owner and business mogul Roux Shabangu. The Sanlam Middestad building in Pretoria. The building, worth R850 million, has been at the centre of controversy since Shabangu bought it in 2011. It will be sold to the highest bidder after the Pretoria High Court granted the bank the right to recover costs related to Shabangu's acquisition of the building. The bank granted Roux Property Fund a R320m bond in January 2011, and payment was granted on the basis that a valid long-term lease agreement was signed by the Department of Public Works as the lessee. The SAPS took occupation of the building in 2011 in a R500m lease agreement, sparking controversy when accusations of a 'corrupt relationship' between Shabangu and the then national commissioner of police Bheki Cele surfa

Munitoria: architect firm loses fight with Tshwane council

Munitoria: architect firm loses fight with Tshwane council The City of Tshwane was within its rights to cancel an agreement with city architecture firm Holm Jordaan & Partners for the design and rebuilding of the gutted Munitoria headquarters, the Pretoria High Court found yesterday. Judge Johan Louw turned down the firm's R44 million damages claim against the council. He said in terms of the agreement between the council and the architecture firm, the latter was only entitled to be paid for work done and not for any damages. The claim was instituted after the council decided not to go ahead with Project Phoenix -a competition run by the former Pretoria City Council for the design of new council headquarters after Munitoria burnt down in 1997. Architects in Pretoria were at the time invited to participate, and according to the competition brief at the time, the total cost was not to exceed R160m. In July 1999, the City Council of Pretoria announced that Holm Jordaan

Mandela power cut notice shines light on Joburg billing crisis

Mandela power cut notice shines light on Joburg billing crisis The City of Joburg has admitted that it erred in sending out a pre-termination notice to the Mandela residence in Houghton, stating there were arrears of about R6 000. The council not only apologised through the media for the error, but sent officials to the Mandela family to personally apologise for the mistake. It has also said a full investigation is to be conducted into how the error occurred and said action would be taken against those involved. Although the street address was correct on the pre-termination notice, the suburb was noted as Oaklands, which starts a few streets away from the Mandela residence. City of Joburg revenue department spokesman Stan Maphologela said: 'The city wants to convey an apology to the Mandela family for any inconvenience caused by this unfortunate incident. 'The address and account number stated on the notice belongs to another customer and property in a neighbouring

Joburg objects to 63 000 property valuations

Joburg objects to 63 000 property valuations In a bizarre move that is going to affect thousands of residents, the City of Joburg has objected to the new valuation of almost 63 000 properties on the recently released general valuation roll. The question now being asked is: Why is the city being allowed to object after May 3, the cut-off date for objections? Another question is: If there are now some 88 000 objections, or 11 percent of the valuation roll, did the valuers do a proper job in the first place, and what are these objections going to cost the council? Most residents received a valuation notification in February or March, giving their new valuations and calling for objections before May 3. The new roll came into effect on July 1. There were 25 000 objections, but now the council has belatedly objected to a further 63 000 valuations. Residents have been receiving letters from the municipal valuer informing them that the city has objected and saying they should make su

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!