Introduction

Accelerate aims to diversify its portfolio both sectorally and geographically. The current diversification is across three core sectors within the property industry (retail – 70%, industrial – 15% and office – 15%), and geographically across South Africa in key nodes located in six provinces. The strategy underlining geographical diversification is driven by the desire to create strategic nodes or areas within South Africa that allows maximised value across the different provinces. Therefore, geographical diversification is driven by the nodes in which we would like to operate and dominate.

Currently, the majority of the emphasis on nodes lies in Gauteng, the province Accelerate recognises as the centre of the South African economy. Accelerate holds a considerable amount of property in Gauteng, mainly in the strategic node of Fourways.

We are also pursuing international opportunities as part of its offshore European strategy.

Top 10 properties

Accelerate’s 10 largest properties by market value are as follows:

Fair value (R’m) GLA (m2) Value/m2 (R’000)
Property 2016 2016 2016
Fourways Mall 2 417,20 61 480 39,31
Cedar Square Shopping Centre 979,53 46 025 21,28
KPMG Crescent 631,10 20 096 31,40
Fourways View 329,39 12 962 25,33
The Buzz Shopping Centre 287,45 14 291 20,11
BMW Fourways (Cedar) 210,59 13 098 16,07
KPMG Wanooka Place 210,25 6 672 31,09
Fourways Game 195,80 8 763 22,34
Checkers Montague 175,68 26 135 6,72
Kyalami Downs 162,90 14 096 11,56
Total for 10 largest properties by value 5 598,90 209 612 25,93
Total property portfolio 8 392,51 520 226 16,13
Buildings Type Region Fair value 
31 March 
2016 
(R)
GLA m2
Retail portfolio
Fourways Mall Shopping Centre Retail Gauteng 2 417 200 000 61 480
Cedar Square
Shopping Centre Retail Gauteng 979 531 662 46 025
Fourways View Retail Gauteng 328 386 292 12 962
The Buzz Shopping Centre Retail Gauteng 287 449 933 14 291
BMW Fourways
(Cedar) Specialised retail Gauteng 210 587 867 13 098
Fourways Game Retail Gauteng 195 800 000 8 763
Kyalami Downs Retail Gauteng 162 995 090 14 096
The Leaping Frog
S&G Centre Retail Gauteng 161 249 711 11 139
Bela Bela Retail Limpopo 116 271 670 9 719
Cherry Lane Retail Gauteng 101 907 670 11 672
Sasol Delta Specialised retail Gauteng 69 470 000 1 875
Mr Price Retail Western Cape 77 497 910 8 080
Waterford Retail Gauteng 64 084 755 6 597
Eshowe Mall Retail KwaZulu-Natal 63 621 892 11 775
Wilrogate Centre Retail Gauteng 63 025 262 10 255
Venter Centre Retail Gauteng 62 700 000 7 470
Rock Cottage Retail Gauteng 62 541 200 6 274
Ford/Mazda
(Buzz vacant land) Specialised retail Gauteng 57 204 800 2 557
The Pines (Heartland Properties) Retail Western Cape 57 000 000 7 621
Tyger Manor Retail Western Cape 54 000 000 3 747
East Lynn Shopping Centre Retail Gauteng 48 499 436 7 633
Centurion Highveld Park Investments Retail Gauteng 43 657 069 4 777
Eden Terrace
Shopping Centre Retail Gauteng 36 876 082 4 661
Beacon Isle Retail Gauteng 28 581 388 2 090
Rietfontein Pavilion Retail Gauteng 24 527 580 3 781
Corporate Park Corner Shopping Centre Retail Gauteng 24 318 540 5 200
9 and 11 Main Road Melville Retail Gauteng 20 993 323 3 213
Valleyview Centre Retail Gauteng 17 203 477 1 991
7 Main Road Melville Retail Gauteng 16 974 114 1 973
Cascades Shopping Centre Retail Gauteng 14 377 991 3 441
Wilropark Retail Gauteng 11 733 709 2 332
14 Main Road Melville Retail Gauteng 6 115 527 1 138
5 886 693 958 311 527
Office portfolio
KPMG Crescent Office Gauteng 631 102 337 20 096
KPMG Wanooka Place Office Gauteng 210 254 400 6 762
Oceana House
(Zamori/Erf 230) Office Western Cape 128 197 977 7 227
1 Charles Crescent Office Gauteng 127 796 836 13 273
Flora Park Office Gauteng 110 583 341 14 673
Primovie Park Office Gauteng 101 309 933 17 364
Keerom Street Chambers Office Western Cape 82 883 827 4 507
Thomas Patullo Building Office Western Cape 81 465 551 4 965
Glen Gables Office Gauteng 66 280 084 6 646
9 Charles Crescent Office Gauteng 53 828 167 4 298
99 to 101 Hertzog Boulevard Office Western Cape 53 000 000 3 620
Mustek (89 Hertzog
Boulevard) Office Western Cape 42 091 142 4 500
Triangle House Office Western Cape 40 590 209 3 562
KPMG Polokwane Office Limpopo 36 964 062 1 484
Highway Gardens Office Park Office Gauteng 33 300 000 5 787
Exact Mobile Office Gauteng 25 122 436 1 106
KPMG Sekunda Office Mpumalanga 16 854 250 830
KPMG Port Elizabeth Office Eastern Cape 16 209 950 1 054
Absa Brakpan Office Gauteng 8 100 000 2 797
1 865 934 508 118 657
Industrial portfolio
Checkers Montague Industrial Western Cape 175 680 712 26 135
Accentuate Industrial Gauteng 105 659 719 12 000
MB Technologies Industrial Gauteng 101 688 828 6 000
Edcon Warehouse Industrial Western Cape 76 198 355 14 775
Pick n Pay distribution centre Industrial Eastern Cape 58 186 899 7 983
Meshcape Edenvale Industrial Gauteng 48 310 191 13 501
Edgars Polokwane Industrial Limpopo 47 144 031 4 500
10 Charles Crescent Industrial Gauteng 27 009 226 3 445
639 877 964 90 042

Property redevelopment

Certain properties within the portfolio have been earmarked for upliftment. Examples of such projects include:

  • The redevelopment of Fourways Mall: Planned for completion in 2018, the development will add 90 000 m2 GLA to the Fourways Precinct.
  • The renovation of Cedar Square Shopping Centre: Renovations are scheduled to be completed by the end of 2016. These renovations include an expansion of the Woolworths foods store, completion of the front facade, and other upgrades.