CAPE TOWN - Emira Property Fund’s residential conversion, The Bolton, in Rosebank, is complete after a two-year development phase, and its apartments are already more than 95percent let.
It is Emira’s first residential development. Chief executive Ulana van Biljon said yesterday that the conversion was living up to expectations, and the letting, rental levels and overall management were doing well. The Bolton is a result of the conversion of two Rosebank office property assets, which were consolidated into one, and which Sasol occupied for many years.
The JSE-listed Reit co-invests with hands-on specialists in their fields, and in the case of The Bolton, Emira’s partner the Feenstra Group added its residential development and property management expertise to the project.
The Bolton stands out from other residential accommodation in Rosebank, offering amenities such as swimming pool, cinema, meeting rooms and free WiFi, but with smaller units that are aimed at its target market of young professionals.
“It has attracted residents mainly in their early 30s from a range of professions from advocates and accountants to medical and health professionals, bankers and business owners,” Van Biljon said. There are also a small number of furnished, serviced units at The Bolton, for corporate tenants.
Emira’s latest results pin its residential rental property holding at 5.7percent of its total assets.
Van Biljon said Emira would consider similar investment opportunities as it was part of a diversified property portfolio strategy.
“We continually evaluate our office buildings for value-add opportunities, including alternative uses and conversions, and to the extent that they meet our criteria then we will pursue accordingly,” she said.
Emira has a portfolio of office, retail, industrial and residential properties. At June 30, its directly owned assets comprised 80properties valued at R10.9billion. It also invests indirectly in 22 lower income group shopping centres worth R1.15bn through its exposure to Enyuka Property Fund.
It also has a 34.9percent holding in JSE AltX-listed Transcend Residential Property Fund and it is internationally diversified through its investment in ASX-listed Growthpoint Properties Australia.