The JSE All Property Index closed at 7 286 last night.

The JSE All Property Index closed at 7 286 last night.

The Competition Tribunal has granted Shoprite Checkers as much time as Pick n Pay to phase out exclusivity provisions in its lease agreements. However, it has dismissed most of the amendments sought by the retailer. Historically, exclusive lease agreements have prevented competitors and smaller independents from trading in the same shopping centres. Both companies, considered as part of SA's 'Big 5' retailers, have until December 2026 to do so.

The industrial property sector remains the best placed of the three commercial property types, but it is also showing signs of slowing down, such as weaker rental and stand value growth, according to Rode's State of SA's Property Market for Q2 2023. Nominal gross industrial market rentals for space of 500m2 grew by 4.1% in Q2 2023 compared to Q2 2022 - slower than the 5.1% year-on-year growth recorded in Q1 2023 and the second consecutive quarter of weaker growth. In real terms, rentals are still declining after deducting building cost-inflation. Regionally, nominal rental growth was the strongest in Cape Town and the East Rand at 7% and 6% respectively. Both conurbations saw an improvement in vacancy rates in the first half of 2023 to 2 points on Rode's scale (from 1 to 9) or 3.4%. In fact, most conurbations in SA have seen lower vacancy rates compared to the first half of 2022, averaging less than 5%. The exceptions were Bloemfontein and Gqeberha where vacancy rates average 6% to 7%. Nominal rental growth in the Central Witwatersrand and Durban was slower at 3.2% and 2.2% respectively.

Octodec Investments Limited has launched the HealthConnect Medical Centre, a redevelopment initiative of the vacant Ina Building situated on the corner of Sisulu and Francis Baard Streets in the City of Tshwane. The renovation of the five-storey building will establish physical links between the Louis Pasteur Medical Centre and the Ina Building on the first and fourth floors while accommodating doctors and healthcare professionals with the introduction of additional medical suites.

39 Rissik Street i.e., St Andrews in Marshalltown (pictured) is going on auction on the 20th of July 2023 via High Street Auctions. The 11-storey building boasts five retail outlets on the ground level and 101 upmarket furnished student units from the 1st floor all the way to the rooftop. Each refurbished floor is equipped with communal bathrooms and modern kitchen facilities. St Andrews has a capacity of 352 beds which are fully let and occupied by students from various institutions. The property has a GLA of +- 4239m2 under roof and its amenities include 24-hour manned security; CCTV; biometric (facial recognition per floor); uncapped Wi-Fi and laundry facilities. Projected net annual income for the building is approx. R10.5m.

Lighthouse Properties announced its secondary listing on A2X with effect from the 12^th of July 2023. Its primary listing on the JSE and its shared issued capital will be unaffected. As of Lighthouse's listing, 88% of SA's property sector are now trading on the platform, according to the exchange.

Delta Property Fund has appointed Fikile Mhlontlo as its CFO and an executive director with effect from the 18th of July 2023. He is a qualified CA(SA), and he was an audit partner and director at Ernst & Young for close on thirteen years.