V&A Waterfront Properties (Pty) Ltd has appointed the valuation and professional services division of Old Mutual Properties to value the entire property portfolio and unutilised development bulk in the V&A Waterfront, Cape Town’s and South Africa’s most visited destination.

“The Waterfront is a complex, multi-faceted asset which continues to grow in stature,” says Derick van der Merwe, managing director of the Waterfront management company. “It is an internationally recognised landmark which we believe, in the normal course of business, now requires a market valuation that will be internationally recognised.”

The valuation division at Old Mutual Properties values properties with a combined value in excess of R9 billion for various clients every year. The division which specialises in large and complex properties, has developed a comprehensive database of valuation evidence and the divisional manager, Trevor King, enjoys international recognition as a member of the Royal Institution of Chartered Surveyors.

“For the Waterfront valuation, we will be using the internationally recognised discounted cashflow methodology,” says King. “The project requires us to produce a fundamental Rand valuation of one of the best property assets in Africa.

“The 90 buildings to be assessed for the market valuation as at March 31 2003, cover the full spectrum of commercial, retail and industrial premises”, says King.

The office premises include Granger Bay Court, West Quay offices, the entire Portswood Square office precinct and the BOE head office in the new Clock Tower precinct. The retail and leisure component includes the entire Victoria Wharf regional shopping centre, the Clock Tower shopping centre, Port Captain’s building, the Craft Market, Quay Four, Ferrymans Tavern, Den Anker, Hildebrand, Slipway Corner, CD Wherehouse, the Aquarium, the Wine Centre, and other standalone buildings such as the Caltex and Auto Atlantic BMW premises at the eastern entrance and the BMW Pavilion at the western entrance.  All parking garages are also included.

The project also requires valuations of the popular Waterfront hotels - the Table Bay, V & A Hotel, Cape Grace, Portswood, Commodore, City Lodge and Breakwater Lodge.

Also included are all of the fishing industry buildings and the marina berthings and moorings. The new Marina residential development is excluded.

For the unutilised bulk and vacant land in the Waterfront, Old Mutual Properties have formed a joint venture with Bham Tayob Khan Matunda Inc, Quantity Surveyors, to value development bulk in excess of 200 000m².

King says: “A value will be prepared for each of the buildings and these will be combined with the value of the remaining development bulk, to give a composite value for the Waterfront. In preparing the valuation, we will look at each property’s location within the Waterfront, the sector into which it fits, the quality of tenants and the prospects for growth.

“Other factors to take into account are that the Waterfront has maintained a premier position since its opening more than a decade ago and has proved to be continually attractive to tenants and visitors. It is centrally located in Cape Town and offers a secure and pleasant environment in world-class buildings.  It has the potential to grow as one of the few truly unique developments of its kind in the world, combining water and property in the live theatre of a working harbour.”

Ends

ISSUED FOR Old Mutual Properties

BY Michael Kerkhoff & Associates

INQUIRIES Trevor King 021-530-4539

                    Mike Kerkhoff 021-424-5280