Grayprop interim results for the six months which ended on March 2003.

Posted On Monday, 02 June 2003 02:00 Published by eProp Commercial Property News
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Grayprop interim results for the six months which ended on March 2003 were in line with expectation, showing no growth from the same 15c declared for the same period last year, according to the latest Provest property roundup.

Property-Housing-ResidentialGrayprop earnings are likely to be flat for the year to September given the following: nInterest costs not being capitalised on proposed improvements (including Centurion and Randburg Waterfront). Interest costs will instead be offset against income and will impact on earnings; nManagement is anticipating an upswing in office rentals in 2004 - but a number of leases fall due in the current year and there is still downward pressure on office rentals; and nHigh yielding properties have been sold with the intention of improving the overall quality of the Grayprop portfolio. Given the above, no growth is anticipated for the full year ending in September. The sale of six properties during the first six months of Grayprop's current financial year realised a profit of R3,5-million to book value. nnn Sycom Property Fund has increased its commercial office investment in the Western Cape with the purchase of a R150-million turnkey office development in the Cape Town CBD. The office block will be built on a portion of the old Power Station site on the Foreshore, next door to the new Investec building and near the Cape Convention Centre. Sean Kenealy Architects has designed a wedge-shaped building of 14 storeys, offering 13 841sq m office accommodation with a ground floor retail area of 16 86sq m. Sonnenberg Hoffmann and Galombik Attorneys has signed a 10-year lease for about 7 000sq m with an option to increase space by another 750sq m before the completion of the project. nnn The 106-year-old family-owned Barrow group has announced a new empowerment deal created with the formation of Makhudu Barrow (Pty) Ltd to be headed up by Mike Makhudu, a Barrow Construction bursary recipient, who has since proved his mettle at various levels of responsibility. The empowerment stake is via an employee trust (created for company employees) with Makhudu as well as two Barrow foremen Rashard Adams and Aron Hugo - who, together, have 36 years of service in Barrow Construction - as individual stakeholders. Barrow Construction will provide technical, managerial and administrative support and holds a majority stake in the new company, but in time this involvement will reduce. Makhudu Barrow has already secured its first order: development of a new mortuary that forms part of the Constitutional Hill redevelopment project. nnn Twenty-three submissions have been received for this year's Fulton Awards, presented every two years by the Concrete Society of Southern Africa (CSSA) for "excellence in the use of concrete" on the African sub-continent. The entries will be judged in five categories: civil engineering projects, building projects, unique design aspects, construction techniques, and aesthetic appeal. The judges are the presidents of the South African Institution of Civil Engineering, the South African Institute of Architects, and the CSSA. Megamillion-rand projects located all over Southern Africa, including Namibia and Mozambique - as well as, for the first time, an innovative new computer programme - will this year compete for the Fulton Awards.

Last modified on Tuesday, 29 April 2014 17:15

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