Portfolio

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DETAILS OF THE PROPERTY PORTFOLIO

Newpark currently holds a R1,33 billion portfolio, comprising two prime commercial buildings in the Sandton CBD and two industrial buildings in Linbro Business Park and Crown City, respectively, and is looking to acquire further similar assets in pursuit of its investment objectives. Newpark is led by a team of individuals with significant experience and successful track records in the property industry. The company’s independent property valuer is Peter Parfitt of Quadrant Properties Proprietary Limited.

Governance structure

The governance structures are set out below.
Due to the size and maturity of the company, in the period under
review and for the current year, the board undertakes the role of
the nominations committee.

 

Lease expiry profile

Unaudited

GLA

TOTAL

Mixed use

Office

Industrial

Storage
Vacant 6 926,47 3 999,93 - -  2 926,54
Feb 2021 1 783,43 1 783,43 - - - 
Feb 2022 1 276,61 1 276,61 - - - 
Feb 2023 919,00 919,00 - - - 
Feb 2024 752,63 752,63 - - - 
Feb 2025 13 422,00 1 035,00 - 12 387,00 - 
> Feb 2025 32 401,63 2 961,63 18 163,00 11 277,00 - 
           

Gross rental

TOTAL

R'000

Mixed use

R'000

Office

R'000

Industrial

R'000

Storage 

R'000
Vacant 11 454 8 830 - -  2 634
Feb 2021 4 685 4 685 - - - 
Feb 2022 3 652 3 652 - - - 
Feb 2023 2 692 2 692 - - - 
Feb 2024 2 459 2 459 - - - 
Feb 2025 19 854 1 125 - 18 729 - 
> Feb 2025 73 425 2 685 61 090 9 650 - 
           

 

Segmental analysis

The table below sets out the details of the properties within the property portfolio.

Property name

Physical address

Sector

Weighted average rental per m2
(R/m2)

Rentable area (GLA) m2

Vacancy (% of rentable area)

Valuation as at 28 February 2022
(R'000)

 

 

 

 

 

 

 

JSE Building

One Exchange Square, 2 Gwen Lane, Johannesburg, 2000

Office

*

18 163.00

0.00

730 000

24 Central

6 Gwen Lane, Sandown, Sandton, 2196

Mixed use (Mainly Office and Retail)

104,29

15 641.04

10.6

333 000
Linbro Business Park Portion 3 and 4 of Erf 9, Frankenwald Extension Industrial * 12 387.00 0.0 170 000
Crown Mines Erven 1 and 2 Crown City, Extension 1 Industrial * 11 277.00 0.0 101 000
             

Total

  

 

175.19 

57 468.04

10.6

1 334 000

* As the JSE Building, Linbro Park and Crown Mines are single tenanted buildings in the property portfolio, the weighted average rental per m2 as at 28 February 2022 has been included in the weighted average rental per m2 for the group. The properties were valued at 28 February 2022 by Peter Parfitt of Quadrant Properties Proprietary Limited, who is an independent, registered professional valuer in terms of the Property Valuers Profession Act, No. 47 of 2000.

Other Information
The forward average annualised property yield was 9,08% at 28 February 2022 (28 February 2021: 7,88%).

Sectoral Profile

  Based on GLA % Based on gross rental % Vacancy profile based on GLA
%		 GLA
m2
Mixed use (office and retail) 22.1 15.7 5.5 12 714.5
Office 31.6 57.1 0.0 18 163.0
Industrial 41.2 25.0 0.0 23 664.0
Storage 5.1 2.2 5.1 2 926.5
  100.0 100.0 10.6 57 468.0
         
      GLA 
m2		 Tenant profile based on GLA 
%
A     46 560.9 81.0
B     714.0 1.3
C     4096.2 7.1
Vacant     6 096.9 10.6
      57 468.0 100.0

 

A-grade tenants include
Large international and national tenants, large listed tenants, government and major franchisees. These are the JSE Limited, Saudi Arabian Airlines Inc., Vida E Café Proprietary Limited, MTN Limited, TLS South Africa Trading Proprietary Limited (UK and Belgian Visa), CCI South Africa Proprietary Limited, Hellermann Tyton Proprietary Limited and Bidvest – Bidvest Afcom Proprietary Limited.
 
B-grade tenants include
National tenants, smaller listed tenants, franchisees and medium to large professional firms. These are Solo – Ndlondlobala Holdings Proprietary Limited and Urban Crust – Tijuana Restaurant Proprietary Limited.
 
C-grade tenants include
Other local tenants and sole proprietors. These are Club Sublime CC (Taboo), Juju Lounge CC (Cocoon/BOA), ATM Solutions Proprietary Limited and AU999 Commodities Proprietary Limited, Greenhouse Sandton Proprietary Limited (Greenhouse), Wagyu South Africa Proprietary Limited (Monarch and Roadhouse), Borghini CC (Luca’s).