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CONSTRUCTION WORLD
APRIL
2016
60% OF ALL MAINSTREAM ASSETS
PROPERTY
Flanagan & Gerard was established in 2001 and over the years has
been involved in the development of several dominant regional
shopping centres and high-end niche community centres across
SA, working with various joint-venture partners. Noted retail developments
under its belt include Vaal Mall, Mall of the North, Middelburg Mall, Highveld
Mall, HeidelbergMall, EyethuOrange FarmMall, Morningside Shopping Centre
and Nicolway, amongst others.
Patrick Flanagan and Peter Gerard’s roles changes from that of executive
directors to jointly chairing the group. In this new joint position, they will
oversee the strategic growth of the group, while day-to-day operational
management will be driven by a young exco led by managing director,
Paul Gerard.
As part of the new company structure, Flanagan & Gerard’s other exco
members include:
• Chris Teague – Group leasing director
• Karyn Southgate – Group financial director
• Elsje Bodenstein – Group development director
• John Rowberry – Group special projects director
Commenting on the new company structure, Patrick Flanagan says: “This
is a significant milestone for Flanagan & Gerard Property Development &
Investment. The group has grown into a major retail developer and investor
over the last 15 years. This move represents an evolution of the company
and is part our strategic succession planning. We are excited to announce
our new generation exco, who are primed to take the group into the future.”
Peter Gerard comments:“Patrick and I have played our part in establishing
and shaping Flanagan & Gerard Property Development & Investment into the
noted industry player it is today. We will still have strategic oversight in our
new role as joint chairpersons, but will be taking a step back from day-to-day
management, thus making way for our dynamic, young and driven exco to
manage the group.”
A long history
Patrick and Peter, who are not just business partners but long-time friends,
have over 75 years of combined development experience. They met in
the 1970s while cutting their teeth at Rapp &Maister, where under Michael
Rapp they worked on pioneering shopping centre developments such as
Sandton City and Eastgate.
In 1979 they founded RMS Syfrets, which later became Colliers RMS
and together, they were responsible for the development of many of
the country’s largest property investments which include Riverside Mall,
Lakeside Mall, Southgate, Somerset Mall, Mimosa Mall, Northgate, and
the Boardwalk in Richards Bay to name a few.
They left Colliers RMS in 2000 and founded Flanagan & Gerard a year
later, which has grown into a highly respected SA shopping centre devel-
opment and investment company. Flanagan & Gerard is currently involved
inmajor new regional shopping centre developments that include Springs
Mall at Blue Crane Eco Park in Gauteng; Thavhani Mall at Thavhani
City in Limpopo; and, Ballito Junction Regional Mall in KwaZulu-Natal.
In addition, the company is undertaking an expansion of Vaal Mall. All
these developments are being undertaken with joint-venture partners.
In all projects that it undertakes, Flanagan & Gerard is responsible for all
aspects of the shopping centre development process. With its new exco
structure, together with the strategic leadership of its founders, Flanagan
& Gerard has positioned itself for continued growth into the future.
Issued for the first time, the analysis measures the entire developed
property universe including commercial and residential property as
well as forestry and agricultural land.
The value of global property in 2015 amounted to 2,7 times the world’s
GDP, making up roughly 60 percent of mainstream global assets and repre-
senting an important store of national, corporate and individual wealth. Resi-
dential property accounted for 75 percent of the total value of global property.
According to Sandra Gordon, senior analyst for Pam Golding Properties
Research, here in South Africa a recent ABSA report indicates that in the
second quarter of 2015 the total value of South African residential property
was R4 155-billion, which at the current rand/dollar exchange rate represents
approximately USD260-billion.
Yolande Barnes, head of Savills world research, comments: “To give the
global figure context, the total value of all the gold ever mined is approximately
USD6-trillion, which pales in comparison to the total value of developed
property by a factor of 36 to 1.
“The value of global real estate exceeds – by almost a third – the total
value of all globally traded equities and securitised debt instruments. This
highlights the important role that real estate plays in economies worldwide.
Real estate is the pre-eminent asset class which will be most impacted by
global monetary conditions and investment activity and which, in turn, has
the power to most impact national and international economies.”
The total value of all developed real estate on the
globe reached USD217-trillion in 2015, according
to calculations by international real estate adviser,
Savills, which is represented in Africa by Pam
Golding Properties.
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Global real estate universe in comparison.
JOINT CHAIRS
Leading Gauteng-based retail property developers
and investors, Flanagan & Gerard Property
Development & Investment, recently announced
that co-founders Patrick Flanagan and Peter Gerard
will jointly chair the group. A new exco has also
been appointed as part of the group’s succession
planning to take it into the future.
Peter Gerard, left, and Patrick Flanagan, the co-founders of leading
Gauteng-based retail property developers and investors, Flanagan &
Gerard Property Development & Investment.
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