NVFH 2020 Integrated Annual Report

NVest Financial Holdings Limited and its subsidiaries | (Registration number 2008/015990/06)
Annual Financial Statements for the year ended 29 February 2020
Notes to the Annual Financial Statements [continued]
Group
Company
Figures in Rand Notes 2020 2019 2020 2019
6. Investment property [continued]
Encumbered properties
Carrying value of assets pledged as security:
Erf 387, 389 & 394 Butterworth 17,053,034 17,094,616 - -
Erf 11032, 11008, 11031 & 11010 Cape Town 25,555,403 24,844,970 - -
Erf 169827 Cape Town 22,666,612 21,110,554 - -
Erf 28971 Cape Town 20,668,634 19,335,743 - -
Erf 5991 East London 19,763,421 25,812,342 - -
Erf 5992 East London 13,029,389 22,251,097 - -
Erf 10015 East London 57,900,145 52,051,183 - -
Erf 65432 East London 14,636,828 13,705,857 - -
Erf 90 Mthatha 14,501,058 12,981,156 - -
Erf 3197 & 3198 Port Elizabeth 15,694,792 13,894,183 - -
Erf 2785 & 2786 Pretoria 12,192,441 11,016,094 - -
Erf 8245 Queenstown - 42,161,428 - -
Erf 61228 East London 26,579,132 25,093,249 - -
260,240,889 301,352,472 - -
The fair value of the investment property is as follows:
Erf 387, 389 & 394 Butterworth 17,773,483 18,106,773 - -
Erf 11032, 11008, 11031 & 11010 Cape Town 26,033,024 25,360,953 - -
Erf 169827 Cape Town 22,802,970 21,261,879 - -
Erf 28971 Cape Town 21,240,119 19,443,454 - -
Erf 5991 East London 19,777,189 25,971,041 - -
Erf 5992 East London 13,076,516 22,363,760 - -
Erf 10015 East London 60,210,763 54,984,473 - -
Erf 65432 East London 14,869,796 13,724,567 - -
Erf 90 Mthatha 15,377,790 14,103,743 - -
Erf 3197 & 3198 Port Elizabeth 15,740,114 13,937,756 - -
Erf 2785 & 2786 Pretoria 12,203,241 11,031,214 - -
Erf 8245 Queenstown - 44,034,632 - -
Erf 61228 East London 26,601,441 25,366,968 - -
Erf 33342 East London 4,917,693 4,964,473 - -
Erf 3 Illovo Point - Unit 16 9,297,435 - - -
279,921,574 314,655,686 - -
Details of valuation
It is the policy of the group to obtain an independent valuation of all the investment property within a three year rolling period.
More than one independent valuer may be used to provide the valuation.
The effective date of the revaluations was 29 February 2020. Revaluations were performed by Catherine Ossher from Broll
Property Group (Erf 3197 & Erf 3198 Ascot Office), Grant Schroder from API Properties (Erf 2785 & Erf 2786 Montana), Tony
Bales from Epping Property (Erf 169827 Cape Town) and Kevin Roux from Kevin Roux Properties (Erf 387, 388, 389 and 394
Butterworth). The total independent value of all buildings revalued amounts to R68 519 808 in the current year. None of these
independent companies are connected to the company and all four have recent experience in the location and category
of the investment properties being valued.
The valuations were based on the use of properties by market participants that would maximise the value of the assets or the
group of assets within which the assets will be used.
NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020 99