NATURE OF BUSINESS

Residential property development

BRIEF DESCRIPTION OF THE TRANSACTION

In early 2015 High Street Capital acquired a 16 000m2 section of the Mountainview Ridge at the top of Sylvia’s Pass in Johannesburg.

PROGRESS SINCE HIGHSTREET CAPITAL INVOLVEMENT

The intention was to develop 7 luxury residential properties in a secure upmarket estate, (click here for details).  The processes of rezoning and subdivision took longer than anticipated and resulted in a reduction in the number of units that could be built.  This lowered the projected returns such that they no longer met the High Street Capital benchmark.  As a result, the property was sold off in 2 tranches in late 2015 and early 2016 at a nominal profit.