The dominance of retail property developments over other types of commercial property development is continuing unabated.
Redefine, the listed property company, announced this week that it was making progress on a 63 000m2 super regional shopping centre in Klerksdorp in North West at a cost of R1.1 billion.
Called the Matlosana Mall, construction on the project started in April, and it is scheduled to open in November 2014.
Construction of a new 10 329m2 shopping centre in Vosloorus south of Boksburg in the Ekurhuleni municipality is scheduled to commence at the beginning of this month on a prime site opposite the Chris Hani Crossing, while Johannesburg-based developer Krisp Properties has been given approval to develop a 5 000m2 pedestrianised shopping centre alongside Cape Town’s Langa train station.
Mike Ruttell, the head of development for Redefine Properties, said Matlosana Mall was an excellent opportunity for Redefine to grow its retail portfolio with a quality super regional shopping mall tailored to meet its investment criteria.
“Matlosana Mall’s excellent location, modern design, superb retailers and ample parking all add up to a new and exciting shopping experience for the under-retailed consumer market of Klerksdorp and further afield,” Ruttell said.
Redefine Properties owns a diverse portfolio of property assets valued at more than R29bn. Its local investment assets include 244 properties valued at R23bn and R6bn of strategic listed property securities.
Matlosana Mall is being developed on a site at the eastern entrance to the town and will cater for neighbouring nodes as well.
Ruttell said that with easy access to the mall from surrounding towns, the development was strategically positioned as a catalyst for the N12 development corridor, with this growth node stretching between Klerksdorp and Stilfontein and earmarked as a vital economic growth area in the region.
He said the mall would have space to accommodate 145 stores and comprise three major food anchors apart from fashion, lifestyle, entertainment, sport and restaurant outlets.
Major retailers already signed up for Matlosana Mall include Woolworths, Pick n Pay, Checkers, Edgars and Foschini.
Abacus Asset Management, the developer of Cape Town’s CapeGate regional shopping precinct, Waterstone Village in Somerset West and Eikestad Mall in Stellenbosch, is managing the development and handling the leasing.
Ruttell said apart from being a retail asset for its community, Matlosana Mall would create about 2 000 temporary jobs during the 19 months of construction and then 1 500 permanent jobs when the mall opened.
“Community involvement in the mall is an essential part of this development and we’re making sure it receives commensurate attention. We want to make sure that Matlosana Mall has a positive impact for its community, right from the start,” he said.