The bulk of Hyprop’s capital expen- diture this year will go towards Canal Walk, Cape Town, where R58million will be spent to revamp the food court and its outside areas, the group said yesterday. The share price increased as much as 2.24percent to R72.48 by mid-afternoon on the JSE yesterday before closing at R72.25.
Hyprop, with a national property portfolio worth R29.3billion as at December 31, 2019, would name the new attraction The Ratanga Family Entertainment Centre, which would revive some of the former Ratanga Junction exhibits, while new rides would be added, a spokesperson said.
It will be located at Canal Walk, and not on the same site as the former Ratanga Junction. The former Ratanga Junction Theme Park was an iconic feature on the Cape skyline for over two decades, until, according to reports, it closed last May due to reasons of financial sustainability and maturity of its entertainment assets.
Hyprop chief executive Morné Wilken said although domestic trading conditions were still not optimal - with reducing consumer spend and uncertainty ahead of the elections - “identified capital projects nonetheless require investment from Hyprop in order to keep the South Africa portfolio relevant”.
He said the revamp and expansion would enable Canal Walk to attract a range of gourmets from “quick-and-easy” to connoisseur and would provide children’s entertainment in close proximity to the eating area.
The most successful of the rides at the former Ratanga Junction would be selected and augmented with international rides such as White Water Slides, Peter Petz carousel, Bubble Boats for children and adult paddle boats.
The entertainment centre is expected to open before the end of this year, while the food court upgrade will kick-off in the first quarter of 2020.
Despite tough times for retailers, Hyprop’s vacancies went down to 1.6 percent from 1.9 percent six months ago.