Big revamp on WR shopping centre
2008-05-07 · Gauteng
A large project of R212,5m is underway to redevelop Horizon View Shopping Centre in Roodepoort on the West Rand.
It has already been demolished to make way for a new convenience shopping centre called The Village@Horizon. Negotiations with tenants are well underway, and the development is expected to yield a return on investment of 10%.
Golden Walk shopping centre is also undergoing a R100m revamp at a 12% yield. This includes the construction of an additional 12,000sq m of space, adding to either end of the existing shopping centre. Pick 'n Pay has also commenced a R4,5m upgrade to its store, and 86% of the new space has been pre-let, with the remaining 14% currently under negotiation.
New store space is committed to Jet Mart, Mr Price for a mega store, a new Truworths Emporium, Ackermans, FNB, ABSA, Nandos Miladys, CNA, and several furniture retailers.
ApexHi managing director David Rice says a number of the retail centres in their portfolio service the commuter market and efforts have been made to incorporate and accommodate taxi ranks within the developments.
"At Golden Walk, a taxi rank accommodating about 86 taxis will move on site by the end of May. This is expected to further boost the record footfalls the centre is currently experiencing, despite the construction activity," says Rice.
Cleary Park in Port Elizabeth is also located opposite a major bus transport hub and already accommodates about 400 taxis on site. The R87,5m refurbishment project which is about to commence at the centre will also include an upgrade of the taxi rank and the erection of hawker sites.
Construction of approximately 10,000sq m of additional space will commence at Cleary Park in May 2008. Edgars is the anchor tenant of this new space, and the extension is approximately 50% pre-let.
Berea Centre in Durban is about to complete its R53m upgrade, with the final tenant, Woolworths, due to commence trading during April 2008. The centre is currently attracting about 517,000 shoppers per month.
Other projects already underway include the reconfiguration of Maynard Mall in Cape Town for R35m, an internal revamp and remix of tenants at Ermelo Mall for R41m, a refurbishment of Moreletta Plaza in Pretoria for R31,5m and an additional 160 parking bays at Pine Parkade in Durban for R8,5m, all yielding returns of between 11,5% and 12,8%.
A further R350m worth of refurbishment projects are currently in the planning stages and include Shoprite Parow in Cape Town, Game Centre in George, Middestad in Bloemfontein, four convenience centres in Soweto, Kopanong in Hammanskraal, Kempton Square Phase 2 in Kempton Park and Jewel City in the Johannesburg Inner City.
For more information contact David Rice on 011 283 0150.
It has already been demolished to make way for a new convenience shopping centre called The Village@Horizon. Negotiations with tenants are well underway, and the development is expected to yield a return on investment of 10%.
Golden Walk shopping centre is also undergoing a R100m revamp at a 12% yield. This includes the construction of an additional 12,000sq m of space, adding to either end of the existing shopping centre. Pick 'n Pay has also commenced a R4,5m upgrade to its store, and 86% of the new space has been pre-let, with the remaining 14% currently under negotiation.
New store space is committed to Jet Mart, Mr Price for a mega store, a new Truworths Emporium, Ackermans, FNB, ABSA, Nandos Miladys, CNA, and several furniture retailers.
ApexHi managing director David Rice says a number of the retail centres in their portfolio service the commuter market and efforts have been made to incorporate and accommodate taxi ranks within the developments.
"At Golden Walk, a taxi rank accommodating about 86 taxis will move on site by the end of May. This is expected to further boost the record footfalls the centre is currently experiencing, despite the construction activity," says Rice.
Cleary Park in Port Elizabeth is also located opposite a major bus transport hub and already accommodates about 400 taxis on site. The R87,5m refurbishment project which is about to commence at the centre will also include an upgrade of the taxi rank and the erection of hawker sites.
Construction of approximately 10,000sq m of additional space will commence at Cleary Park in May 2008. Edgars is the anchor tenant of this new space, and the extension is approximately 50% pre-let.
Berea Centre in Durban is about to complete its R53m upgrade, with the final tenant, Woolworths, due to commence trading during April 2008. The centre is currently attracting about 517,000 shoppers per month.
Other projects already underway include the reconfiguration of Maynard Mall in Cape Town for R35m, an internal revamp and remix of tenants at Ermelo Mall for R41m, a refurbishment of Moreletta Plaza in Pretoria for R31,5m and an additional 160 parking bays at Pine Parkade in Durban for R8,5m, all yielding returns of between 11,5% and 12,8%.
A further R350m worth of refurbishment projects are currently in the planning stages and include Shoprite Parow in Cape Town, Game Centre in George, Middestad in Bloemfontein, four convenience centres in Soweto, Kopanong in Hammanskraal, Kempton Square Phase 2 in Kempton Park and Jewel City in the Johannesburg Inner City.
For more information contact David Rice on 011 283 0150.
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