Baramall opens today

THE R55m Baramall Shopping Mall is to be launched officially in Soweto today.

The 9583m² shopping centre is situated on the Old Potchefstroom Road diagonally opposite Chris Hani Baragwanath Hospital in Diepkloof.

The shopping mall is also near the N1 highway and a central taxi rank that is used by more than 240000 people on a daily basis.

Baramall is 55% owned by Nedbank and the Masingita Group, with the remaining 45% held by Landmark Property Development.

Ken Reynolds, the divisional director for the Gauteng division of Nedbank Corporate Property Finance, says: “We took a stake in Baramall early last year and have been involved in funding other significant retail property deals in Soweto, such as Jabulani Mall.”

The centre is fully let and its anchor tenants include Shoprite, OK Furnishers, Jet Stores, PEP Stores, Diskom and Dunns, while financial institutions such as Absa Bank, African Bank, First National Bank and Standard Bank are occupying space.

Franchise stores such as Steers, Debonairs, Chicken Licken and Fishaways are also represented in the centre.

Of the 47 stores in the centre, 65% are national tenants, 7,5% are franchises and 27,57% are independent operators.

Source: Business Day - www.businessday.co.za