Shoppers well catered for with new mall
THE long-awaited R316-million Gillwell Taxi Rank Park, which boasts a host of popular retail stores, opened its doors today.
The new landmark, situated downtown in Buffalo City Metro, was developed for the Dipula Income Fund by Isibonelo Property Services and Eris Property Group.
The complex boasts a 22 260m² three-level shopping centre with tenants like Game, Shoprite and American Swiss.
Dipula Income Fund is a JSElisted real estate investment trust with exceptional B-BBEE credentials. It is managed by a 100% blackowned management company.
The new mall accommodates public transport and retail stores under one roof.
The CEO of Dipula, Izak Petersen, said consumers could look forward to shopping “with a difference”.
“We are excited to welcome shoppers to Gillwell Taxi Rank Park.
“It creates a city centre shopping environment that has never before been experienced by retailers and shoppers in the East London CBD.”
More than 1.5-million shoppers are expected to pass through the centre’s doors over its first month of trade.
Petersen
expected
Gillwell
Taxi Rank Park to be a “portfolio-enhancing asset for Dipula as well as an iconic addition to East London”.
“It will become one of the crown jewels in our property portfolio.” he added.
Petersen said 95% of the shopping centre had been let.
Anchor tenants included Game and Shoprite, with many popular national retail brands making up three-quarters of the centre’s stores. The retail mix had a strong fashion selection.
“The centre increases the retail variety in East London and complements, rather than competes with, other shopping malls,” he said.
CEO of Isibonelo Property Services, Shadrack Mthethwa, said the park was “positioned to optimise the spending power of the consumer market”.
“The many people who work, live and commute in the city centre every day mean that Gillwell Taxi Rank Park already has an excellent trade market.
“It has a natural critical mass of shopper numbers made up of consumers that were previously underserved by retail.”
Eris Property Group representative Barend de Loor said the new mall was a “shopper’s haven”.
“The centre will provide excellent shopping with a solid mix of retailers specially selected to meet the needs of its market. Shoppers now have so much choice under one roof, including new shopping options they’ve never experienced.
“Gillwell Taxi Rank Park is a unique shopping centre, and an ideal asset to meet the retail needs of a modern, world-class South African city,” he added.