Ma­jor facelift for Nyanga Junc­tion

New own­ers set out to im­prove land­mark shop­ping cen­tre’s looks, ac­cess and line-up of shops

Weekend Argus (Saturday Edition) - - PROPERTY -

THE NYANGA Junc­tion Shop­ping Cen­tre has been bought by Fairvest Prop­erty Hold­ings Ltd and is be­ing given a makeover.

The 10 000m2 shop­ping cen­tre, flank­ing the busy Nyanga train sta­tion on the Gugulethu and Ma­nen­berg routes, also has new re­tail ten­ants.

Among them is Sho­prite, which opened its doors on Oc­to­ber 24, of­fer­ing open­ing spe­cials that are run­ning un­til Novem­ber 2.

Among the other ten­ants rid­ing the wave of the new re­fur­bish­ment are two Rage Cloth­ing stores – one of which stocks ladies’ shoes and the other shoes and cloth­ing – Joshua Doore and a new- look Fash­ion World.

The Fam­ily Plan­ning Clinic is mov­ing to a big­ger and bet­ter po­si­tion on the sta­tion level.

The re­fur­bish­ment of the cen­tre is be­ing car­ried out by MLB Ar­chi­tects.

“The fo­cus will be on im­prov­ing the over­all ap­pear­ance,” says Xico Meirelles of MLB Ar­chi­tects.

“We want to open the cen­tre up and make it more ac­ces­si­ble to shop­pers – giv­ing it a com­plete facelift.”

The project in­volves re­pair­ing the roof, paint­ing the ex­te­rior, up­grad­ing all four en­trances, cre­at­ing a new food court, im­prov­ing light­ing lev­els, the in­stal­la­tion of Sho­prite as the new food an­chor, and up­grad­ing the se­cu­rity sys­tem.

“A key fo­cus of the re­de­vel­op­ment has been to im­prove the cus­tomer ex­pe­ri­ence by up­grad­ing the light­ing lev­els, im­prov­ing ten­ant sig­nage, di­rec­tional sig­nage and the over­all re­tail of­fer­ing and up­grad­ing the se­cu­rity so that shop­pers feel

‘A key fo­cus of the re­de­vel­op­ment is to im­prove the cus­tomer ex­pe­ri­ence. The se­cu­rity of shop­pers and ten­ants is a pri­or­ity’

safe in the cen­tre,” says Fairvest Prop­erty Hold­ings’ chief op­er­at­ing of­fi­cer, Adam Mar­cus.

“Se­cu­rity fea­tures in­clude turn­stiles at each en­trance, a new se­cur i t y c a mera i n s t a l l a t i o n , a n up­graded se­cu­rity com­ple­ment and armed re­sponse.

“The se­cu­rity of shop­pers and ten­ants has been a pri­or­ity in plan- ning the re­fur­bish­ment of Nyanga Junc­tion.

“We are con­fi­dent that the up­grade will also at­tract new ten­ants and greatly im­prove shop­pers’ ex­pe­ri­ence of the cen­tre.

“For most of them the cen­tre is a reg­u­lar part of their daily com­mute, as the cen­tre is right at the Nyanga train sta­tion.

“The Sho­prite open­ing in Oc­to­ber com­pleted the first phase of the re­de­vel­op­ment, and the rest of the con­struc­tion work is set to start in Jan­uary.”

Fairvest is a prop­erty in­vest­ment hold­ing com­pany listed in the real es­tate hold­ings and de­vel­op­ment sec­tor of JSE Lim­ited.

In De­cem­ber, Fairvest raised eq­uity of R250 mil­lion in a ven­dor con­sid­er­a­tion place­ment, which was over­sub­scribed.

The mar­ket cap­i­tal­i­sa­tion of the com­pany was R396m on Jan­uary 31.

Fairvest’s in­vest­ment strat­egy is to build a re­tail-fo­cused prop­erty port­fo­lio com­pris­ing prop­er­ties that pre­dom­i­nantly tar­get lower-in­come con­sumers, or which are in non­metropoli­tan ar­eas that have the po­ten­tial for value en­hance­ment through ac­tive man­age­ment and which can be ac­quired at at­trac­tive yields.

Fairvest also tar­gets larger re­tail cen­tres that are dom­i­nant in the ar­eas they serve.

ADDING VALUE: Sho­prite opened at Nyanga Junc­tion on Oc­to­ber 24 and is to add value to a com­muter hub.

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