More re­tail space in store

Financial Mail - Investors Monthly - - Opening Bell -

While few, if any, shop­ping cen­tres are cur­rently be­ing built from scratch, re­tail land­lords con­tinue to ex­pand ex­ist­ing malls in a bid to lure more shop­pers.

A new 22,000 m² phase was opened ear­lier this month at Pi­eter­mar­itzburg’s Mid­lands Mall, which is co-owned by Lib­erty Two De­grees and Lib­erty Group. The ex­ten­sion, which rep­re­sents a cap­i­tal in­vest­ment of more than R400m, brings the num­ber of stores at the mall above 200 and the gross let­table area to 78,000 m², from 56,000 m².

Hyprop In­vest­ments is spend­ing R290m to ex­tend three of its re­gional malls: Canal Walk in Cape Town, and Jo­han­nes­burg’s The Glen and Rose­bank malls.

Four­ways Mall is also un­der­go­ing a ma­jor re­de­vel­op­ment, which will turn it into one of SA’s largest shop­ping cen­tres. The mall — Ac­cel­er­ate Prop­erty Fund’s flag­ship as­set — will roughly dou­ble in size, from about 80,000 m² to 178,000 m², on com­ple­tion at the end of the year. That will place it in the com­pany of Pre­to­ria’s Men­lyn Park which, at more than 170,000 m², is cur­rently SA’s largest mall.

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