R420m for Vaal Mall’s makeover

THE VAAL Mall in Vanderbijlpark, which has been the premier shopping destination in the Vaal triangle since opening nine years ago, is undergoing a R420 million revamp and expansion.

Co-owned by a company within the Flanagan & Gerard Property Group and Sycom Property Fund, the aim of the revamp and expansion is to ensure it remains the preferred and dominant regional shopping centre destination in the greater Vaal area.

Construction on the makeover and expansion project, which will increase the size of the mall by 15 000m2 to 65 000m2, began in September. The first phase was completed at the end of last month.

The focus of the second phase, which started at the end of March, is the expansion of the mall and is scheduled to be completed in March next year.

The expansion will result in a new Ster Kinekor cinema complex added together with new stores, eateries, the expansion of several existing big brand stores and three new levels of parking.

The upgrade of the existing mall involves new tiles, lighting and fresh paint plus additional restroom facilities with the expansion resulting in the number of retail and other outlets at the centre increasing to more than 140.

Jonathan Shutte, a leasing executive at Flanagan & Gerard, said that construction had gone according to plan and the first phase opened at the end of last month.

Shutte said that the first phase of the mall’s overhaul included the new three-level structured parking area, the extension of Entrance 1 for the expansion of Dis-Chem and a new Sheet Street and Cash Crusaders and expansion of Toys R Us/Babies R Us.

“The core development, which is the 15 000m2 retail expansion, is now under way. A seven-screen Ster Kinekor cinema complex is an exciting new addition, which will include a Ster Kinekor Prestige cinema, bringing the ultimate cinema experience to the Vaal,” he said.

In addition to Dis-Chem’s expansion, other major existing tenants that will enlarge their footprint at the centre include Edgars, Woolworths, Truworths and The Foschini Group.

Brands making their debut include Mr Price Sport, Ster Kinekor and new restaurants and entertainment, details of which have not yet been disclosed.

Demand

Paul Gerard, the managing director of Flanagan & Gerard, said the main factor behind Vaal Mall’s expansion was the exceptional demand for retail space, largely driven by existing retailers who wanted to bring their very high trading densities to a more manageable level.

“We are bolstering the entertainment component of the mall with the introduction of a new Ster Kinekor cinema complex, which will attract more visitors and lengthen shopper dwell time. This will no doubt result in better performance for all retailers within the mall,” he said.

David Falck of Sycom Property Fund said the additional R420m investment in Vaal Mall would ensure a fresh and modern look and feel throughout the centre.

More than 270 construction workers are involved in the project, of which a sizable portion is from the local community. Giuricich Bros Construction is the contractor on the project. ABOUT R1.8 billion is being invested in the new Central Square at the Menlyn Maine development precinct in Pretoria.

Co-owned by Menlyn Maine Investment Holdings and the Government Employees Pension Fund represented by the Public Investment Corporation (PIC), Central Square will comprise a 30 000m boutique shopping mall, a 213-room apartment and conferencing hotel built and owned by The Capital Group, a 14 500m office tower, a 4 000m Virgin Active gymnasium and a lush public park.

Francois Roos, a director of Menlyn Maine Investments, said Central Square took their vision for the Menlyn Maine forward and would be the heart of the precinct and hub of the Menlyn node.

“It will be the place to meet, socialise, shop, live and work. It’s central piazza – perfect for events, markets, exhibitions and concerts – and its park, together with its retail, restaurants, offices and much more, will create a vibrant, decentralised new city centre,” he said.

Communal space

Daniel Matjila, the chief executive of the PIC, said this asset would create a productive communal space and deliver value to their clients while making a meaningful addition to much needed sustainable infrastructure, which benefitted everyone.

“It also reinforces the PIC and the Government Employees Pension Fund’s position as major players in the retail property sector as well as improving its office holdings, and supports our commitment to responsible investment. Furthermore, this investment confirms our commitment to developmental investment, which generates both financial and social returns for all the stakeholders involved,” he said.

Construction of Central Square started in November last year and at the peak of construction will have 1 800 construction workers on site. The project will be officially launched to the media and public next week and is scheduled to open in September next year.

Linda Riley, the leasing and investment advisor at Menlyn Maine, said the retail component of Central Square was already more than 60 percent pre-let and attracting keen interest.

The mall will be anchored by supermarket chains Pick n Pay, Woolworths Food and SuperSpar, and Virgin Active and also feature 88 speciality stores and branches of major banks.

Restaurants already committed at Central Square include Tasha’s, Koi, Bistro, Turn ‘n Tender, Mythos, Remos, Frank’s and Fego.