Monday, 10 July 2017 18:02

Atterbury Property Development's Pemba Shopping development in Mozambique opens

Written by
Rate this item
(0 votes)

Leading property developer and investor Atterbury has successfully completed the first-phase development of the USD20 million Pemba Shopping in Mozambique’s north-eastern port city of Pemba, the capital city of the Cabo Delgado province.

Pemba Shopping is a joint venture between Atterbury and TradeHold Africa. It has created an 8,000sqm shopping centre, which is a top-notch development that adds a new level of retail convenience for the city. The centre’s inaugural opening took place 28 June and it was officially opened by President Filipe Nyusi. The event was attended by the Mayor of Pemba, several community leaders and some 2,000 public supporters. Pemba Shopping officially opened to the public on 29 June 2017.

The new Pemba Shopping is one of three shopping centres that Atterbury is delivering across the African continent in 2017. Atterbury developed the world-class 18,500sqm modern Kumasi City Mall for its owners, Delico Kumasi Limited, which opened in Ghana in April 2017. In partnership with Tradehold, Atterbury is also developing the 27,000sqm Dunes Mall in Walvis Bay, Namibia, which is scheduled to open in October this year.

Pemba Shopping is anchored by a 3,500sqm Shoprite supermarket, the first of its kind in the city. OK Furniture and Pep also opened at the centre.  In addition, it features over 4,000sqm of retail space in some 20 stores, incorporating a food court to be opened in the near future. The potential of a filling station will add even more convenience to the centre.

Designed by architects Aevitas Group, the top-notch retail asset has a superb location, generous on-grade parking in 250 bays, security and guaranteed 24/7 power including reserve generators.

Cobus van Heerden of Atterbury Property Development says: “The city of Pemba has enormous economic potential and we are proud to invest in its future with this key development. Doing business in Mozambique, and in Pemba specifically, has been an immensely positive experience.”

Atterbury Asset Management (SA) are the Asset Managers who will ensure the operational effectiveness and drive the remainder of the leasing with the project team. Pemba Shopping is currently over 60% let and since the official opening interest from prospective tenants has sparked and a few offers are on the table. An adjacent petrol station to be completed in the near future will add more convenience to the centre.

The new retail centre benefits from an excellent location with direct access from the city’s main ring road, just off the Av. da Marginal. It is also well positioned for local residents in an area in an area that has been enjoying a population growth rate of 6,2% a year. It is less than 3kms from the city’s airport, at the heart of the city’s hotel and hospitality industry, and ideally situated to provide tourists with an outstanding shopping experience.

Pemba is also perfectly placed to benefit from massive business growth. One of the biggest discoveries worldwide of offshore gas in the decade is in Mozambique’s Rovuma Basin, which is offshore from the port city. Plans to explore these vast offshore gas resources are well advanced in line with the Rovuma Basin domestic gas tender, where the Mozambique government has selected Yara International, Shell Mozambique and GL Energy Africa to work on the gas development projects of the country.

The Pemba development includes 8,000sqm of future expansion potential, which has been earmarked for a second phase of offices.

Last modified on Monday, 10 July 2017 18:18

Most Popular

Redefine Properties sells Delta stake to women-led BEE consortium

Jul 04, 2017
Phumzile Langeni
JSE-listed diversified real estate investment trust Redefine Properties has sold its…

Vukile acquires R2,8bn Spanish retail portfolio, boosting its offshore exposure to 21%

Jul 04, 2017
Parque Oeste -Alcorcon
Vukile Property Fund announced its trailblazing acquisition of a portfolio of nine…

Bridge City's bold affordable housing vision becomes reality

Jul 04, 2017
Bridge City Affordable Housing
Construction of a landmark affordable housing project at Bridge City is due to start…

Dairybelle properties sold to Giant Sweets for R66 million

Jun 29, 2017
Dairy Belle CT Aerial
Following the liquidation order of Dairybelle, two Epping properties belonging to the…

Substantial development for Salt River's Brickfield Road

Jun 27, 2017
13 Brickfield
Pockets of Salt River, once a booming part of Cape Town due to its proximity to the CBD,…