The upgrade subject to 80% of the project being pre-let, which will provide an initial yield of 12,5%.

Terminus is a 10,000m2 retail centre on a leasehold property with 20 years remaining on the lease. The centre is ideally located at a taxi rank and predominantly serves the commuter market.

ApexHi MD David Rice says a number of ApexHi’s retail properties serve the commuter market, and recent upgrades to these centres have proved successful for the property owners, retailers, taxi operators and commuters alike.

“The refurbishment will cater to the needs of all parties, and will be further boosted by a R10-million upgrade to the taxi rank infrastructure which is being implemented by the local authorities,” he says.

The refurbishment of Terminus will provide a much needed facelift to the centre and improve pedestrian flow through the centre to enhance the trading capabilities of the retailers.

In addition, a further 2,000m2 of retail space will be added to the centre. The tenant mix will be improved, and the existing supermarket anchor (Score) will be replaced with a 3,000m2 Shoprite store.

The plan is to secure additional food and take away outlets, and a motor component will be added to the centre to service the taxi industry on site.