R140 million revamp for two mid-size shopping centres

Posted On Saturday, 28 November 2009 02:00 Published by
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In line with Emira Property Fund’s policy of upgrading its assets to maximise their return, it has embarked on a R140m revamp of two of its well-established shopping centres – Randridge Mall in Johannesburg’s Western suburbs and Southern Centre in the Bloemfontein suburb of Fitchartpark

In all, R126m will be spent on the two-phase upgrading of Randridge Mall while around R15m will be spent on improvements to Southern Centre.

The 19 000 m² Randridge Mall is anchored by a 4 500 m² Pick ‘n Pay on one side of the centre, a 2 140 m² Woolworths on the other and a 1,400m2 Dischem in the main mall, all of which are being upgraded as part of the general improvements envisaged for the centre.

Phase one of the Randridge Mall upgrade involves internal improvements to the centre, including the re-alignment of some of the malls and the expansion of some of the existing shops.

Work on phase one should be completed by the middle of December. Most of the work has taken place on the northern end of the centre where Pick ‘n Pay is located and coincided with a revamp of the Pick ‘n Pay store.

Work has now started on phase two, which will include an extension of the centre’s southern wing into the existing parking area, providing an additional 3 543 m² of retail space. Phase two should be completed by the middle of next year.

The improvements will include an upgrading of the Woolworths store on the southern end and the provision of a multi-storey parking facility to replace the bays lost by the centre’s extension to maintain the current parking ratio of 6 parking bays/100 m².
 
Emira CEO, James Templeton, says the Foschini Group has committed to taking a large portion of the new retail space that will become available for its Foschini, Markhams, Donna Claire, Total Sports, American Swiss and @ Home retail outlets.

This, he says, should introduce a “much improved” fashion element to the centre.

“Also,” he says, “the improvements envisaged to the premises of existing nationals such as Truworths, Woolworths, Pick ‘n Pay, Ackermans and Mr Price should raise the general standard of the shopping experience at the centre.”

Once the improvements are completed, the percentage of national tenants located within Randridge Mall should rise from its current level of 66% to 78%. Letting agents, Eris Properties, are confident that the remaining space will be fully let by the time the extensions are completed next year.

Meanwhile, Bloemfontein’s buoyant retail trade was behind the decision taken by Emira to upgrade its Southern Centre by adding nearly 1 000m² of additional retail space.

The first of the new tenants, including a 613 m² First National Bank outlet and several line shops, took occupation of their new premises on the western side of the centre last month.

The 20 600 m² Southern Centre is already home to a 13 892 m² Pick ‘n Pay Hypermarket and a number of ancillary shops.

Templeton says that in response to the need for additional shopping facilities in Bloemfontein, a second phase upgrade of the centre is expected to be proposed which could involve the provision of a further 6 000 m² – 7 000 m² of retail space.

“It should also allow us to attract some large national chain tenants who are currently not represented in the area. Research done by Emira and our letting agent, Eris Property Group, has indicated that there is a strong interest from national tenants in taking space in the centre,” he says.


Publisher: eProp
Source: Emira

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