Virgin Gym for Bel Air Mall

Posted On Wednesday, 16 February 2011 02:00 Published by
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The liquidated Bel Air Mall, set to be auctioned in March, received a major boost when Virgin Active announced recently that they would be taking up a large portion of the centre

Virgin have agreed terms to rent out 3800m² of the centre, adding value to the mall, which has generated huge interest since the announcement it would go on auction.

The decision by the Virgin gym group is a sure sign of confidence in the centre and the economy. Built for over R300 million the centre is situated on the corner of Malibongwe Drive, in the western part of the City of Johannesburg in the North Riding area.

The mall which had major vacancies, particularly on its upper floor will almost be fully let when the new purchaser takes over the centre.

The mall, which will be auctioned alongside the Lonehill Shopping Mall in what will be one of South Africa’s largest property auctions ever, has suffered somewhat from bad management over the years but has recovered well and the signing of the Virgin Active lease, before the property has been sold, is a sure sign of growing confidence in the market.

According to auctioneers, Auction Alliance, there is significant interest in the two cash-generating centres, and since the liquidation application the centres have in fact appreciated in value due, in part, to lower interest rates and the liquidators, who have taken control of tenants and rental income. “Demand for good income-generating properties, with the potential to improve, is huge, and this auction could break all records,” comments Alliance CEO, Rael Levitt.

“Both malls have attracted extensive interest, and with the signing of a new big- brand tenant for the Bel Air Mall, we expect this to increase,” says Levitt. There are other national tenants in the centre, including Superspar and Clicks.

The auction takes place on March 30 at The Hilton Hotel, where bidders from around the world are expected to attend.

Publisher: eProp
Source: AG

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