Northmead Mall on the way

Posted On Thursday, 30 June 2011 02:00 Published by
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1EIGHTY, a commercial property investor and asset management company, has partnered with Capstone Property Group to revive the well known Northmead Mall in Benoni on Johannesburg's East Rand

The project is set to begin within a year and is expected to take 18 months to complete. "The Northmead shopping centre was originally built 30 years ago by Anglo American Properties and is in a plum location," says Brian Azizollahoff, Managing Director of Capstone. "The centre is located close to a confluence of highways, making it easily accessible without compromising the feel of a traditional neighbourhood mall.

"We decided to partner with 1EIGHTY on the Northmead project because of our solid working relationship. Their successful execution of projects of a similar nature has only reinforced our confidence in 1EIGHTY's ability to turn this project into a success," says Azizollahoff.

It is estimated that around R40 Million will be put into renovating the shopping mall to ensure the best possible results and in total the project in total will cost between R80 and R100 Million.

Chris van Reenen, Managing Director at 1EIGHTY says, "Northmead offers a good platform for a successful renovation in that it is well located and well known in the area. Through the combination of upgrades to the facility and surroundings, and an improved tenant mix, we can improve the shopping experience. A part of this includes a tactical revision of tenants'
locations within the centre.

"Our aim is to work together with existing tenants to understand what each tenant's business can do for the proprietor, shoppers and consequently the centre.

"We are also hoping to secure new retail options thus enabling the centre to meet all shopping needs. The revived centre will offer the surrounding community value for money, convenience and choice." Critical to the renovation of Northmead Mall is improved access. There will be improvements made to the surrounding road infrastructure, clearer signage and additional parking."

Publisher: eProp
Source: CPG

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