McCormick Property Development Confirms Partnership with Putprop Limited

Posted On Thursday, 11 April 2019 14:09 Published by
Rate this item
(0 votes)

McCormick Property Development (MPD) is proud to confirm the signing of a partnership agreement with Putprop Limited for the development of two signature retail projects, located in the Gauteng townships of Soweto and Mamelodi.

DOBSON-GATE-ENTERANCE

The sites have previously been utilised as bus depot sites for PUTCO, whose busses play an integral part within the transport networks of these regions.

With the subsequent rapid expansion of the townships, these sites now find themselves ideally-placed within the heart of the bustling residential areas that their busses have always served - with both sites enjoying direct access off major transport arterials. 

Realising the latent value of these sites’ location, Putprop called for development proposals from a number of retail developers in August 2018. Following an exhaustive adjudication process, McCormick Property was chosen as the preferred development partner with whom Putprop will undertake these developments.

Both development sites were granted full retail rights prior to the signing of the agreement with MPD and allow for the development of 25,032sqm GLA on Dobsonville (Soweto) and 25,306sqm in Mamelodi.

MPD will attend to the development planning, leasing and project management of both developments.

Exemplar REITail Limited has been appointed to provide asset and facilities management services to both malls upon completion of construction.

Dobson Place, situated in Dobsonville, Soweto will see a redevelopment of the current bus depot into an enclosed mall of between 10 000 and 18,000sqm of retail in its first phase. (The final size of the mall being dependent upon final geotechnical investigations into the suitability of a dolomitic portion of the site.)

The Mamelodi site will see its bus depot transformed into an enclosed mall that will maximise its supreme location within the heart of Mamelodi’s more established and wealthy suburbs, creating a nexus of convenience and community directly off the main arterial of Tsamaya Road.

MD of McCormick Property Development, Jason McCormick is confident that the JV will ensure two retail centres of excellent standard…and that they will deliver as much to the surrounding communities as they do to the investors. “The relationship with Putprop to date has been fantastic and we really look forward to a fruitful partnership going forward. Our common understanding of what is to be achieved on these sites as well as our own track record of delivering successful retail facilities to underserviced areas creates a force to be reckoned with! With the development planning and agreements now behind us, we look forward to getting started on both projects and bringing the vision to reality!”

Both sites have commenced leasing already with construction expected to commence in 4Q2019 in Mamelodi (to open in 2020) and Dobson Place to be complete by 2021.

Last modified on Thursday, 11 April 2019 14:17

Most Popular

Balwin Properties and ABSA launch South Africa’s first green home loan

Mar 13, 2020
Apartment 71933
JSE-listed Balwin Properties Limited (Balwin Properties or the Company) and Absa Group…

Growthpoint reports a steady first half with its growth strategies paying dividends

Mar 11, 2020
Growthpoint Properties Group CEO Norbert Sassee
Growthpoint Properties (JSE: GRT) reported distributable income growth of 2.2% to R3.2bn,…

Spear REIT launches innovative self-isolation campaign for returning travellers in Cape Town, South Africa to combat COVID-19:

Mar 18, 2020
Double Tree Op
JSE listed Spear REIT Limited, the owner of the Double Tree by Hilton Cape Town, is the…

Financial Fitness – Is this the right time to buy property?

Mar 20, 2020
Governor Lesetja Kganyago SARB1
With the South African Reserve Bank’s announcement of interest rates cut of 100 basis…

Precautions, planning and preparation - the real estate agent's guide to weathering the Covid19 storm

Mar 16, 2020
Corona
With the Corona Virus now in SA and beginning to cause widespread panic, we are not only…

Please publish modules in offcanvas position.