THE 'Town Centre', situated on Wellington Road in Durbanville's CBD and one of the area's largest shopping centres, has been sold by Golding Commercial Properties to a substantial property owning business for almost R10 million.
Says Peter Golding, managing director of Golding Commercial Properties: 'This shopping centre, which comprises 10 500sqm of lettable space as well as approximately 400 parking bays, is ideally located on a two hectare site in a prime, high-traffic area with two road frontages and next to a bus rank.
'Durbanville is experiencing major residential growth with some 10 000 houses being developed in the area over the next few years. Over the past four years some 1 000 houses per annum have been constructed, mainly in the R300 000 to R500 000 price range, which is indicative of the burgeoning growth of the area.'
Says Mark Kenyon-Slade of Golding Commercial Properties' Bellville office, who concluded the deal: 'Once redeveloped this shopping centre has the potential to double in value. With Shoprite as a main anchor tenant and other blue-chip tenants including Pep Stores and Mr Video, other national stores are already looking to move in.
'The new owners are currently analysing the feasibility of further developing the centre.
This redevelopment will also provide a boost to employment and business in the area,' he adds.
Publisher: Cape Business News
Source: Cape Business News
The 'Town Center' has been sold by Golding Commercial Properties to a substantial property owning business for almost R10 million.
Latest from eProperty News
- Love and property: a homebuying guide for couples
- From Civic Landmark to Collaborative Hub: A New Era for Muizenberg’s Post Office
- Growthpoint breaks ground on Tecoma Park, Cornubia, advancing its local logistics strategy
- Rosebank Mall adds Livo to its lifestyle line-up
- 166 sectional title units in the iconic Parktonian Hotel, located in the heart of Braamfontein, Johannesburg
eProperty News is a leading online commercial property marketplace serving the Southern African Investment, Office, Retail and Industrial property and allied sectors.