Capegate shopping centre, the R800 million mixed-use development on a 60ha site at the Okavango off-ramp from the N1 in Brackenfell, is going to end up a lot bigger than the developers envisaged.
"At the outset we planned a shopping centre with a gross lettable area of 33 000m2, said Jaco Odendaal of Capegate Properties.
"Following significant demand for retail space in the development we increased the size to 48 000m2 and we are now increasing the centre again to true regional status with 55 000m2.
We have demand for most of that additional space already and, through putting some pressure on our building contractors, we are still aiming at our scheduled opening date of March."
Odendaal reckons letting of the space currently is running at about 80% in terms of space and number of shops and he is busy rounding off tenant mix.
"We have negotiations close to finality with Ster Kinekor for an eight-screen complex and House and Home for a 2 500m2 store. As the building is developing we are getting more and more approaches from potential tenants and we are confident that, by the time we open, we will be very close to fully-let - if not there."
He said the 15 500m2 Lifestyle Centre, which opened in September last year, is now fully let with Delarey Hardware having taken the last store. He said the centre is trading extremely well and that the Engen filling station has exceeded its sales targets. Odendaal notes that the extensive roadway system to provide easy access off the N1 highway is virtually complete with the flyover over the highway into the centre expected to be finished by February.
Capegate Properties is now planning a 6 000m2 development called Access Park. Odendaal is reluctant to call it a value centre but says it will be a factory-outlet centre, a popular feature of the Cape Town retail scene.
Capital cost of this addition to Capegate will be around R25m. Financing still has to be arranged but he is confident it will soon be in place. To market space in the regional centre, Odendaal has adopted an innovative approach.
He has roped in an interior designer who has built what he calls "dummy" shops to show potential tenants exactly what their stores could look like.This article was originally published on page 9 of The Cape Argus on June 05, 2004
Publisher: The Argus
Source: The Argus
Cape Gate to be bigger than envisaged
Posted On Monday, 07 June 2004 02:00 Published by eProperty News
Capegate shopping centre, the R800 million mixed-use development on a 60ha site at the Okavango off-ramp from the N1 in Brackenfell, is going to end up a lot bigger than the developers envisaged.
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