18 Jun 2004 : Action at the airport
Property Partners, the Cape based property financier established by Stuart Chait, with backing from UK’s Highneal Limited, is concluding a deal which will involve the funding and project management of a retail and value centre at Cape Town International Airport.
Property Partners are due to enter into an agreement with ACSA (the Airports Company of South Africa) whereby they will go into joint venture with ACSA to develop a four hectare plot on the corners of Modderdam and Borcherds Quarry Roads just one kilometre north of the Cape Town International Airport terminal and next to the Pick ‘n Pay’s Distribution centre.
Phase one of the new development will have a cost of R50 million. Work will start here in early next year and should be complete within one year. The new complex will provide approximately 12 000m2 of lettable space and which can be extended by a further 3 000m2 if and when tenants are found for it. Virtually all the 12 000m2 currently being developed have been subscribed for, says Chait.
Chait said that anchor tenant rentals will be in the region of R45 per m2 while the line shops will pay around R80 per m2 gross.
Retail Shopping centre specialists, Retail Africa have been appointed by Property Partners to lease the shopping centre. Retail Africa are currently leasing approximately 160,000m2 of retail space nationally.
"This site," said Chait, "is passed daily by literally thousands of vehicles and links in with the entire Bellville Khayelitsha basin where, we estimate, over two million people are living. Until now there has been no one-stop comprehensive retail centre in the area. We are confident that it will welcomed by locals with open arms."
Publisher: Cape Business News
Source: Cape Business News
Property Partners, the Cape based property financier established by Stuart Chait, with backing from UK’s Highneal Limited, is concluding a deal which will involve the funding and project management of a retail and value centre at Cape Town International Airport.
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