Liberty buys retail development plan

Posted On Wednesday, 12 June 2002 10:01 Published by Commercial Property News
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INVESTEC Property Group and RMB Properties have sold their joint venture Maritzburg retail development plan to Liberty Group, giving it an opportunity to make its first major retail investment in KwaZulu-Natal.

Midlands MallConcluded by Liberty Properties on behalf of Liberty Group, the deal sees the R270m development changing name from Chase Valley Shopping Centre to Liberty Midlands Mall. The value of the deal was not disclosed.

The development, announced early this year by RMB and Investec, will have 38000m² of retail space, with an option to increase this area to 58000m².

RMB Properties MD Brian Jackson says it will be like Umhlanga's Gateway for Maritzburg, which has no major shopping mall.

The plan comes with major infrastructural improvements, including the creation of an additional offramp from the N3 highway, widening a bridge and the construction of a road linking Maritzburg's central business district to the centre.

Located adjacent to the N3 highway on two properties incorporating the city's landmark former brickworks and quarry site, the mall has already secured 70% occupancy, with Pick 'n Pay, Woolworths, Game and Avalon Cinemas among its tenants.

Construction is expected to begin this month, and the centre scheduled to start trading in September next year.

Liberty Properties MD Jim McLean says the mall will add to Liberty Properties's portfolio of retail properties nationwide.

McLean says a study shows that Maritzburg can sustain a much larger centre than is planned. However, Liberty Properties feels it is more prudent to expand the mall in phases.

Last modified on Saturday, 25 May 2013 02:39

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