October 2, 2004

Every prediction made for Rabie Property Projects' R46 million Tokai-on-Main retail centre completed some six years ago has fallen short of what has actually been achieved, says Leigh Metcalf, manager of Rabie Property Administrators, which manages the centre.

Metcalf attributed this to the strong tenant mix, which makes this a genuine one-stop convenience facility, with an easily accessed position on Main Road, and abundant parking and good security.

Today the 6 500m2 centre has no fewer than 14 tenants and Rabie has gone so far as to erect a standalone building for a new Spur, which since moving in from the Blue Route mall in November last year, has recorded a drop in customers but a 45% rise in turnover - due, it says, to its clients coming specifically to dine at the restaurant and no longer being casual passers-by stopping off for a break.

Now Tokai-on-Main has announced that it has signed up Baby City for a 10-year lease with a capital value of approximately R4 million. Baby City opened its doors in Tokai-on-Main recently. Rabie had spent R500 000 on revamping and upgrading Baby City's 800m2 section and Baby City itself is said to be spending even more on its shopfitting and decoration.
 
Further evidence that Tokai-on-Main is proving successful comes with the news that one of its anchor tenants, Sportsmans Warehouse, which occupies 2 000m2, has renewed its lease for a further five years and Super Plants, the nursery which occupies the large open space on the southern side of the centre, has renewed for a further five years.

At Rabie's 2 000m2 office project next door both FNB and Liberty Life have also renewed their leases. FNB occupy approximately 500m2 and Liberty approximately 300m2.

Rabie Property Administrators was set up as a development subsidiary within the group in February 1998. Prior to that it concentrated mainly on managing Rabie's own projects. Today it manages 25 properties in a portfolio worth R150 million and is still growing.

For further information contact Leigh Metcalf on 021 762 7080.