Property heavyweight Investec Property Group will be developing the R320m Trade Route shopping mall in Lenasia, south of Johannesburg, in a joint venture with prominent local businessmen Sayed Mia and Ismail Valli.

Farrel Osher of Investec Property Group said Investec Bank was funding the project. Investec Property Group, which will be doing the development, was an equity partner in the development.

Osher said that for a developer to go ahead with a project, the spacehad to be at least 65% prelet to national retailers, and this target had already been achieved.

At this stage the development's main anchor tenants were Pick 'n Pay and Woolworths, he said.

Other national retailers including Ackermans, movie house Cine Centre, Foschini and Truworths were in final negotiations for space in the shopping centre.

Osher said earthworks at the site had already been completed, and construction would begin in a month's time.

Investec Property Group CEO Sam Hackner said the group's commitment to the development was in line with its investment philosophy as well as its corporate social investment drive, which included community upliftment.

The 42000m² regional mall is expected to open in March 2006. It will have more than 100 shops as well as entertainment facilities and a trader's emporium.

Valli said the mall was initially planned at 28000m², but because of demand, it was increased to 42000m² with parking provision for 2800 cars. It would be located at the corner of K43 and Nirvana Roads at the main entrance into Lenasia.

Business Day