Jo'burg CBD to get R50m retail centre

Posted On Wednesday, 14 August 2002 10:01 Published by eProp Commercial Property News
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Johannesburg's central business district (CBD) is to receive a R50m retail development Union Square at the corner of Noord and Twist streets

Retail developmentThe new retail centre, on a site opposite Park Central taxi rank, will be one of a handful of greenfield projects to take place within the CBD since the exodus of capital to the northern suburbs began a decade ago.

It comes courtesy of property development company Heriot Properties. 'This project represents a very important statement about the revival of the inner city,' says JHI Real Estate broker Gavin Sacks.

'This is not an isolated incident but one of many positive happenings in the Johannesburg CBD.'

The 8000m² centre is to be anchored by national retailer Score, which is setting up a 2000m² outlet. Score has another outlet at the southern edge of Johannesburg's CBD in West street.

Wilson Bayly Holmes-Ovcon has been awarded the building contract. Construction started last month and completion of the first phase is scheduled for the end of November.

The second phase, which should complete the plan, will be rolled out within the first quarter of next year.

Heriot Properties MD Steven Herring says: 'We made this investment because we believe in the future of the Johannesburg CBD.

'In particular we believe that retail will be strong in the Johannesburg CBD.'

Herring says a 'considerable number' of national retailers, including banks, have shown interest in the development.

The new centre may vindicate the theory that taxi rank sites have enormous but locked commercial potential.

In an attempt to unlock this value, government has launched a nationwide taxi rank refurbishment campaign, transforming ranks from slums into nodes of commercial opportunity.

Under the management of the Johannesburg Development Agency, a number of taxi ranks have been refurbished.

Up to R140m has been pumped into fixing up the Bree Street taxi rank in a project involving about 3000m² of retail space.

 

Last modified on Friday, 16 May 2014 09:23

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