Spire Property Services on behalf of JSE-listed Paramount Property Fund completed the development of a flagship standalone store for Mr Price Home next to Tygervalley Centre this week. The highly visible building is situated next to Virgin Active and Sportsman’s Warehouse in the heart of Tygervalley and is the first standalone home store in the area. The building overlooks the soon to be completed Tygervalley Waterfront.

The R24-million store has been custom designed for Mr Price Home and includes undercover parking for 60 cars as well as an in-house coffee shop. The building is on two levels and covers an estimated retail space of 1500 square metres.

Mr Price Home has entered into a 10-year lease agreement for the building. Says Greg Azzopardi director of Mr Price Home, “We are really impressed with the design and location of the building – the visibility of our new store was instrumental in delivering record sales during our first week of operation.”

Arnold Maresky of Spire Property Services says the store was developed jointly with David Newham of City Developments. This unique partnership is currently exploring a number of development opportunities.

Paramount Property Fund is listed on the JSE and has a diversified property portfolio of close to R1-billion, with exposure to all sectors in the commercial property market.