Shopping in the material mall

Posted On Monday, 23 September 2002 10:01 Published by
Rate this item
(0 votes)
Spring in the KwaZulu Natal midlands has brought a new lease of life to an old brick quarry which stood empty for more than five years.
Spring in the KwaZulu Natal midlands has brought a new lease of life to an old brick quarry which stood empty for more than five years.

Liberty Properties (Libprop) is building a 39000m regional shopping centre, named Midlands Mall, for Pietermaritzburg and surrounding areas.

Unusually, the retail project seems to have the support of people living in the vicinity.

Take Mbongeni Ndimande, for example. It takes him 45 minutes to get to his nearest regional centre, the Pavilion, near Durban, every second week.

I like fashionable clothes and you just cant find them around here, says Ndimande.

These are words Libprop MD Jim McLean has heard before and hopes to continue hearing. The development is about two minutes drive from the N3 highway, easily diverting upcountry shoppers who may be on their way to the Pavilion.

Libprop is hoping demand will justify the eventual expansion of Midlands Mall to 58000m.

The development provides insight into Libprops investment strategy. It is one of the few institutions not to have reduced its property exposure and continues to invest in commercial property.

McLean says the property investments are mainly for the benefit of policyholders. Over a period of 10-15 years, property investments tend to yield better returns over equity.

Financial Mail


Publisher: Financial Mail
Source: Financial Mail

Most Popular

Where is the housing market headed in 2021? Dr Andrew Golding comments

Jan 19, 2021
Andrew_Golding_Golding_PropertyGroup
After the worst economic downturn in decades, further dampened by the recent tightening…

Repo rate remains unchanged at 3.5%

Jan 21, 2021
Governor_Lesetja_Kganyago_SARB1
The Monetary Policy Committee has decided to keep the repo rate unchanged at 3.5% per…

2021 - the year of the great reset

Jan 20, 2021
Yael_Geffen_LGSIR_CEO
Although the pandemic hasn’t yet abated as we had all hoped and 2021 looks to be more of…

Accelerate appoints Derick van der Merwe as independent non-executive director

Jan 21, 2021
Derick_van_der_Merwe_Accelerate
JSE-listed Real Estate Investment Trust and 50% owner of Fourways Mall, Accelerate…

Please publish modules in offcanvas position.