New R450m shopping centre for Mpumalanga

Posted On Thursday, 12 January 2006 02:00 Published by eProp Commercial Property News
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Construction of the new R450m, 40,000 square metre regional shopping centre on site adjacent to The Ridge Casino in Emahlaleni has commenced.

Property-Housing-ResidentialConstruction of the new R450-million, 40,000 square metre regional shopping centre on a 19 hectare site adjacent to The Ridge Casino in Emahlaleni (Witbank) has commenced.

The mall is set to open in April 2007.

Highveld Mall is being developed by a consortium comprising Flanagan & Gerard Property Development and Investment and its 50% BEE partner Falcon Forest Trading.

Highveld Mall's consortium of investors is led by Resilient Property Income Fund Limited (RES) (60% ownership), the JSE Limited listed property loan stock company, and includes Flanagan & Gerard (17,5%) and Mogwele Properties (12,5%).

In addition there will be a 10% investment directly in the mall by BEE interests from the Highveld Mall region.

"Highveld Mall is consistent with Resilient's strategy of investing in dominant retail in outlying areas," explains Des de Beer, managing director of Resilient.

Located adjacent to the Ridge Casino, on President Avenue at its junction with the N4 highway, the mall will be fully air conditioned and enclosed. It will physically link in to The Ridge Casino with the area under roof totalling some 80,000 square meters. While physically linked, the two independently owned properties will operate and be managed separately.

"Highveld Mall will be the definitive entertainment and retail facility serving Witbank, Middelburg and the entire Highveld region of Mpumalanga and the eastern regions of Gauteng," says Patrick Flanagan of Flanagan and Gerard.

The Highveld area will benefit from increased job creation with the developers committed to working with local contractors in as many instances as possible, plus an estimated 1,000 permanent jobs are expected to be created on completion.

Last modified on Wednesday, 21 May 2014 19:47

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