ApexHi Properties Limited is investing R174-million in upgrading five of its retail centres including Rivonia Square in Johannesburg, Cleary Park in Port Elizabeth, Berea Centre in Durban, Sammy Marks in Pretoria and Kopanong Centre in Hammanskraal.

ApexHi retail asset manager, Rael Abramowitz says the retail rentals in the ApexHi portfolio are escalating at about 8%. “There is a strong demand for retail space with a mere 4,5% vacancy rate in the ApexHi retail portfolio. The renovations and upgrades are expected to capitalise on the demand for space and attract new, better class tenants.

“Upgrades to properties in the ApexHi portfolio are only done if the overall return is yield enhancing, and is usually coupled with the signing of new leases,” says Abramowitz.

Final touches are being made to Rivonia Square, which has undergone a R65-million facelift to position it as a shoppertainment centre for Sandton’s upwardly mobile. The upgrade incorporates contemporary shopping design elements, with the emphasis on making it more user friendly, particularly for handicapped people. “The tenant mix in the refurbished centre has been substantially improved to offer shoppers a good comparative shopping experience. Already on offer is a good range of fashion, décor, restaurants and coffee shops with more to come. By year end we’ll also have a state of the art gym and with the convenient on-site parking,” he says.

Berea Centre, the 12,775m² retail and 4,620m² office development in Durban, will undergo a R40-million refurbishment. Abramowitz says the office tower will undergo a residential conversion and the retail element will receive new ceilings and shop-fronts, improved lighting and new flooring detail.

“A new 1,500m² Pick n Pay, a liquor store and 1,100m² pharmacy will be anchor tenants on the ground floor at Berea Centre, with Checkers and Discom anchoring the lower level. The upper level will retain its existing tenants and the introduction of a radio station and office component is being investigated,” says Abramowitz.

The R46-million refurbishment of the 23,900m² Cleary Park in Bethelsdorp, Port Elizabeth, will include the reconfiguration of large areas to accommodate a new Pick n Pay and adjacent liquor store. Several existing national tenants such as Jet, Pep, Truworths and Ackermans will relocate to larger premises. The mall upgrade will include new entrance detail, flooring, shop-fronts and improved lighting to the lower level.

Kopanong Centre in Hammanskraal will undergo a R15,5-million expansion to incorporate another 2,138m² to the 12,526m² centre. All furniture retailers will relocate to the extension and the vacated space will be taken up by fashion and banking tenants.

A R7,5-million refurbishment at Sammy Marks in Pretoria will see the introduction of a two-level flagship Mr Price store, which is being enlarged from 400m² to 2000m².

Ends

Rael Abramowitz
ApexHi Properties
Tel: (011) 283 0150
 
Monica Meyer / Sandra Mason
Ogilvy Public Relations Worldwide / South Africa
Tel: (011) 709 9609

Date: 8 May 2006