R59 Million Centre Extends SA Retail-Vukile Partnership

Posted On Tuesday, 24 October 2006 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

The development of a R59 million shopping centre, co-owned by SA Retail Properties Ltd and Vukile Property Fund, is nearing completion on a site in Kings Road, Pinetown. “Pine Walk Centre extends the SA Retail-Vukile partnership in Pinetown,” says Peter Sparks, managing director of SA Retail. “It is opposite Pine Crest Shopping Centre, which is co-owned by the two funds.”

Laurence RappSparks says the development of the shopping centre was prompted by successful trading at Pine Crest Shopping Centre and strong tenant demand for additional space.

“The development reinforces the Kings Road location, a busy pedestrian route, as a strategic retail node in the Durban metropole. It also complements the national tenant mix in Pine Crest which has been recording some of the highest trading densities among national chains. It also provided an opportunity to introduce retailers previously not represented in Pinetown to a catchment area spanning all income categories.”

The 8 300m² shopping centre is anchored by a SuperSpar store on a 10-year lease and other national tenants include Furniture City, Geen & Richards, Itala Bank, Tops, Ackermans, Mattress King and House of Paints.

Sparks says the initial yield on Pine Walk Centre is projected to be 10,7% and income growth prospects are favourable. Pine Walk Centre is the second SA Retail major project coming on stream in the Durban area shortly. Its opening at the end of November 2006 will follow a R77 million redevelopment of the Bluff Shopping Centre in Durban which is set for launch in mid-November.

They are part of a R350 million investment programme by SA Retail. This has included the R65,5 million acquisition of Willow Way Shopping Centre, a dominant convenience centre in Lynwood, Pretoria; the R43 million acquisition of Dube Village Mall in Kwa-Mashu, Durban; the opening of Umlazi Mega City, a R165 million joint development in Durban with Martprop; and the purchase of Hubyeni Shopping Centre, now under construction at Elim, Limpopo, for R86 million.

Last modified on Tuesday, 29 April 2014 19:03

Most Popular

Growthpoint begins construction of the Kent residential apartments in KZN

Aug 26, 2021
Marius Els, Development Project Manager at Growthpoint Properties
Growthpoint Properties (JSE: GRT) has commenced the development of Kent, its first…

On Auction: Iconic Redevelopment Opportunity in Oranjezicht Cape Town

Aug 26, 2021
Currently operating as a 43 room guesthouse / backpackers.

On Auction: Spacious offices with multiple amenities in Norwood

Aug 26, 2021
Default Image
Spacious offices with multiple amenities on Auction in Norwood.

On Auction: Retail & Offices Property with unutilised bulk in Rivonia Johannesburg

Aug 26, 2021
The anchor tenant is Road Adventure Dirt (Pty) Ltd (RAD) which is the premier KTM…

Prevance Capital launches the Executive Premier Funding Solution, targeted at experienced, successful property developers and businesses in South Africa

Sep 14, 2021
Are you tired of waiting for lengthy traditional funding methods to be approved? Prevance…

Please publish modules in offcanvas position.