Sparks 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.
