Resilient to build shopping centre

Posted On Friday, 12 January 2007 02:00 Published by eProp Commercial Property News
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Listed property loan stock company Resilient Property Income Fund is to develop a shopping centre worth more than R400 million in Tshwane with Keystone Investments

Des de Beer ResilientThe 50-50 joint venture will see the establishment of a 38500m² shopping centre called The Grove on the corner of Simon Vermooten and Lynnwood roads in Equestria.

Resilient MD Des de Beer said this week that construction of the centre would start in April. De Beer said demand for retail space from national retailers in the centre had been strong.

He said there was demand for more than 50000m² of space at the centre but that in terms of the existing development rights, the size of the centre had to be restricted to 38500m².

He said Equestria was an "affluent suburb in the northeastern quadrant of Pretoria" and that the centre was already fully let.

According to the December issue of Shopping SA, the official journal of the South African Council of Shopping Centres, the project will be anchored by Pick ?n Pay, which would occupy 4000m² of space.

Other tenants include Edgars, Boardmans, @Home, Mr Price Home, Dions, Mr Price Sport, Mr Price Weekend, the Foschini Group and Truworths.

Louis Peens, of Keystone Investments, said the centre would include six major restaurants.

 

Last modified on Monday, 28 April 2014 09:38
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