Huge demand for space in R300m centre

Posted On Tuesday, 20 February 2007 02:00 Published by
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Nearly a year before the last lick of paint is applied, a R300-million 'lifestyle' retail and residential complex in the booming southwestern suburbs of Port Elizabeth is already 40% sold out
By Bob Kernohan

Nearly a year before the last lick of paint is applied, a R300-million "lifestyle" retail and residential complex in the booming southwestern suburbs of Port Elizabeth is already 40% sold out.

The King's Terrace and King's Village development, next to Access Park on the Buffelsfontein Road, will comprise several elements.

One is the King's Terrace retail shopping and apartment complex, one of the focuses of which will be health and beauty, and an adjacent landscaped estate, King's Village.

Each will have a separate access, as will another small area, which will provide lock-up storage facilities, seen as being valuable because of the development's proximity to the Port Elizabeth airport.

"Our marketing programme gets under way this month, but we have already secured anchor tenants for the 1,800 square metre retail park and sold a large number of residential units," Remax Independent Properties Lorraine joint managing partner Kobie Potgieter said on Monday.

She said the development ? the residential units are scheduled to be completed in November and the retail element next February ? would be the first of its type in the city.

"It is a major vote of confidence in Nelson Mandela Bay as it is being financed by a national company, King Financial Services, whose head office is in the Western Cape."

"The company is involved in major developments throughout the country and its board chose the Bay area because it believes that opportunities in other major centres are levelling out, but that Port Elizabeth has not reached its peak," Potgieter said.

Anchor retail tenants are Pick 'n Pay, which is investing directly in an upmarket outlet, and a branch of Dischem pharmacies.

"The third anchor business is a block of medical suites, where doctors, dentists and various types of specialists, including plastic surgeons, will be based."

"To extend the theme of wellbeing at King's Terrace, we will focus on attracting other health and beauty practitioners, so the development could become a one-stop 'extreme makeover' centre," said Potgieter.

"A gym for use by retailers and residents is being built as an integral part of the development."

The retail centre will have 92 apartments above the planned 40 shops there. Apartment prices will range from R750,000 to R1,7-million, with the top-priced one among 28 already sold. All will have secure private basement parking.

Prices for the 33 units at King's Village are between R1,4-million and R1,5-million and 22 of these have already been sold.

"The entire area will be landscaped at a cost of R4-million, while part of the conditions for going ahead with the development is that access roads should be widened."

"This has meant that a fairly high road levy has been made by the developers.We are finding that a large proportion buying residential properties are from other major centres. This shows that Port Elizabeth's reputation of being a great place to live, and a healthy place to invest, is spreading," said Potgieter.

Eastern Province Herald
 
 


Publisher: I-Net Bridge
Source: I-Net Bridge

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