Growthpoint Properties Limited has announced its intention to purchase Woodmead Retail Park, the superbly located 45,000m2 lifestyle centre which is being developed by Investec Property Group.

The R500 million Woodmead Retail Park development has enviable visibility with frontage on the N1 and M1 Highways through the Buccleuch interchange. The centre is anchored by Pick ‘n Pay (15,300m2), Woolworths (3,000m2 including food, clothing, home and café) and the exciting new retail concept of expanding KwaZulu-Natal retailer the Hub (2,700m2) which will include apparel, footwear, home fashion, houseware, toiletries and cosmetics.

Growthpoint Properties Limited is South Africa’s largest JSE-listed property holding and investment company, with property assets in excess of R20 billion. “Woodmead Retail Park provides an ideal opportunity to enhance Growthpoint’s portfolio of quality properties located throughout South Africa,” says Growthpoint Properties Limited Retail Fund Manager Stephan le Roux.

The turnkey development by Investec Property Group extends and complements the Woodmead retail node which comprises a number of big box wholesale and retail destination outlets.

Pick ‘n Pay expressed an interest in the site early on, having identified it as an ideal location for a hypermarket. “We have been working on establishing a Hypermarket in this area for eight years now and we are excited that this will soon be a reality. It will serve a much larger area than Woodmead itself and cater for shoppers from Midrand, Sandton, Bryanston and Fourways,” says Izak Joubert, property director at Pick ‘n Pay.

“There is no existing land on which to develop in this area and thus Woodmead Retail Park has proven most valuable, with its superb access and central location, in the magnificent destination shopping node of Woodmead,” Joubert explains.

Joubert believes that there is a large enough catchment area, with the nearest Pick ‘n Pay Hypermarkets located in Northgate and Norwood, to attract new customers from the affluent surrounds.

The elongated site of Woodmead Retail Park is anchored by Pick ‘n Pay on one end and Woolworths and the Hub on the other. It includes various retail highlights including social interaction nodes including a covered café venue, featuring Mugg & Bean, Fournos and the Woolworths Café, and a vibrant fast food node, including Anat, Cinnabon, Debonairs and Fego Café, amongst others.

Dis-Chem (1,500m2) will also be a major draw card and, as part of the tenant mix, retailers have been positioned to create comparative shopping nodes including fashion, homeware and convenience.

Woodmead Retail Park will also include a stand-alone News Café, ideally located to serve the surrounding vibrant businesses node, and a separate motoring section comprising three modern showrooms over 10,000m2 of space.

The construction of Woodmead Retail Park follows four years of thorough preparation pursuant to Investec Property Group identifying a need for a lifestyle offering as a continuation of the existing retail in the area. Preparations included packaging the rights and assembling an appropriate design and professional team for the development.

“Earthworks commenced in early September 2006 and construction of the superstructure is due to commence this month (March 2007). A quality development in every aspect, Woodmead Retail Park encompasses lifestyle and value,” notes Ronnie Sevitz of Investec Property Group.

Great news for commuters as well as consumers, the development will also see a welcome upgrade to the roads accessing Woodmead Retail Park from Woodmead Drive, as well as an internal road upgrade for the area. Woodmead Retail Park will also provide over 2,000 parking bays to serve shoppers.

“Woodmead Retail Park will offer a single level open mall with undercover walkways. This sophisticated modern lifestyle centre will reflect a simple elegance in its design, creating a trendy urban style,” explains Sevitz.

The design of the centre will be light, bright and inviting. Natural textures highlight the environmentally sound raw material used with steel portal frames and pergolas, glass, timber and glazed face brick. A light and lofty ambiance will be created by extraordinarily high shop fronts of 4,5metres while curved walls splashed with bright colour will accentuate select areas.

Designed to be easy for shoppers to visually orient themselves within the centre, vertical elements will emphasise key locations along the terraced walkway with the subtle use of different raw materials along the length of the centre creating visual associations and prompts. Specific emphasis has been placed on the airy and welcoming Food Court and terraced dining area.

Woodmead Retail Park also takes an unconventional approach to landscaping with a variety of colours, textures and heights of indigenous plants used to create unique geometries and stylised visual landscaping.

Set to commence trading during the first quarter of 2008, Growthpoint will take ownership of Woodmead Retail Park at opening.

Since its first major transaction in August 2001, Growthpoint has grown its property portfolio from 9 properties valued at R100 million to more than 430 properties valued at over R20 billion.

Growthpoint has also delivered superlative growth for its linked unitholders with investors enjoying a 230% capital return on investment for the five year period from 2001 to 2006 at an annual compounded return of 32% in addition to an average 15,1% income return on initial investment.

Issued on behalf of: Growthpoint Properties Limited

                                                           
Norbert Sasse: CEO
Tel       011 286 7306
Cell      083 632 1599

 
Stephan le Roux
Tel       011 286 7000
Cell      082 607 0245

Investec Property Group

Ronnie Sevitz
Tel       011 286 7000
Cell      082 8821445

OR

Rory Jacobs
Tel       011 286 700
Cell      083 321 6001