Zenprop to develop Kuilsriver centre

Posted On Thursday, 12 April 2007 02:00 Published by Commercial Property News
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A consortium controlled by unlisted property fund Zenprop is developing a new shopping centre in Kuilsriver, Cape Town.


A consortium controlled by unlisted property fund Zenprop is developing a new shopping centre in Kuilsriver, Cape Town.

The 35000m² shopping centre, called Zevenwacht Mall, which is due to open in April next year, is being developed because of strong demand from retailers for space.

Zenprop CEO Rodney Weinstein said although there was some retail in the Kuilsriver area, there was “nothing close to the size of this centre”.

“The demographics are very, very good. It is a nice-sized catchment area and it’s a market that is growing rapidly and has been growing rapidly over the last five years,” said Weinstein.

The Kuilsriver area was mainly residential, he said.

Zenprop said the national tenants who would anchor the new centre were in place.

“The preletting is very well advanced and we are doing the line-shop leasing launch now,” said Weinstein. Woolworths, Edgars and Spar were the anchor tenants.

“The development is totally demand driven and we’re confident it will be fully let when the centre opens. It is oversubscribed at the moment in terms of demand from tenants.”

Weinstein said Zenprop was not concerned about the slight downturn that was expected in retail sales over the next two years. “We are long-term investors,” he said.

This is the second retail centre developed by Zenprop in Western Cape. The group was behind the development of Vangate Mall in Athlone.

Vangate Mall is in its second year of trading.

Zenprop is also busy with the development of the Maponya Mall in Soweto, which is scheduled to open in September. It is being developed jointly by Zenprop and well-known Soweto businessman Richard Maponya.

Last modified on Monday, 27 May 2013 18:56

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