Development of the new Moritawa Crossing shopping centre being built in the Jane Furse district of Limpopo is progressing well and the centre should open for business towards the end of October this year as scheduled, property loan stock Vukile said on Thursday.
On completion, Vukile will own an 86.5% stake, worth 61.6 million rand in the centre.The centre, which will have a gross lettable area of 11 280 m2, will serve a rural community of some 185 000 people who currently have to do their shopping at Groblersdal, 40km away.
The centre is already fully let with SPAR and Jetmart as anchor tenants.
Some 85% of the total area has been let to national tenants.
Vukile expects Moritawa Crossing to produce a net initial yield of 9.5% in the first year.
Publisher: I-Net Bridge
Source: I-Net Bridge
