Crescent challenges Gateway Theatre

Posted On Wednesday, 24 April 2002 10:33 Published by
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JT ROSS & Son, Pangbourne Properties and BoE Corporate have commissioned a new retail development in Umhlanga, KwaZulu-Natal

JT ROSS & Son, Pangbourne Properties and BoE Corporate have commissioned a new retail development in Umhlanga, KwaZulu-Natal.

The Crescent, to be anchored by Pick 'n Pay, will be built next to Old Mutual Property's R1,4bn Gateway Theatre of Shopping.

This could provide competition for Old Mutual Properties, which has experienced a slow start to trading at Gateway. The centre's management is locked in a dispute with 62 tenants who are demanding rent cuts as their turnover has been lower than projected.

Among the retailers which do not have premises at Gateway are Edgars, Foschini and Stuttafords.

Pick 'n Pay, which is taking space at the R90m The Crescent, across the road from Gateway, aborted negotiations about a lease at Gateway because it could not come to a satisfactory agreement with Old Mutual Properties.

Pick 'n Pay has taken 4500m² at The Crescent, designed as a destination shopping centre.

Gateway has Spar and Hyperama as its anchor tenants.

Construction of The Crescent is set for completion in October. It will offer a total of 25000m² of space.

Gerard de Rauville of Pangbourne Properties says The Crescent has 75% occupancy signed up.

He says destination shopping is different from shoppertainment, where shoppers window-shop.

'Destination shoppers know what they want to buy and they want the easiest, most hassle-free way to get it. The Crescent is designed with this shopper in mind.'

Grant Smith of BoE Corporate says: 'When we were approached to both finance and come in as an equity player in the development, we were enthusiastic. The idea of destination shopping and the mix of tenants who confirmed their interest indicated a high degree of sustainability and merit for the region.'

While Umhlanga looks set to be the stage for a fierce battle between retailers at Gateway and The Crescent, property experts believe the two developments will in the long term complement one another.

Publisher: Business Day
Source: Sibonelo Radebe

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