Syndicate plans mall, residential units in Athlone

Posted On Tuesday, 21 May 2002 10:01 Published by
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A SYNDICATE of empowerment companies plans to develop a R200m mixed use development anchored by a regional shopping centre

A SYNDICATE of Western Cape-based black empowerment companies plans to develop a R200m mixed use development anchored by a regional shopping centre in Athlone, Cape Town.

The development, Vanguard Place, at the intersection of Vanguard Drive and the N2 highway, is a rare investment in Cape Town's less affluent suburbs.

The 30000m² shopping centre will be complemented by recreational facilities and a 400-unit residential development.

The syndicate, trading as Vangates Investments, includes investors from Elite Group and Wembley Group, and is chaired by Mustapha Murudker.

Development of the commercial component is being managed by Colliers RMS, while the residential part is being managed by Nuway Housing.

The syndicate will take a 65% stake in the development. The rest has been reserved for two unnamed institutions.

Cape Town's economic development councillor, Kent Morkel, says the development is 'an important and much-needed upgrading project' that will provide jobs and boost the local economy, as well as provide convenient shopping facilities.

As pedestrians are expected to be the primary users of the development, this will be reflected in its design, he says.

Murudker says that although the development will emphasise foot traffic, it will also offer 1200 parking bays for motorists. He says the spending power of Athlone and surrounding residents will be supplemented by about 500000 other shoppers within a 5km radius.

National tenants will take up 70% of the retail space. The 400 homes to be part of the development will include freehold stands, sectional title or 'rent to buy' units.

Murudker says most of the freehold units will be built to the south of the commercial development, leading on to the recreational facilities.

Business Day

Publisher: Business Day
Source: Business Day

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