The development is being undertaken by Madison Property Fund Managers on behalf of Canal Walk’s owners Hyprop Investments Limited (80%) and Ellerine Bros (Pty) Ltd (20%).

“Conceptually exciting, these retail pods will complement Canal Walk and will accommodate leading retailers who wish to benefit from the mall, but due to their size and nature of business, are not ideally suited to trading inside a shopping centre,” says Canal Walk CEO Wayne Abegglen. The tenant mix is apraently still being finalised and will focus on 'lifestyle' tenants.

The new pods are fashioned to provide a satellite retail offering alongside the shopping centre. They will be placed in strategic positions along Century Boulevard which traverses Canal Walk and approximately 1,000 new parking bays also will developed.

A spokesperson points out that the pods are extremely high-spec, continuing both the quality of Canal Walk and linking into the existing building. The glazing ensures the high visibility of both the retailer and the view of the centre ‘through’ the pods, ensuring Canal Walk’s majesty is retained and thus continuing the long-term performance of Canal Walk as a premier quality retail property asset.

As such, the retail pods are being developed at a market-related yield, despite the costs, as achievable rental income based on the high profile location of Canal Walk, is projected to support the scheme. The costs include the extension of the parking decks and the land costs.

“The decision to extend the scope of retail at Canal Walk is underpinned by a growth in both retailer and customer demand. The additional retail element will ensure that Canal Walk continues to offer the most comprehensive shopping experience in Southern Africa,” says Canal Walk CEO, Wayne Abegglen.

The glass pods will each comprise of two storeys, forming ‘glazed lanterns’ which accentuate the centre’s entrances and major architectural features.

Glass has been selected as one of the core materials for these pods to effectively showcase both the retailer and the shopping centre itself as a background, creating a dynamic and constantly-changing appearance.  

“Canal Walk Shopping Centre’s superlative position in the burgeoning node of Century City has contributed considerably to the continued growth in the centre’s visitors and turnover. Its central location in Cape Town has also won it a constantly growing popularity with retailers and we believe the retail pods will now allow quality retailers access to our centre,” notes Abegglen.

The development is expected to be complete by mid 2009.