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Johannesburg - Large property funds reckon this is the time to spruce up and enlarge their shopping centres for the next upturn in the economy.
To counter the recent negative paradigm associated with property development, Attfund intends expanding two of its centres at a cost of R815m. Attfund is one of the largest unlisted property funds in the country with assets of more than R8.5bn. Its plans involve enlarging the Clearwater Mall in Strubens Valley on the West Rand to a massive 87 500m² and the Woodlands Boulevard in Pretoria East to 71 000m².
Chief executive Louis Norval says although various South African enterprises are still cautious, Attfund adopts a different approach. "We regard it as an opportunity to expand both of the centres and establish them as the dominant malls in their respective markets."
He says the current economic conditions, with building costs being more competitive, make it expedient to build. "We want to be ready when the economy recovers."
At Clearwater the fund will be spending R375m to enlarge the centre by 24 200m². This includes more space for Edgars, Woolworths and Stuttafords.
Furthermore, several new electronic and fashion retailers, including Guess, Aldo, Nine West and Old Khaki, have committed themselves to the expansion.
Clearwater is five years old and in this period the centre has gone from strength to strength. He says that it attracts 900 000 visitors a month and over the Christmas period more than a million. The centre is currently fully leased and has been little affected by the downturn in the economy.
Construction will soon begin and the new section should open its doors in October next year.
At the same time the Woodlands Boulevard will get an additional 28 900m² at a cost of R440m.
This includes a larger store for Woolworths and also various new retailers like Game, Dischem, Dions Wired and Incredible Connection. An additional focus is on gussying up the fashion offerings by the addition of Mango, Guess and Poetry, among others.
The centre receives 500 000-odd visitors a month.
Norval says building contracts for both developments have been negotiated with WBHO as the principal contractor, and the finance is being provided by Nedbank.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.