Giant mall helps make Menlyn one of Gauteng's fastest growing regions | Fin24
 
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Giant mall helps make Menlyn one of Gauteng's fastest growing regions

Nov 21 2016 18:32
Carin Smith

Cape Town - The newly redeveloped Menlyn Park Shopping Centre is set to open its doors on Thursday November 24.

The R2.5bn redevelopment will position the mall as one of the largest on the African continent. Retailer and shopper demand was the driving force behind the giant makeover, which has created a total lettable floor space of over 170 000m².
 
According to Olive Ndebele, general manager of Menlyn Park Shopping Centre, it attracts residents from all the surrounding and outlying suburbs of Pretoria, a large contingent of foreign businesspeople, diplomats and holidaymakers and keen shoppers from other African countries, such as Nigeria and Mozambique, where big-name items are hard to find.
 
Among the established anchor tenants and top international brands making Menlyn Park their home are Zara clothing, Fabiani menswear and H&M Clothing. Amelia-May Woudstra, public relations manager for H&M Clothing, regards Menlyn Park as the leading shopping destination in Pretoria.
 
Anchor tenants include Checkers Hyper, Food Lovers Market, New World Discount Stores and Pick n Pay.

Ndebele expects another major drawcard will be Central Park, an open-air piazza surrounded by beautiful Pride of India trees and edged with popular restaurants.

On Friday November 25 the mall will introduce "Black Friday" - similar to the annual bargain fest in the US - where shoppers can get massive discounts from many stores at Menlyn Park.

READ: Property sector a catalyst for growth - expert

The areas surrounding the Menlyn mall are great places to invest in, according to Seeff Properties.
 
A tremendous amount of development is taking place in the areas surrounding Menlyn, inclusive of the Menlyn Main development, which includes a casino.
 
All suburbs in the proximity of Menlyn are in high demand as a result of the job opportunities created there and include Garsfontein, Menlo Park, Alphen Park, Newlands, Constantia Park and Ashlea Gardens.
 
Gerhard van der Linde, Seeff’s managing director in Pretoria East, said Menlyn Main is Africa’s first green city and this mega development includes commercial space, retail space, shopping space, a gym, residential apartments, a hotel, an entertainment complex and scenic parklands and is widely regarded as the "Sandton City" of Pretoria.

“Home owners in these areas are asking more for their properties than what they are worth, but are getting away with it because it seems that potential buyers have jumped on the same train and are realising the value of investing in these areas,” said Van der Linde.

READ: Gauteng leads the way in house price slowdown

Price inflation in Tshwane
 
Although house price inflation in Pretoria has slowed in the past few months, development across the Tshwane municipal region continues at a rapid pace and many residential areas retain highly active property markets, according to Andrew Golding, chief executive of the Pam Golding Property Group (PGP).

"Easy access to amenities and a secure lifestyle are of prime importance to residents, which helps explain why townhouse complexes, apartments and homes within security and golf estates are in particularly high demand in much of the region. The rental market has continued to do well and has benefitted from an ongoing demand from corporate, embassy and foreign mission staff," he said.

"To meet the expected future demand for accommodation within Menlyn - one of the fastest growing regions in Gauteng - new luxury high-rise apartment developments such as Menlyn Maine Towers, the residential component of the Menlyn Maine mixed-use development, and The Regency, are proving popular and units have been rapidly sold off-plan. Investors are being attracted by the cosmopolitan ‘work-play’ urban lifestyle that is now on offer at these developments."

Read Fin24's top stories trending on Twitter:

menlyn  |  tshwane  |  pretoria  |  gauteng  |  sa economy  |  retail  |  property
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