MINI Cape Developments, a joint venture between black empowerment group Kagiso Property Holdings and Trakprops, has bought the 7ha Mini Cape site adjacent to Tyger Valley Centre from the city council.

The site development plan has been approved and development of the new retail centre will start shortly.

The transaction concludes the tender and urban planning process that has been under way since 2000.

To be known as Willowbridge, the R150m first phase of the lifestyle centre is aimed at complementing the upwardly mobile area.

Anchor tenants will be Pick 'n Pay, which will take up 2300m²; Wetherlys, which will take up 2500m²; and Osiers, which will take up 1025m².

Negotiations with retailers are at an advanced stage.

Jun 23 2004 09:20:45:000AM Business Day Reporter Business Day 2nd Edition