MONDAY 21 JUNE 2004

Mini Cape Developments, a joint venture between black empowerment group Kagiso Property Holdings from Gauteng and Trakprops, have acquired the 7 hectare “Mini Cape” site adjacent to Tygervalley Centre, Cape Town 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 conducted since 2000.
 
To be known as Willowbridge, the R150 million first phase of the trendy Lifestyle Centre will complement this upwardly mobile and thriving area.   Anchor tenants will be Pick ‘n Pay who will take up 2 300 sq metres, Wetherlys 2 500sq metres and Osiers 1 025 sq metres.  Negotiations are at an advanced stage with a range of “best of breed” retailers that will give this unique centre a strong and sophisticated convenience, interiors and fashion flavour with a range of restaurants representing some of the best in the City.   There is already a demand from major tenants for the second phase to be developed.

Says Heidi Aucamp of the Marketing Agents, Heico Property Solutions, “The developers have designed a world-class Lifestyle Centre for a market that is clearly demanding this type of sophisticated retail experience. We have experienced a major property boom in the northern suburbs in the last five years in both the residential and commercial markets.   It is our belief that once Willowbridge is complete, the Tygervalley area is going to be one of the most sought after retail venues and Capetonians will travel from a wide area of the Peninsula to shop here.
The centre which has been designed along similar lines to the popular Cape Quarter in DeWaterkant, is a two storey building providing an open-air pedestrian walkway, 2 piazzas, fountains, landscaped terraces and an amphitheatre.   Willowbridge will maximize the use of its unique natural environment which includes a river, a dam, a landscaped green-belt and riverine area providing the shopper with a tranquil type of retail experience.   650 parking bays have been earmarked for the first phase, half of which are in the basement area.

Accessibility to the centre is excellent with three full access/egress nodes along Carl Cronje Road which on average has 20 000 vehicles passing per day.  This will be further enhanced once the recently approved egress from the N1 onto Carl Cronje Road is completed.  

For Gauteng based Black Empowerment Group, Kagiso Property Holdings, this is their first venture in the Cape.   Says Robert Johnson, Director, “the Cape holds a special appeal and it is our philosophy to carefully select our partners and focus on innovative developments.  We believe with Willowbridge we have a winner!”

Lisa Forshey of Absa, who are financing the project, adds, “Absa had already identified Tygervalley as one of the fastest growing nodes in the Cape.   We were particularly interested in financing some retail developments as we knew the market was calling for this.  The client has an excellent track record and we were happy to be able to offer them a creative financial package”.

For more information contact Heidi Aucamp telephone 021-919-5661.

Ends.