R50m complex for earlier start

Posted On Monday, 30 August 2004 02:00 Published by eProp Commercial Property News
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Retail sector investment in Port Elizabeth looks set to continue unabated after the recent announcement of the development of yet another retail trade centre in the city at a cost of some R50-million.

 

Property-Housing-ResidentialThis will bring to more than half-a-dozen the number of new shopping centres established in the city in less than 18 months, and bring to more than R500-million the funds invested.

Behind the latest shopping complex development venture near Miramar are Ruven Kaplan and Derek Blumberg.

The 12 000m² development will be undertaken on a site on the corner of Buffelsfontein and Newcombe Roads, known as Access Park, that was owned by Symphony property company.

The property company is co-owned by Raymond Hartle, former communications executive of the Coega Development Corporation. According to Warren Jack, a marketing agent for the developers, work on the site was planned to begin in earnest next year.

However, he said, due to what he described as "phenomenal" interest shown by retailers, here and across the country, construction was now more than likely to begin in the next few months.

Mr Hartle said his company had not been in a hurry to sell part of its "substantial" land holdings in the area to commercial developers.

However, due to pressure of demand, the property group had decided to release the land for the development.

"We have a huge stake in ensuring that any commercial development does not detract from the investments already made in residential developments, as well as those that are about to come on-stream. We have been very impressed with the approach adopted by the Access Park developers and have no doubt that the complex will add tremendous value to the area.

"The site falls within a key commercial node in the metro and this development offers high visibility for retailers and easy access to a large target market."

Jack said that based on market analysis, the developers had changed the name of the development to Access Park from Budget Park Centre.

"The idea of a budget centre has a particular connotation in the market. We are talking here about a substantial investment, with tenants drawn from across the retail spectrum, offering high value shopping based on the Access Park concept in Cape Town," said Jack.

The centre is expected to open for business in the second half of next year.

Last modified on Thursday, 26 June 2014 15:37

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