Shoppers in Mitchells Plain will enjoy a significant amount of added retail variety with the opening of Liberty Properties’ fully completed shopping centre on 3 September 2004. The new extension will include Game and Absa Bank as anchor tenants, completing a full retail line-up at Liberty Promenade Shopping Centre alongside Pick n Pay, Woolworths, Edgars and the other major banking houses.
“Liberty Properties acquired the Promenade in June, 2004 from the original developers, for approximately R300m. Gathering from the historical statistics and subsequent feasibility study that we conducted, it was clear that the shopping centre was very successful right at the outset,” says Roger Corlett, Managing Director of Liberty Properties.
“The Promenade has been on a steady growth path – in fact, many of our retail partners report that business has been booming - and the need for an extension was quickly apparent. The original 42,000m2 has been extended by over 11,000m2 to a total of 53,000m2. Along with 2,400 open parking bays, Liberty Promenade Shopping Centre is now a true regional and community centre. It brings all the major retailers under one roof, which is wonderfully convenient for the community of Mitchells Plain and I’m delighted to report that its now 100% let.”
“The decision to invest in Mitchells Plain is part of a continuous regeneration of the Liberty Properties’ portfolio. It’s the first time that we have acquired a development in an area like Mitchells Plain, which is a market sector that has seen little retail investment in the past. From our perspective, this is a vote of confidence in the community and it’s also a mark of our commitment to providing essential services to the community,” says Corlett.
Corlett notes that retailers operating at Liberty Promenade Shopping Centre have made a similar commitment, recognising early not only the aspirations but also the economic clout of the Mitchells Plain consumer.
“To this end, if you visit Liberty Promenade Shopping Centre, you’ll see that some retailers boast the latest, state-of-the-art stores. Some of the new generation stores are better than some branches in other well-established centres.”
The launch of the new extension has also provided the opportunity for a re-branding exercise, explains Corlett.
“We looked at the old brand Promenade Shopping Centre and decided that we needed a new corporate identity, to bring it in line with our other properties. The new brand is, therefore called, Liberty Promenade Shopping Centre. We’ve retained the word Promenade, because we fell it has mass appeal and an identical meaning and spelling in both English and Afrikaans, which are the most commonly used languages in this area. We’ve introduced a new look to the centre’s logo, with a blue wave running through its centre, acknowledging both the inherent nature in the word ‘Promenade’ itself as well as the close links between Mitchells Plain and the nearby ocean.”
Publisher: Cape Business News
Source: Cape Business News
Liberty adds 25% to 'booming' Mitchells Plain
Posted On Monday, 06 September 2004 02:00 Published by eProperty News
Shoppers in Mitchells Plain will enjoy a significant amount of added retail variety with the opening of Liberty Properties’ fully completed shopping centre on 3 September 2004.
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