Nelspruit's Riverside Mall to undergo facelift

Posted On Wednesday, 08 September 2004 02:00 Published by eProp Commercial Property News
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Old Mutual will redevelop Nelspruit's Riverside Mall in a R130m expansion that will see a number of top retailers added to the existing tenant mix.

 

Norbert Sasse

Brent Wiltshire, retail property executive at Old Mutual Properties, says it is hoped to start construction within the next month to ensure completion of the redevelopment by next October.

Old Mutual's announcement comes at a time when a number of listed property funds with large exposures to retail property are busy expanding their shopping centres as demand for extra space from tenants such as national retailers surges on the back of a booming retail market.

Among the listed property funds busy with expansions to their shopping centres are Grayprop, Hyprop, Acucap Properties, South African Retail Properties and Growthpoint Properties.

Last week, Colin Young, fund manager of Old Mutual's South African-listed property funds, said interest rates at a 22-year low were among the factors keeping the retail market buoyant.

Young believes this, together with a strong rand and the resulting cheap imports, are adding fuel to the retail sector.

Most retailers have huge expansion plans and the market can expect more smaller shopping centres in the 15000m² to 30000m² range, he says.

Young also thinks there will continue to be a shortage of community and neighbourhood shopping centres in the next 12 months.

Old Mutual's Wiltshire says it expects the redevelopment at Riverside Mall to provide a substantial boost to the local economy. "Jobs will be created in the short term in the construction phase and in the longer term by the retailers who will be opening stores in the expanded centre."

He says that the total rentable area of Riverside Mall will increase from 36287m² to 49529m².

Wiltshire says the extension will see the addition of a 3642m² Checkers and 3559m² Edgars serving as anchor tenants on the ground floor, along with a Truworths emporium, Mr Price Weekend, @Home, Young Designers Emporium and several line shops.

Truworths, Mr Price and Pick 'n Pay will expand their trading areas . Several of the smaller national retailers also require expansion.

There will also be a new entrance to Woolworths and the parking will be extended to provide a total of 2823 bays.

Last modified on Thursday, 22 May 2014 18:20

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