The first phase of the development, targeting 150 hectares of the total 600 hectare site, is due to start later this year. It will include a 150 million rand regional shopping centre to be developed by a joint venture involving black economic empowerment (BEE) group Amabubesi Investments, chaired by Bulelani Ngcuka, and the Orange Property Group.
The centre, with a lettable area of 15,000 square metres, is proposed for a 10-hectare site.
Developer Oswald Buchner said other first phase facilities will include an hotel, medical clinic, service station, offices, a value mart, a motor city and a retirement village among a variety of secure residential components.
According to Buchner, two recent market surveys by shopping centre research specialists have identified a medium-term need for an 80,000 square metre basket of commercial rights on what is known as "The Fountains" site, at the strategic crossing of the access road into Jeffrey's Bay off the N2, and the Humansdorp road to Cape St Francis. He said that as early as 1985, the site was identified as a regional shopping node by the authorities for purposes of future planning
"The medium-term need for 80,000 square metres of commercial rights is based on a conservative estimate of 5% growth for Jeffrey's Bay, despite the actual historical annual growth rate being 10%," he noted.
"Over the last ten years, Jeffrey's Bay has grown from a small, holiday destination to a large town, catering for the needs of the region between Port Elizabeth and Plettenberg Bay. Regular international surfing events have put it on the world map as a tourist destination. The annual growth of 10% is three times the normal urban growth rate."
Buchner says the current shopping experience in Jeffrey's Bay is purely functional.
"Shops are exposed to the elements. People have to battle the traffic and struggle to get parking. Invariably the range of goods available offers restricted choices. As a consequence, a surprising number of people have to visit Port Elizabeth for regular shopping.
Bulelani Ngcuka, executive chairman of Amabubesi Investments, said: "We are thrilled to be associated with an initiative that would create a number of jobs in this area given the high levels of unemployment in the Eastern Cape. This is a huge capital injection and a vote of confidence in this booming area."
The proposed one-stop destination will be the largest shopping centre development within a 65-kilometre radius and is expected to revolutionise the shopping experience in Jeffrey's Bay, offering residents and visitors a wide variety of shopping and entertainment facilities under one roof with ample parking.
Provision is being made in the design for two anchor tenants along with a host of other facilities including restaurants and cinemas. Leasing for the retail project is being undertaken by Broll.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
