Development pipeline tops R1 billion

Posted On Wednesday, 02 August 2006 02:00 Published by
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Development projects and refurbishments worth more than R1 billion are under way or about to be started by Old Mutual Property Group.

Development projects and refurbishments worth more than R1 billion are under way or about to be started by Old Mutual Property Group.

The pipeline is set to grow even further as assessments and concepts are finalised on a mix of commercial, industrial and residential projects throughout South Africa, says Brent Wiltshire, business development executive at Old Mutual Property Group.

The projects include several for independent and corporate property owners.  They range from the Orlando Ekhaya project by the Johannesburg Property Company to an apartment development in Cape Town for the Cape Peninsula Organisation for the Aged.  The Orlando development involves
the construction of a shopping centre, 700 houses, office blocks and  150 lakeside loft apartments. 

Other projects now under way are:
o a R105 million redevelopment of East London’s Vincent Park Shopping Centre, which will add a new mall in the north east corner of the complex.
o a R104 million refurbishment of The Link Shopping Centre, Cape Town.It also involves building two pedestrian bridges at first floor level to connect with Cavendish Square, an adjacent Old Mutual property.
o a R107 million extension of Bayside Centre, the Tableview, Cape Town, shopping centre jointly owned by Atlas Properties Ltd and Old Mutual.
o a R88 million expansion of parking facilities at Menlyn Park Shopping Centre, Pretoria. This will add another 1 750 covered bays.
o a R83 million expansion at Phumelela Park, an Old Mutual industrial park at Montague Gardens, in response to rising demand for large industrial space in greater Cape Town.
o a R20 million upgrade of Menlyn office park.
o a R20.5 million upgrade of The Zone @ Rosebank.
o a R89 million residential conversion of Steyns Building.

Gateway Theatre of Shopping, Umhlanga, is also being expanded to accommodate a Truworths extension . The Truworths store is being more than doubled in size.

A mixed use retail and housing development is being planned for Khayelitsha, Cape Town.

A working partnership between the Old Mutual Group and the Department of Provincial and Local Government which is focused on building sustainable capacity in certain Project Consolidate municipalities, will treat the Old Mutual/Nedbank development initiative in Khayelitsha as a pilot exercise for possible replication in other municipalities. 

The development is proposed for a 10 ha site owned by Old Mutual in Site C, 1km from the Swartklip interchange.where there is good access to major arterials such as the N2 highway, as well as the R300. Site C is in the heart of the more affluent residential areas of Khayelitsha. The land provides an excellent opportunity for Old Mutual/Nedbank to respond to Government’s request to business to engage actively in the provision of affordable housing and sustainable development.

The development which will incorporate the social needs of the community,  will deliver construction related employment and skills transfer during the process and permanent employment related to the commercial precinct after the development. 


Publisher: Old Mutual Property Group
Source: Old Mutual Property Group

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