A R77 million redevelopment by SA Retail Properties Ltd of the Bluff Shopping Centre in Durban is nearing completion and is set for launch in November 2006. 
 
An initial yield of 10,1% on capital invested on the extension of the 23-year-old centre is expected, says Peter Sparks, SA Retail’s managing director.  The project forms part
of a R340 million development programme by SA Retail to build new shopping centres and upgrade existing investments in the portfolio. 
 
Sparks says the tenant mix of leading national chains and established local business will make the centre a prime shopping destination and dominant within the catchment
area.
 
“National operators have shown their confidence in the redevelopment by committing to new or bigger stores, extended leases and higher rentals,“ he says. “The centre
now has a successful Checkers, a new Woolworths textiles and food store, a bigger Edgars, the first Jet store on the Bluff and a Mr Price Home.”  
 
“Income and capital growth has been secured by extending the building and revamping the centre. The lettable area has been increased by more than 7 000m² to 19 215m² through a major re-design of the centre. Parking facilities have been improved by adding a roof deck and semi-basement bays, as well as a lift for better access.  The internal malls and shops have been upgraded.” 
 
The recent R340 million investment programme by SA Retail includes the R65,5 million acquisition of Willow Way Shopping Centre, a dominant convenience centre in Lynwood, Pretoria;  the R43 million acquisition of Dube Village Mall in KwaMashu, Durban;  the opening of Umlazi Mega City, a R165 million joint development in Durban with Martprop;  and the purchase of Hubyeni Shopping Centre, now under construction at Elim, Limpopo, for R86 million.

Contact: Peter Sparks
SA Retail Properties
Tel:  031 366 1122