Rand Merchant Bank and Nedbank Corporate Finance said on Thursday they would be providing funding to private property developer The Georgiou Group for the R2,65bn development of Fourways Precinct, in Fourways.

The major retail development in the vicinity of the Fourways Mall over the next two years will provide a large retail node in one of the fastest growing areas in SA.

Rand Merchant Bank will act as lead bank arranger and will jointly provide the finance for the development with Nedbank Corporate Property Finance.

Fourways Precinct includes the redevelopment of The Georgiou Group's existing retail properties, as well as the development of new properties.

Tony Koupis, who is managing the development of Fourways Precinct for The Georgiou Group, said Fourways Mall would be refurbished and receive a 25,000m? expansion.

This would increase the size of the mall to more than 100,000m?.

The larger mall will include a multilayered basement parking, additional stores with a strong focus on specialty stores and boutiques, and more entertainment.

The Georgiou Group is also working on a new development, which consists of the Cedar Square shopping centre and motor showrooms.

This development, which is taking place on Cedar Road adjacent to the Fourways Mall, is scheduled for completion in May next year.

The Georgiou Group said that it would work with residents' associations and the city council to help alleviate the traffic congestion in the immediate area.

The group would build a bridge and an underpass between The Georgiou Group's Fourways Mall and Cedar Square shopping centre by May next year, said Koupis.

Another centre, Fourways View, which is a new retail development that was completed last year and is also part of Fourways Precinct, will eventually be linked to Fourways Mall.

It is on the western boundary of Fourways Mall.

The centre is to be tenanted by the major banks, line shops and restaurants.

A new retail development called The Buzz was completed a few months ago and is 1,5km to the west of Fourways Mall.

A further planned development, Fourways Lifestyle, will be built to the north of Fourways Mall.

This will be a 42,000m? lifestyle and decor shopping centre.

Koupis said the entire Fourways Precinct would be completed in about two years.

David Green, MD of commercial residential property brokers Pace Property Group, said that along with the Victoria & Alfred Waterfront precinct in Cape Town, and Umhlanga Ridge in KwaZulu-Natal, Fourways was one of the fastest growing residential, commercial and retail nodes in the country.

He said Pace had been involved in "quite a few retail leasing and sectional title retail sales" in Fourways Precinct and that the group recognised it as one of the strongest nodes in Johannesburg.

Green said that through Pace's association with Cushman and Wakefield, the world's largest privately owned real estate firm, it would be showing two international retailers the precinct next week. "What we are trying to do is bring international retailers into that node," said Green.

He said the two international retail chains would be viewing available retail premises in that precinct.

Business Day