Kagiso Property in R380m Nelspruit development

Posted On Monday, 19 March 2007 02:00 Published by eProp Commercial Property News
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The 14,700m² first phase of the development is set to open for trade in the middle of October.

Jerry MabenaEmpowerment property company Kagiso Property Developments and other property developers have, in a joint venture, launched the first phase of a R380m lifestyle shopping centre development in the growing Nelspruit node in Mpumalanga.

The 14,700m² first phase of the development, the Riverside Lifestyle Centre, is set to open for trade in the middle of October.

Hugo Stroud, new business executive at Kagiso, said on Friday the development was demand driven.

It is situated in the booming precinct occupied by the existing Riverside Mall, the Mpumalanga government buildings and the Emnotweni Casino complex.

Riverside Lifestyle Centre is a joint venture between Kagiso, AKA Capital, Halls Properties and empowerment consortium Mokgatlo Investments.

Stroud said the entire development would be about 35,000m² as the planned phase two consisted of a further 20,000m².

He said the retail offering at Riverside Lifestyle Centre was “complementary” to the Riverside Mall and across the road from the existing centre.

“It’s designed to make the Riverside precinct more formidable as a shopping destination,” said Stroud.

He said the first phase of the new centre was “substantially let already”, and it would be anchored by Builders Warehouse and Meltz Mega Factory Store.

Stroud said Nelspruit was growing fast and was a “significant regional service hub” which attracted shoppers from nearby Mozambique and Swaziland.

“That is in addition to the existing growth that is taking place in Nelspruit.”

Stroud said the balance of phase two of the development was expected to be completed in the fourth quarter of next year.

The second phase would include 30 stores.

Jerry Mabena, CEO of Kagiso Property Holdings, said the new lifestyle centre confirmed the “Riverside precinct as Mpumalanga’s premier regional retail node”.

“There continue to be strong economic drivers in the Lowveld region, which has seen rates of growth higher than the national average,” said Mabena.

Last modified on Wednesday, 21 May 2014 18:21

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