Nedbank Finances Shopping Convenience in Elim - Limpopo

Elim Shopping Mall in Limpopo Province

Following the approval of a R175 million finance deal by Nedbank Corporate Property Finance, the more than 80% of people within the Elim catchment area who currently shop in other cities, will soon enjoy shopping convenience on their doorstep.

A new community shopping centre, Elim Mall, will bring comprehensive, targeted convenience and fashion shopping to the residents of Elim in the Limpopo province. The new mall, being developed by Twin City Development, is ideally located on the bustling intersection of the R578 and Levubu main roads – the cross roads to Louis Trichardt, Giyani and Levubu. Situated across the road from Elim Hospital, the mall will take centre stage in the area in which all commercial activity in Elim and surrounding areas is currently focused.

Featuring 18 627m2 of gross lettable area (GLA) of retail space, the R202 million Elim Mall will be anchored by a 3 500m2 Shoprite store and a 2 300m2 Boxer store. The first phase, set to open in April 2013, will feature around 50 stores. The mall will also offer 884 parking bays, a new taxi rank with 72 bays serving over 110 taxis, as well as a bus drop off and collection area and will provide easy access for local commuters. In addition, the development will encompass a well-positioned Engen service station as well as a KFC Drive-Thru. The acquisition of adjacent land by Twin City enables it to extend the centre up to 45 000m2 GLA to satisfy future retail demand.

"Drawing on its expertise and experience as the market leader in the commercial property finance industry, Nedbank Corporate Property Finance tailored a custom-made finance deal for Twin City Developments, enabling the company to proceed with this exciting new development," says Ken Reynolds, regional executive: Nedbank Corporate Property Finance, Gauteng. "Twin City Development pioneered retail in previously disadvantaged townships and has achieved unrivalled success. They are well-respected in the industry for their ability to deliver projects of this magnitude and we are pleased to be their finance partner of choice for this development. We believe that Elim Mall, with its mix of market-matched retailers, will create a relevant and appealing retail option for Elim residents as well as others in the catchment area, and will be yet another successful development for Twin City Development and for Nedbank Corporate Property Finance as its finance partner."

Twin City Development owns retail developments such as Blue Haze Mall in Hazyview, Twin City Mall in Burgersfort and Twin City Mall Bushbuckridge. The impressive development team assembled for the Elim Mall project includes stalwarts in the local property development industry, including Matla QS & Project Managers, Leon Jacobs Architects (Pty) Ltd, KBK Engineers (Pty) Ltd, Pretocon, RPC Electrical, as well as Ikotwe Construction and Developlan. Retail Network Services is the appointed retail leasing company.    

"Nedbank Corporate Property Finance is proud to be part of this significant property development, which will extend the limited retail offerings currently available in Elim and thus keep retail spend in the town. This will contribute to ongoing job creation and to economic empowerment of the community. In addition to the jobs created for the ongoing operation of the mall, a centre of this size also generates many retail job opportunities. Given the superb location on a bustling intersection, with high traffic volumes and excellent exposure, and the strong development team, we believe that this development will bring a significant economic boost to the local community, benefitting and empowering all stakeholders involved," concludes Reynolds.