Ambitious strategy to launch eight shopping centres

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Consumers are gearing up for a hearty spending spree when eight of Atterbury’s ambitious retail projects come to fruition in 2014. File Photo: West Hills Mall in Ghana. Consumers are gearing up for a hearty spending spree when eight of Atterbury’s ambitious retail projects come to fruition in 2014. File Photo: West Hills Mall in Ghana.

Consumers are gearing up for a hearty spending spree when eight of Atterbury’s ambitious retail projects in South Africa, Namibia and Ghana come to fruition in 2014.

According to Nedbank Corporate Property regional executive, Ken Reynolds, the retail property sector has recently come to the fore as a somewhat unlikely champion in helping the overall property market retain its reputation as one of the country’s key economic drivers despite subdued economic growth.

In that vein, Atterbury on Tuesday said it will launch eight new shopping centres in South Africa, Namibia and Ghana over the next eight months, before the end of October 2014.

Atterbury Property Developments MD, James Ehlers says opening eight shopping centres in less than a year is no easy feat.

"Our team is up to the task. Many of these projects have been planned over several years to create quality assets for Atterbury and our partners,” he said.

The first to open, on 10 April 2014, was Waterfall Corner located at the main intersection of Kyalami Road and Maxwell Drive, a neighbourhood convenience centre in the landmark Waterfall Business Estate in Gauteng. Atterbury owns 14.1% of Attacq Waterfall Investment Company, the company that holds the development rights for the prestigious Waterfall Business Estate, and Attacq holds 85.9%.

On 24 April 2014 Atterbury opened The Club Shopping Centre in Hazelwood, Pretoria. Atterbury’s full redevelopment of The Club began in January 2013, and is creating a contemporary, upscale 6,788sqm retail and leisure destination. The shopping centre is part of the mixed-use node a stone’s throw away from Pretoria Country Club.

Then, on 28 June 2014, Waterfall Lifestyle Centre will open across from Waterfall Corner. Currently under development, this conveniently located centre will feature a brand-new Virgin Active gym.

September and October 2014 are going to be a busy months for Atterbury, both in South Africa and further afield. It is scheduled to open five shopping centres during these months.

Locally, it will open Newtown Junction and Bela Mall, and launch the upgrade and expansion of Flamwood Walk and Value Centre in October 2014.

Newtown Junction is located on 2,82ha of land in the heart of Johannesburg’s Newtown between the Market Theatre and Carr Street right next to the M1 Motorway. It comprises a 35,000sqm shopping centre, 40,000sqm offices, a gym and four levels of basement parking providing 2,400 bays.

Atterbury’s new Bela Mall will bring top shopping and dining to the town of Bela-Bela (formerly Warmbaths) in Limpopo when it opens on 23 October 2014. The 17,800sqm Bela Mall convenience shopping centre is on a prime site on the R101, near the N1 highway to Polokwane.

In Klerksdorp, Atterbury is completing the development of the upgrade and expansion of Flamwood Walk, which commenced in September 2013 in conjunction with Diggers Development Company and Fortress Income Fund. This project is growing the development to around 25,000sqm, which comprises Flamwood Walk measuring 20,000sqm and Flamwood Value Centre of 5,000sqm.

In Namibia, Atterbury will open The Grove, Mall of Namibia which it is developing in conjunction with the Frontier Property Trust and Demushuwa Developers. The mall constitutes the largest commercial property investment ever within Namibia. The 55,000sqm mall is situated within the Hilltop mixed-use development, next to Metro and Food Lovers Market, which enjoys excellent access and is in Windhoek’s fastest growing node Kleine Kuppe.

And, in Ghana, Atterbury Africa, which is jointly held by Attacq, Atterbury and Hyprop, will open West Hills Mall in the country’s capital Accra. At 27,700sqm West Hills Mall will become the largest single-phase modern shopping centre in the city. This is Atterbury’s second large venture in Ghana, the first one being the purchase and subsequent redevelopment and upgrade of the highly successful Accra Mall.

Atterbury began construction of the mall in December 2012, in conjunction with the Social Security National Insurance Trust of Ghana (SSNIT).

While these eight malls are being completed in 2014, construction on the Mall of Africa, in the heart of Waterfall is also in full swing. This 130,000sqm mega-mall, comprising some 300 stores, is the largest single-phase mall yet to be constructed in South Africa. The Mall of Africa is due to open in April 2016.

Office property sector in SA struggled with high vacancies last year. According to research by the Investment Property Databank, last year retail properties earned a total return of 16.8%. Offices underperformed, managing a 13.6% total return.

Read more on:

Retail Property  |  Listed Property / REITs  |  Hyprop Investments  |  Fortress REIT Limited  |  Atterbury Property Group  |  Ghana Property Market  |  James Ehlers  |  Namibia Property Market  |  West Hills Mall  |  Waterfall Corner Retail Centre  |  Attacq Limited  |  The Club Shopping Centre  |  Frontier Property Trust  |  Demushuwa Developers  |  Diggers Development (Pty) Ltd