The new R55m Baramall shopping mall was officially launched in Soweto on Wednesday.
The 9583m² shopping mall is situated on the Old Potchefstroom Road diagonally opposite Chris Hani Baragwanath Hospital in Diepkloof, Soweto.
Baramall is 55% owned by Nedbank and the Masingita Group, with the remaining 45% being held by developer Landmark Real Estate, which conceived the development and let the space.
"We took a stake in Baramall early last year and have been involved in funding other significant retail property deals in Soweto, such as JabulaniMall. The launch of this development today is the realisation of a long-term goal for us to be instrumental in the development of this dynamic suburb," said Ken Reynolds, Divisional Director for the Gauteng division of Nedbank Corporate Property Finance.
The centre is fully let and anchor tenants include Shoprite, OK Furnishers, Jet Stores, PEP Stores, Diskom and Dunns, while financial institutions include ABSA, African Bank, FNB and Standard Bank. Franchise stores such as Steers/Debonairs, Chicken Licken and Fishaways are represented in the centre.
Of the 47 stores, 65% are national tenants, 7.5% are franchises and 27.57% are independents. I-Net Bridge