The Public Investment Corporation Real Estate Managers (PIC REAM) has earmarked R260 million for a total overhaul of the well-known Centre Point Shopping Centre in Milnerton.
The redevelopment of the Centre Point Shopping Centre is expected to boost investment in the surrounding areas with construction due to start in January 2012.
The redevelopment will enhance the shopping centre and should also boost investment in the surrounding areas. Construction is expected to commence in January 2012, with doors opening to consumers by October 2013.
The centre is set to completely change the face of the Milnerton CBD and become a convenient and secure retail destination for communities such as Koeberg, Milnerton, Wood Bridge Island, Sunset Beach, Table View and Canal Walk. Not only is the shopping centre expected to generate new business and create much needed employment opportunities, but it should also trigger further investment in the area to keep pace with residential developments in and around this popular seaside suburb.
Zane De Decker, asset manager for PIC, is positive about its potential. He says the site is extremely well located and has been earmarked for possible development since its acquisition in 2007.
To ensure the future success of Centre Point, PIC appointed Lazercor Developments in July 2009 to conduct an investigation into the redevelopment. After extensive analysis of the condition of the current building, the decision was made to demolish the existing structure and to rebuild it from the ground up. Although this would have severe cost implications, the owners of this new landmark building considered it a worthwhile investment in the community.
Plans for redeveloping the centre include three levels of secure, covered basement parking with internal access to the mall, plus two floors of retail outlets such as Pick n Pay, Clicks, a food hall, full banking lobby, clothing shops, and a range of restaurants overlooking Table Bay, with postcard views of Table Mountain. The gross lettable area (GLA) for retail outlets will total 10 000sqm, ensuring enough space for an extensive and diverse range of stores.
In addition, the new Centre Point Shopping Centre has been designed to accommodate an apartment block on the Western edge to be developed at a later stage. This will offer 60 apartments with 360degree views of Table Mountain and Table Bay.
This mixed-use development, says De Decker, will improve the retail offering in the Milnerton CBD significantly, and act as a catalyst for further urban renewal along Koeberg Road. “We are basically aiming to create a convenience centre that will appeal to consumers in the greater Milnerton area, and serve as a lifestyle hub where both residential and retail space can be found under one roof. “
The new building has been designed in a contemporary style, with natural colours and clean architectural lines based on a nautical context.
The proposed redevelopment allows for greener principles to be applied including passive ventilation of service passages, south-facing glazing, naturally ventilated parking – and will promote greater awareness of energy use among both consumers and tenants.
According to De Decker, potential tenants are very positive about the redevelopment of the Centre Point Shopping Centre and see the transformation as extremely promising for both their businesses and the surrounding areas. “We are confident that the new shopping centre will be very popular among shoppers and retailers alike”.
For more information contact the leasing agent, Andre Bauermeister, from Newton Commercial Properties on 083 756 0729.
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