06 Feb 2013
Consumers in the rural village of Moletlane, Zebediela in the Limpopo Province are set to benefit from a conveniently-located new shopping precinct following the recent announcement by Nedbank Corporate Property Finance that it has financed and taken an equity stake in the 15 016 square metre Zebediela Plaza.
Located on the R519 between Roedtan and Zebediela, Zebediela Plaza is the brainchild of Masingita Property Investment Holdings (MPIH), which already holds a significant retail portfolio that includes Masingita Mall in Giyani, Jabulani Mall in Soweto, and the recently completed Protea Glen Mall, also in Soweto.
According to Ken Reynolds, regional executive of Nedbank Corporate Property Finance in Gauteng, the decision by Nedbank to finance and invest in the development was a relatively easy one to make given the excellent location of the proposed centre and the proven strength and historical success of the development team which, in addition to MPIH, includes Vlaming Construction, ICS, and LPA Architects.
“The proposed site for the retail development, with its high visibility and easy access to commuters, will undoubtedly see Zebediela Plaza become a major shopping destination for the vast majority of consumers in the area.”
Reynolds says the tenant selection has been designed to cater for the specific needs of the people in the surrounding areas, and this aligns the vision of Zebediela Plaza with the commitment of Nedbank Corporate Property Finance to fund sustainable developments that promote rural economic development and growth by benefiting communities.
He says this concept of community support was a key driver in Nedbank’s decision to involve itself in the project, as the bank firmly believes that the construction of Zebediela Plaza will add significant value to the lives of residents of the area.
Reynolds points out that the closest formal retail centre to the site where the Plaza will be located is in Lebowakgomo, some 27 kilometres away, which means that the people of Mokopane and surrounds currently have to undertake a round trip journey of over 50km to do their basic shopping.
These long distances can add significantly to the living costs of individuals and communities in the area – the vast majority of who fall within the lower income brackets of the economy – which is why Nedbank believes that the development of a convenient and affordable local shopping precinct will add value to their lives, he explains.
“The viability and value of the retail development is further enhanced by the fact that the town planners have already approved plans for the construction of approximately 400 new residential dwellings in the immediate vicinity of Zebediela Plaza during 2013 and 2014.”
Construction on Zebediela Plaza is scheduled for completion November 2013.
Meanwhile, on 4 February Investec Property celebrated the breaking ground at the site of a new shopping centre in Mayfield, Daveyton Gauteng with a sod-turning ceremony.
Ekurhuleni Executive Mayor, Counsellor Mondli Gungubele, attended the event to mark the start of the building process.
The 25 000 square metre retail development, to be known as Mayfield Square, will be substantially larger than any other retail offering in Daveyton and will service the surrounding suburbs and Benoni.
Mayfield Square will be anchored by Pick n Pay and Shoprite.
Other tenants include the Edcon Group, Truworths Group, Foschini Group, Ackermans, Pep, Morkels, Clicks, Barnetts and Ellerines, with Nedbank, Capitec Bank and African Bank also represented. A centrally located food court will connect the main shopping and recreational areas.
Darryl Mayers, head of Investec Property’s retail division, says Investec Property continues to focus on connecting communities to major retailers in areas where there is strong demand from both the community and retailers.
“We are grateful to Mogadi Properties, the joint leasing agents with Investec Property, who organised the sod-turning ceremony and engaged with all the local businesses to provide catering and other services to ensure the event was a success.”
The Ekurhuleni Municipality was instrumental in assisting Investec Property to get the project off the ground.
Other dignitaries from the Ekurhuleni Municipality who attended the event include the HOD of Planning and Economic Development, Oupa Nkaone and Director Ivan Kudungure.
Investec Property expects the centre to be open for trading in 2014.
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