12 Jan 2009
Senior funding of R160m has been provided for the purchase of two retail shopping centres in Phuthaditjhaba in the Free State.
The newly developed The Crescent Shopping Centre, measuring approximately 18,367sqm, is located in Phuthaditjhaba, 60km outside Harrismith in the Free State. The centre is adjacent to the existing Setsing Plaza Shopping Centre. The new centre complements the existing Setsing Plaza, but offers a superior shopping experience.
The Crescent's tenants include PEP, Woolworths, Superspar, Ackermans, Milady's, Truworths, Identity, Woolworths, Markhams and Nedbank. The balance of the centre is made up of a number of local traders, which form an integral part of the centre.
The older Setsing Plaza Shopping Centre has been expanded over time to cater for the increasing demand for more stores as the population has grown. It comprises a gross lettable area of 25,963sqm, and includes tenants such as Edgars, Mr Price, Ackermans, Shoprite Checkers, King Pie, Pep, Capitec, Bradlows, Joshua Doore and KFC. The balance of the centre is also made up of a number of local traders, and a substantial refurbishment of the centre is scheduled for 2009.
Brian Roberts, divisional director for the Gauteng division of Nedbank Corporate Property Finance, said the deal was favourable due to the centres' excellent location and resulting scope for growth. "The centres form a substantive part of the Phuthaditjhaba CBD, with a main taxi rank and bus terminus in immediate proximity. Based on this, they enjoy very high volumes of pedestrian and vehicular traffic. This, combined with the fact that there are no comparable shopping nodes in the area, indicates that these particular retail centres can only go from strength to strength."
Phuthaditjhaba, which was the capital of the former Qwaqwa homeland, serves as a regional node for the approximately 800,000 people living there. The town has a large industrial area and hosts provincial, district and local municipalities.
For more information contact Brian Roberts on 011 295 9909.
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