The East Coast Mall, which will initially offer 50,000m² of space with opportunities to expand by another 20,000m², is being developed in a joint venture by Investec Property Group and Cape Town-based Thynk Property Partners.
Growthpoint, managed by Investec Property Group, will buy a majority stake in the centre with an option to buy the balance within two years of completion.
Investec Property Group director Ronnie Sevitz says the mall will be just off the Diamond Interchange, about 3km from the Beacon Bay Retail Park, which was developed by the Investec Property Group and is owned by Growthpoint Properties.
"The offering at Gonubie is a two-level closed mall. We will have cinemas and most of the major fashion retailers." Its tenant mix and layout will be unlike that of Beacon Bay Retail Park.
Sevitz says there is huge demand for retail space from national retailers.
"East London is booming and the growth is phenomenal. Just around the centre ? there are applications to build 4,000 residential units, and there is space for more."
The aim is to start earthworks at the mall site this year, and open the shopping mall in September or October 2008.
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