PROPERTY: Mall Of Africa An Enticing Retail Proposition at 90% Let
Recent Gauteng Business News
Atterbury Property’s giant, 131 000m² Mall of Africa development is already over 90% let, with construction on schedule and progressing apace ahead of its opening in April next year.
“Mall of Africa is Atterbury’s single largest and most ambitious development to date. As South Africa’s biggest single-phase shopping mall development, on completion it is set to be valued at R5 billion,” says Atterbury CEO, Louis van der Watt.
The new two-level mall forms the hub of the mixed-use Waterfall City in the heart of Midrand. With over 300 shops, the tenant mix for the super-regional Mall of Africa, will feature a substantial offering of South Africa’s most popular retailers with seven anchor tenants as well as a host of international fashion retailers.
Atterbury’s Mareli Vorster, who is responsible for leasing at Mall of Africa, says a number of possible tenants are still vying for space at the expansive mall. “The 90% leased figure is based on deals that have been signed and concluded,” says Vorster.
Cotton On, H and M, and Forever 21 will be opening flagship stores, with other international brands like Forever New, River Island, Mango, Tommy Hilfiger and Versace also on offer. A number of local brands – Foschini Group, Mr Price and Truworths - are also opting to make Mall of Africa home to their new flagship stores while anchors for the mall will include national favourites Woolworths, Edgars, Checkers and Game.
The diverse mix of local and international brands will also work in synergy with a number of independent boutique stores to round off a world-class, modern shopping experience.
Vorster says major retailers were quick to seize the opportunity, adding: “We have worked hard to ensure an exceptional shopping experience for customers which will attract discerning shoppers from all corners of the African continent, who will be spoilt for choice.”
Mall of Africa’s strong fashion component will be bolstered by a full complement of banks, cell phone and tech stores, an array of health and beauty outlets, home and décor stores, as well as a cinema complex. The mall will also feature a unique town square overlooking a park with an excellent mix of restaurants and fast food outlets to cater for every taste.
Earthworks on the mall began in October 2012 and construction is progressing on schedule says director of retail at Atterbury, Cobus van Heerden.
“The next step is enclosing the entire mall and work has now begun on installing the roof sheeting and skylights. Upon completion the Mall of Africa will boast generous mall widths, plenty of natural light and attractive high shop fronts, creating a unique look and feel different to anything currently on offer in South Africa,” says van Heerden.
Mall of Africa’s design incorporates as many green features as possible, from granite and rock dug up in the early stages of construction being utilised for the concrete structure, to a rainwater harvesting system for irrigation and a grey water system to supply water for the bathrooms. In addition, photovoltaic solar panels will be installed on the roof to supplement the power supply to the mall and roof lights will allow for the flow of natural light.
The centre’s interior will also pay homage to its African roots by taking inspiration from across the continent with the centre court as a nod the forests of central Africa and its four other courts representing the four points of a compass, each reflecting an aspect of life, trade and culture in Africa.
“The Mall of Africa is inspired by leading international trends in design elements and customer flow,” says van Heerden. “Working on a development of this size and scale is a once in a lifetime opportunity for all involved and the end result will be a new shopping experience unlike anywhere else, in which every detail of the centre caters towards understanding and delighting customers.”
The Mall of Africa is well positioned between Johannesburg and Pretoria with easy access to both sides of the N1 highway, with the first free-flow interchange of its size in Africa at the nearby Allandale Road exit. The new and improved road upgrades will ensure easy access and close proximity to the Gautrain Midrand Station.
The Mall of Africa is co-owned by Attacq Limited (80%) and Atterbury (20%).
Business News Sector Tags: Property|