KZN's Bridge City Mall 80% let

KZN's Bridge City Mall 80% let
2009/03/31

Bridge City Mall, part of a major new precinct rising up in the underserviced Inanda, Ntuzuma and KwaMashu (INK) district of KwaZulu Natal, is more than 80% let.

Major tenants include Woolworths, Edcon, Shoprite and Spar.

The R740m two level shopping centre, covering 40,000sqm of lettable space in the mixed-use precinct that will serve the needs of residents in the INK area, northwest of Durban, is due to open on 29 October this year. Construction is more than 51% complete.

The contract for the purchase of the mall was negotiated six months ago by Advent Asset Management on behalf of Futuregrowth's Community Property Fund (CPF). The CPF will acquire the property once construction is complete. It is a major addition to the CPF's existing portfolio of 25 shopping centers in underserviced township and rural areas and ranks as the third largest asset in the portfolio in terms of lettable area.

The 650,000sq m precinct will include residential apartments, government and commercial offices, a 400-bed provincial hospital, regional magistrates court, and an integrated transport hub and is expected to be the catalyst for the development and integration of communities in the northern region of the eThekwini Municipality.

James Howard, a fund manager at Futuregrowth Asset Management, said: "We are delighted with progress on the development which remains on track for the scheduled trading date of 29 October 2009."

The mall would be the largest shopping centre in the immediate area.

The shopping centre, which comprises 150 retail spaces, will include outlets for the country's biggest banks.

The eThekwini Municipality has committed more than R90m to build a regional bus and taxi rank adjacent to the mall. A railway link to the major metropolitan areas of KZN is currently being established with a station situated on a level below the shopping centre by the South African Rail Commuter Corporation (SARCC) at a cost of R550m.

The SARCC has agreed a turnkey development solution regarding the construction and design of the station to be completed by October. The station rail link is currently at the design stage and environmental impact assessment (EIA) has been commissioned for the 4km rail link. The rail system is due to start operating in the third quarter of 2011.

Construction will start on the R700m Dr Pixley Ka Seme Hospital in September this year for commissioning in September 2011. Construction on a regional magistrates court is due to commence in August and the Ethekwini municipality bus and taxi rank next month with a targeted opening date of 1 October.

For more information contact Gary Goliath on 021 658 3920.

Property24 - 02 Jul 2009