Exciting new centre rising in July
After years of negotiations, the construction of a state-of-the-art 30 000-square metre shopping centre next to the R40 is expected to commence soon.
Fortress Income Limited, one of the main developers, said the relocation of some services like the overhead electrical supply and the main waterline running through the property, is currently underway. Fortress is a fund which focuses on development of prime logistic warehousing, retail centres and strategic offshore investments.
“We expect the bulk earthworks to start in July,” said the company’s Mr Bevan Williams. This is the first phase of two, and the development, once done, is expected to have a gross lettable area of more than 30 000 square metres.
The planned opening of the first phase of the centre, which will be around 10 000 square metres in size, is scheduled for the fourth quarter of next year, but is subject to change. Rumor has it that Woolworths and Checkers will be among the anchor tenants, but Williams could not reveal anything before these tenants are entirely committed.
He did, however, say that the interest is far greater than expected, and they anticipate the total estimated size of the centre to increase. “In property development, one can never be wholly certain what’s around the corner. Some of the deals have been dawdling for two years, and we still only have verbal agreements with these tenants. As soon as we have contractual agreements, we will be able to reveal who they are,” said Williams. He told White River Post that residents will know in due time.
He added that to get the development under way was a hard nut to crack. “You need to let the market guide you,” he said, and added that it did not come without any challenges. “Only some of these challenges included the water and electricity rights of the property, which are incredibly difficult to secure, but only when we achieved that, the project could commence,” he said. Fortress Income Fund was also responsible for developments like Nelspruit Plaza.
03 Sep 2018
Author White River Post