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SRL
SRL
S A Retail Properties Limited - Shopping Comes To Umlazi
S A RETAIL PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/025764/06)
(JSE Code: SRL & ISIN Code: ZAE000034328)
SHOPPING COMES TO UMLAZI
Umlazi Mega City is breathing new life into the densely populated area inland
from Durban International Airport, by providing much-needed shopping facilities,
entertainment and services for 610 000 residents.
The R155 million Umlazi Mega City was opened last week by eThekwini mayor Obed
Mlaba at a highly successful function attended by Umlazi city councillors and
community members.
Retailers are already trading extremely well says Peter Sparks, managing
director of SA Retail Properties which co-owns the development with Martprop
Property Fund, both in the Marriott stable. He says the development is fully
let with a waiting list of tenants. There has been strong support from national
retailers which occupy about 70% of the space.
Annual potential spending by consumers in the area is well over R400 million. He
says there is more development to come with work starting in the middle of the
year on an additional freestanding 4000sqm retail outlet for Hirsch, and
building has started on a 2500sqm freestanding outlet for a Nissan dealership.
Anchor tenants at the shopping mall are a substantial 3000sqm SuperSpar and a
2500sqm Woolworths Foods and Textiles. Fashion is represented by national
tenants Jet, Mr Price, Ackermans, Pep and Dunns, and local regional outlets.
There is also an array of food chains such as Wimpy, Nandos, Debonairs, KFC and
Chicken Licken, and music outlets. The value centre comprises furniture and
hardware retailers.
The service centre component is occupied by municipal services where people can
pay water, electricity and rates bills, and deal with pension and education
issues. Standard Bank and Nedbank also occupy this area and provision has been
made for medical suites. There will be a service station on Mangosutho Highway,
and a taxi rank area and offices. A motor city element includes showrooms and
spares outlets. The letting and management of the centre is being handled by the
specialist company Marriott Corporate Property.
Umlazi Mega City got under way when a 40-year lease was signed by Mark II
Project Managers with Transnet for the 14 ha site at the gateway to Umlazi, and
the contractor Grinaker-LTA completed the 30000sqm centre in time for the
official opening.
Developer Mark Johnson of Mark II Project Managers says Umlazi Mega City has the
enthusiastic support of city leaders, and Umlazi community leaders. It provides
work and new opportunities for 1800 people. "The one-stop centre is smart and
upmarket in a comfortable and secure environment, and has just about everything
found in Durban"s major shopping centres such as the Pavilion or Sanlam Centre.
It will ignite Umlazi."
An old stadium on the site lends itself to renovation and the introduction for
sports and entertainment facilities including a large cinema or theatre for
plays.
Umlazi Mega City has been given high priority by eThekwini Municipality, and is
rated in importance alongside Durban"s International Convention Centre and
Ushaka Marine World. "It increases choices and enhances the quality of life for
Umlazi and Lamontville residents", says mayor Mlaba. Previously residents had no
significant retail facilities and had to shop for groceries in nearby Prospecton
and Isipingo, or take the long trip to the Durban CBD for clothing shopping
mainly.
7 April 2006
Date: 07/04/2006 11:10:14 AM Produced by the JSE SENS Department
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