SA Retail - R77 Million revamp of Durban centre bo
SRL
SRL
SA Retail - R77 Million revamp of Durban centre boosts SA Retail portfolio
S A RETAIL PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/025764/06)
(JSE Code: SRL & ISIN Code: ZAE000034328)
("SA Retail" or "the Company")
A R77 million redevelopment by SA Retail Properties Ltd of the Bluff Shopping
Centre in Durban is nearing completion and is set for launch in November 2006.
An initial yield of 10,1% on capital invested on the extension of the 23-year-
old centre is expected, says Peter Sparks, SA Retail"s managing director. The
project forms part of a R340 million development programme by SA Retail to build
new shopping centres and upgrade existing investments in the portfolio.
Sparks says the tenant mix of leading national chains and established local
business will make the centre a prime shopping destination and dominant within
the catchment area.
"National operators have shown their confidence in the redevelopment by
committing to new or bigger stores, extended leases and higher rentals," he
says. "The centre now has a successful Checkers, a new Woolworths textiles and
food store, a bigger Edgars, the first Jet store on the Bluff and a Mr Price
Home."
"Income and capital growth has been secured by extending the building and
revamping the centre. The lettable area has been increased by more than 7 000m2
to 19 215m2 through a major re-design of the centre. Parking facilities have
been improved by adding a roof deck and semi-basement bays, as well as a lift
for better access. The internal malls and shops have been upgraded."
The recent R340 million investment programme by SA Retail includes the R65,5
million acquisition of Willow Way Shopping Centre, a dominant convenience centre
in Lynwood, Pretoria; the R43 million acquisition of Dube Village Mall in
KwaMashu, Durban; the opening of Umlazi Mega City, a R165 million joint
development in Durban with Martprop; and the purchase of Hubyeni Shopping
Centre, now under construction at Elim, Limpopo, for R86 million.
09 October 2006
Date: 09/10/2006 02:05:05 PM Produced by the JSE SENS Department
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