Retail Property to Let2017-04-11
More Shopping Centre Offerings in the Planning for South Africa’s Growing Urban Population
Large malls have become very popular over the years. In 1994 there were no more than 37 malls in the size range of 30 000 square metres and more. Within ten years, the number has grown to over 155, with no shortage of retail property to let in the urban areas. Johannesburg, Sandton, Midrand and Pretoria continue to be the hotspots for shopping in Gauteng.
With over 23 million square metres of retail GLA, South Africa is under the top seven countries in terms of shopping space. Retail is expected to grow tremendously over the next 14 years with another 2 000 000m2 of retail property space already in the planning phase. Retail sales growth was registered at 3,3% for the first five months of this year, while the South African economy also showed substantial cumulative growth over the past decade with a total of over 79% cumulative GDP growth in the period. Ongoing urbanisation is one of the main reasons for the growth in the number of retail properties offered. South Africa already boasts a 64% urbanisation figure, which is expected to grow with about another three percentage points in the years leading up to 2030.
The majority of shopping centres are located in Gauteng, followed by the Western Cape and KwaZulu-Natal. Rural areas are still under-serviced with around 290 centres. However, the number is increasing to cater to shopping needs of people living in townships far from the main retail shopping areas. Although new retail property to let is in abundance, the vacancy rate in the existing centres is relatively low compared to office property vacancies.
Some of the shopping centres forming part of Redefine’s portfolio of retail property to let in Gauteng are briefly introduced below.
The Boulders Midrand
Featuring 108 retail stores with a tenant mix that ranges from electronics to clothing suppliers, beauticians, medical practitioners and grocery stores, this mall, located in the heart of Midrand, boasts stable anchor tenants that include Pick ‘n Pay and Game. With free open and covered parking available for over 1800 vehicles, 24-hour security and facilities for disabled customers, it has long been one of the popular shopping malls in Midrand.
A super regional mall with over 200 retail properties to let, Centurion Mall with its open-air character is known for its range of restaurants and proximity to the N1 highway, which is accessible from the John Vorster off-ramp. Being only 15 minutes’ drive from Pretoria, it is often frequented by consumers from the affluent Pretoria East area. The centre is in the process of being upgraded, which will bring its appearance and facilities in line with the latest mall design trends. Shoppers making use of the Gautrain as transport from Midrand and Pretoria and Sandton have easy access to the Gautrain buses, though the station is a short walking distance away. As a well-known and long-serving mall dating from 1983, the centre has over 6000 parking bays and a total of over 106 000m2 property to let accessible from no fewer than nine entrances. Anchor tenants include Checkers Hyper, Woolworths, Game, Pick ‘n Pay, and more. It covers three levels of stores catering to entertainment, dining, fashion, grocery, gift, electronics, and communication shopping needs.
Germiston CBD boasts this well-located commuter transport shopping centre covering a total GLA of 45 124 square meters within walking distance from the train station and taxi rank areas at 141 Victoria Street. It has a single-level design, which makes it easy for commuters to do convenience shopping on their way to and from work.
Bryanston Shopping Centre
Situated in the fast growing suburb of Bryanston, the smaller mall with around 40 retail stores to let is located at the corner of William Nicol Drive and Ballyclare Road. True to Redefine’s commitment to upgrade all the properties in our portfolio, the conveniently situated centre was recently refurbished to bring its look and feel in line with the 21st century designs.
Retailers looking to cater to the convenience end of shopping will appreciate the excellent mix of retail stores to let at the above and other malls in the Redefine property offering.