PROPERTY: Palmyra Shopping Centre On Track
Recent Western Cape Business News
Construction of Palmyra Junction, a new mixed use development in Claremont comprising a neighbourhood shopping centre and studios, is on track for completion in November this year.
Situated on Palmyra Road, one of the southern suburbs main schools runs, Palmyra Junction will be anchored by a 1200 square metre Woolies foodstore – one of their largest standalone food stores in the Western Cape - and 18 other handpicked retail tenants.
With a gross lettable area of 2200 square metres, Palmyra Junction is being developed at a cost of R50m by the Rabie Property Group on behalf of Insight and in response to strong market demand. The centre, which will have 24 hour controlled access and CCTV coverage, will enjoy plentiful parking with no less than 150 dedicated parking bays being provided on site.
Rabie director Colin Anderson says Palmyra Junction was set to change shopping habits in the Southern Suburbs and thanked residents in the area for their patience during construction, the worst of which he said was now over.
“We have had an overwhelming response from the community with many residents in the area, particularly moms doing the school run, coming forward with their wishlist of shops they would like to see in the centre. It has been quite extraordinary and is indicative of how successful the centre will be,” he said.
Anderson said it had taken eight years to assemble the site and get the necessary development rights in place.
“The Claremont area is under shopped in terms of convenience shopping as there simply have not been suitable, large enough sites available for development. The existing shopping facilities in the area have thus been limited to strip shops or small redevelopments which all have parking limitations so Palmyra Junction will really have a competitive advantage in that it will be able to provide both convenience and destinational shopping.”
Anderson said they were in the process of concluding leases for about 85% of the space.
Tenants confirmed to date includea flagship store for Knead Bakery, Vida e, Tosca hair and beauty salon, Vet & Pet supply store and Joubert & Monty’s. Leases have also been signed with clothing boutiques and a gift shop with negotiations underway with restaurants, fast food outlets, an artshop, a bookstore, a dry cleaners and a healthcare shop among others.
Ten studios are also being built above the shops providing potential work from home opportunities.
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