PROPERTY: R260m For Centre Point Centre
Recent Western Cape Business News
The Public Investment Corporation Real Estate Managers (PIC REAM) has earmarked R260 million for a total overhaul of the well-known Centre Point Shopping Centre in Milnerton. PIC REAM is a division of PIC, a large shareholder in many of South Africa’s leading retail destinations, and manages Centre Point. The redevelopment will not only enhance this shopping centre, but should also boost investment in the surrounding areas. Construction is expected to commence in January 2012, with doors opening to consumers by October 2013.
Situated on a main thoroughfare and easily accessible via Koeberg Road, a major traffic route along the West Coast, the Centre Point Shopping Centre in Milnerton’s CBD has always been popular with people who work or live in the surrounding areas.
Now, with plans for redevelopment nearing completion, this shopping centre is set to completely change the face of the Milnerton CBD and become a convenient and secure retail destination for communities such as Koeberg, Milnerton, Wood Bridge Island, Sunset Beach, Table View and Canal Walk. Not only will the shopping centre generate new business and create much needed employment opportunities in itself, but it should also trigger further investment in the area to keep pace with residential developments in and around this beautiful and popular seaside suburb.
Zane De Decker, asset manager for PIC, is positive about the potential of this centre. “Centre Point is a true diamond in the rough. The site is extremely well located and has been earmarked for possible development since its acquisition in 2007.”
To ensure the future success of Centre Point, PIC appointed Lazercor Developments in July 2009 to conduct an investigation into the redevelopment of this shopping centre. After extensive analysis of the condition of the current building, the decision was made to demolish the existing structure and to rebuild it from the ground up. Although this would have severe cost implications, the owners of this new landmark building considered it a worthwhile investment in the community.
Plans for redeveloping the centre include three levels of secure, covered basement parking with internal access to the mall, plus two floors of retail outlets such as Pick ‘n Pay, Clicks, a food hall, full banking lobby, clothing shops, and a range of restaurants overlooking Table Bay, with postcard views of Table Mountain. The gross lettable area (GLA) for retail outlets will total 10 000m2, ensuring enough space for an extensive and diverse range of stores that would attract shoppers of all ages and interests.
In addition, the new Centre Point Shopping Centre has been designed to accommodate an apartment block on the Western edge (to be developed at a later stage), offering 60 apartments with 360o views of Table Mountain and Table Bay. Not only will these apartments be located in close proximity to all retail outlets in the centre, but also to the Milnerton golf course and some of the best windsurfing and kite surfing beaches in the world.
De Decker explains, “This mixed-use development will improve the retail offering in the Milnerton CBD significantly, and act as a catalyst for further urban renewal along Koeberg Road. We are basically aiming to create a convenience centre that will appeal to consumers in the greater Milnerton area, and serve as a lifestyle hub where both residential and retail space can be found under one roof. "
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