PROPERTY: Here's Some More China Town
Recent Western Cape Business News
REDEFINE, SA’s second largest property company, will be earmarking a number of Cape Town projects as part of its R680 million plan for development projects in the next financial year.
One of the major re-developments sees Redefine continuing with its successful ‘China Town’ retail concept.
Last month Redefine announced it was embarking on a R77.5 million refurbishment of Shoprite Park in Parow.
Redefine group development manager Mike Ruttell says the Shoprite project, which commenced work last month, includes a refurbishment of the entire 33 352 sq m shopping centre and the establishment of a ‘China Town’ retail offering.
The China Town retail would comprise 62 Chinese shops, a refurbished Shoprite Super Store,
7 100 sq m of line shops, upgraded malls and a new facade to the building.
Redefine has already enjoyed some success in Cape Town with the China Town concept, which is aimed at increasing footfalls at retail precincts.
Earlier this year Redefine’s ailing Sable Square shopping centre experienced a turnaround following the successful implementation of a 6 000 sq m China Town concept. This increased foot traffic at the centre by up to 68% and boosted turnover of its existing tenants by an average of 35%.
The China Town concept was originally introduced by Redefine in 2009, when the company developed a shopping centre opposite the Ottery Hypermarket in Cape Town for retailers of mainly Chinese products.
Part of the R680 million upgrade also sees Redefine investing R32 million on Phase 2 of CTX Business Park in the Cape Town International Airport Industrial area.
Ruttell says the project, which has been under construction since February, consists of two new buildings with 11 units ranging in size from 325 sq m to 550 sq m. He says leasing on the development has already commenced, and the project is expected to be completed by November this year.
The upgrades are encouraging since Western Cape properties currently account for less than 20% of Redefine’s total portfolio. Although the bulk of Redefine’s R680 million is a R336 million new distribution centre in Isando, Gauteng, CBN is pleased to report that it is at least being undertaken for a Cape Town based client in the form of Pepkor retail.
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