PROPERTY: Rabie To Manage Rosmead Centre
Recent Western Cape Business News
Rabie Property Administrators (RPA) has acquired the management contract for the Rosmead Shopping Centre in Kenilworth bringing their portfolio under management to more than R3,8billion and a total GLA of just under 300 000 square metres.
The convenience centre in Rosmead Avenue comprises around 3800 square metres of retail space and 2000 square metres of offices. It is anchored by a 2700 square metre Spar, with most of the line shops comprising food outlets including Primi Piatti, Nandos, Steers and a Chinese takeaway.
Leigh Metcalf, a director of RPA, said the shopping centre was recently sold by the Louis Group to a private consortium which had appointed them to manage the retail and office components.
“The Medical Clinic portion of the development was sold last year by the previous owners to a consortium of doctors and is excluded from the current deal although RPA manages the sectional title body corporate as well,’’ she said.
She said the 19 year old centre, which was enjoying strong support from the local community, was set to undergo a facelift in the short to medium term.
“Initially work will be concentrated on upgrading the parking and landscaping of the verge but the building will also be getting a revamp in due course and there are also plans to install perimeter fencing.”
The retail component of Rosmead Shopping Centre is fully let and the only office space available to let is 65 square metres at a rate of R100 per square metre.
“The centre trades very strongly and there is a waiting list of tenants for the retail component, “ said Metcalf.”
She added that Rosmead Shopping Centre brought to seven the number of shopping centres that RPA now manages.
“The vacancy in the retail portfolio, which also includes West Coast Village Shopping Centre, Ceres Square, Palmyra Junction in Claremont, the newly redeveloped Tokai on Main Shopping Centre, Cambridge Shopping Centre and Eden on The Bay in Big Bay, Blaauwbergstrand, is less than 1%.”
Metcalf said RPA had grown substantially in recent years and the key to their success had been the personalised, dedicated service their small, hands-on team was able to offer clients.
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