DEVELOPMENT: Nedbank's R70m Loan For Philippi Plaza
Recent Western Cape Business News
The community of Philippi in the southern suburbs of Cape Town will soon enjoy access to its own conveniently located shopping centre as a result of the recent approval of a R70 million loan facility by Nedbank Corporate Property Finance: Cape.
The loan, granted to Silver Bird Investments, will finance the final stage of development of Philippi Plaza, the first retail and commercial offering of its type in the immediate Philippi area, which is scheduled for completion at the end of October this year.
According to Richard Thomas, Regional Executive Nedbank Corporate Property Finance: Cape, the approval of the loan facility not only demonstrates Nedbank’s continued focus on supporting the growth and development of South Africa’s retail sector, but also its commitment to sustainable urban renewal that delivers tangible benefits to individuals and communities.
“Retail development is an essential component in effective urban renewal particularly in previously underserviced areas,” explains Thomas, “so through its support of Philippi Plaza, Nedbank Corporate Property Finance is not merely helping to finance a property development, it is effectively investing in the lifestyle enhancement of the families and communities that comprise this vital region of the Western Cape.”
According to Thomas, this opportunity to participate in community upliftment made the decision to provide the R70 million finance facility a relatively easy one for Nedbank Corporate Property Finance, particularly given the proven history of success of the development team, the quality and number of tenants already secured and the personal investment of over R30 million by the borrower.
The development arm of the reputable Interland Group Silver Bird Investments, under the leadership of owners Eugene and Lola Clark, boasts more than 30 years of commercial, retail and residential property development success. “The fact that the company has already invested so much of its own capital to get the development to this point and secure a number of highly recognised anchor tenants, speaks volumes about the confidence it has in Philippi Plaza’s long-term potential,” adds Thomas.
Thomas also points to the fact that approximately 90% of the 11 630 square metres of retail and commercial space available at Philippi Plaza has already been pre-let, four months before its official opening, as further evidence of the clear need that exists for such a centre in the area.
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