BUILDING: Liberty's R300m Plan For Mitchells Plain
Recent Western Cape Business News
Liberty Properties is going ahead with its expansion and refurbishment project at the Liberty Promenade. The investment, which is in excess of R300 million, will entrench its status as the shopping centre of choice in the Mitchells Plain and Khayelitsha area.
‘The addition of some 24, 000 m² will make Liberty Promenade the biggest shopping centre in a previously disadvantaged area in South Africa. The investment demonstrates our commitment to helping to build South Africa’, says Caswell Rampheri, Managing Director – Liberty Property Development.
Rampheri reports that the growth of the centre has been phenomenal since Liberty acquired the property in 2004, resulting in pressing demand for additional space from major national tenants as well as numerous requests for space from prospective retailers.
‘Our investment strategy was also boosted by market research conducted within the community’, Rampheri continues. ‘Feedback indicated a significant need for enhanced entertainment facilities. The expansion of a new entertainment wing - including Ster Kinekor cinemas, new stores and additional ‘meet, greet & eat’ facilities - will satisfy this demand.’
A 5,500 m² extension to Pick ‘n Pay will turn this store into a Pick ‘n Pay Hyper, making it one of their largest stores in the Western Cape area.
To further meet the requirements of the local community, small business traders will be able to sell their wares from purpose built units in the vicinity of the main entrance. A covered walkway will protect taxi commuters visiting the centre and a new sophisticated surveillance system will ensure greater security.
Rampheri concludes, ‘The Liberty Promenade expansion project represents more than the creation of a landmark retail development. We want this mall to be considered a centre of goodwill for the local people. Our expansion plans demonstrate our commitment to bolster further development in the area, be it entrepreneurship or job creation. It will be a requirement of the tender process for all major contractors to include local suppliers in the project wherever possible’.
Core building work is scheduled to begin in April 2009 with the project planned for completion in the last quarter of 2010.
Liberty Promenade is owned by Liberty Properties and the development will be managed by Liberty Property Development.
Liberty Properties (Pty) Ltd is a division of Liberty Holdings Limited with focus on property development, property management and asset management.
The business services Liberty Holdings and has – since late 2007- diversified into servicing third party organisations. Liberty Property Development (Pty) Ltd and Liberty Property Management (Pty) Ltd were established under Liberty Group Properties for this purpose.
Its portfolio, which includes commercial, retail and hotel property – over 1,3 million sqm in size - is in excess of R18 billion of which more than R15.4 billion is directly attributed to Liberty. Ten key investments, which include seven regional shopping centre icons, such as Eastgate Shopping Centre, Sandton City Shopping Centre and the Liberty Midlands Mall in Pietermaritzburg, make up almost 80% of the portfolio by value.
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