PROPERTY: New Shopping Centre in Newcastle
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Comments Kevin Buchler, MD of Kevin Buchler and Associates, project leader for Meadowlands Crossing shopping centre: “With a total residential component comprising 3 800 affordable, fully-furnished housing units providing accommodation for over 15 000 people - and with a strong demand for quality, reasonably priced homes in Newcastle, 470 sales were concluded at an average price between R270 600 and R389 000, with a number of new owners having taken occupation. The homes are located within a 24-hour security estate which in addition to the shopping centre will include considerable amenities such as a day care centre, medical centre, primary school, community centre – over and above the existing hall, fuel service station and transport interchange/taxi rank. Also within the estate is the existing KR Rumelin stadium, which is to be upgraded to national status and will include a sporting academy and swimming pool.”
Strategically situated on a new main route connecting Newcastle to Madadeni and Osizweni, the site for the new shopping centre is just 9.5km from Newcastle CBD, drawing from a large catchment area which is home to a sizeable population which comprises the bulk of Newcastle’s workforce, representing a significant total disposable income. With 261 schools and two provincial hospitals in the vicinity, potential shoppers include approximately 13 500 teachers, nurses and government employees plus thousands of employees in the private sector.
The regional administrative centre and a key economic hub in the Amajuba District Municipality as well as being the third largest city in KwaZulu-Natal, Newcastle not only has a burgeoning population, it is on a fast track to becoming a booming town with considerable potential for growth and investment. New developments in the area include a R700 million Agri Technopark which is currently under construction, while Mittal Steel, one of the main economic drivers in the area, recently undertook upgrading and expansion projects representing an investment of over R400 million, creating some 3 600 jobs in total in a matter of a few years.
In addition, the Madadeni/Osizweni CBDs are undergoing Urban Renewal Programmes with construction of the new main route connecting Newcastle and Madadeni progressing well. This will alleviate traffic congestion on the existing N11, being the only existing route at present.
Comments Ivan Pachonick, director: retail consulting for JHI Properties, which has been appointed letting agents for Meadowlands Crossing shopping centre: “Scheduled for completion in June 2011, the new route runs via Allen and Albert Wessels Streets from Newcastle CBD through the industrial area of Newcastle, and connecting to Madadeni over a new bridge, runs into Madadeni with a double carriage-way directly abounding Meadowlands Estate and the new Meadowlands Crossing shopping centre. This new neighbourhood shopping centre is ideally positioned and highly appealing for retailers, being easily accessible to a high concentration of those living and working in the Newcastle area, including the immediate markets of Madadeni, Blaaubosch and Osizweni. As a result we are currently in advanced negotiations with several national anchor tenants.”
While there is currently 4000sqm of existing structure under roof on the site of the new shopping centre – earmarked for a prominent national anchor convenient store - bulk engineering services are already installed (including more than adequate electricity supply from Eskom). Actual construction of the shopping centre is expected to commence in August this year (2011), with the initial phase anticipated to start trading as early as October 2011.
Buchler adds that Newcastle is strategically well situated in close proximity to the N11, one of the main transportation routes for goods and services between Durban and Gauteng. “In addition, a new highway route is under construction, connecting the N3 Johannesburg/Durban via Ladysmith and Newcastle, as a main alternative route, all of which bodes positively for future growth and investment in Newcastle,” he says.
Business News Sector Tags: Property|
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