PROPERTY: Multi-Million Rand Shopping Centre Auction Ignites Interest
Recent Kwazulu-Natal Business News
In what is regarded as one of the most highly anticipated auctions of this year, South Coast Mall, an expansive community shopping centre in Shelly Beach, will be brought under the auctioneer’s gavel during next week’s Commercial Multiple auction on November 23.
Hyprop Investments (HYP) and Redefine Properties (RDF), shared owners of South Coast shopping mall, have opted to auction the property in a bid to focus on more "core" assets. The 17.6 ha property was built in 2005, and cost in the region of R205 million to develop.
What the Shopping Centre Offers
The centre, which services the communities between the Eastern Cape and Southern Kwazulu Natal, extends over a GLA of 37 000mē, and hosts 88 stores, with anchor tenants including Game, Checkers, House and Home and Builders Express. Other prominent national tenants including Wimpy, Ackermans, Reggies, Vodacom, Virgin Mobile, Clicks, PEP, Mugg and Bean and Ocean Basket.
A Shopping Centre – A Great Investment
“This is a prime, high yielding retail investment opportunity that has already garnered significant attention from a number of local and international investors. With shopping centres of this caliber often remaining tightly held, we anticipate next week’s multiple auction event to be characterised by a packed auction room and enthusiastic bidding”.
Business News Sector Tags: Property|
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