Major shopping mall in South Africa being sold for R545 million
SA Corporate Real Estate is selling Bluff Towers Shopping Centre in Durban for close to R550 million.
SA Corporate Real Estate, via its wholly-owned subsidiary SA Retail Properties Proprietary Limited, is selling the mall to Tinos Consulting and Advisory Proprietary Limited.
Bluff Towers is being sold for a total cash consideration of just under R545 million, subject to the fulfilment or waiver of the conditions precedent.
The effective date of the disposal is expected to be on 20 December 2025, the date of registration of the transfer of Bluff Towers in the name of the purchaser, but no later than 20 March 2026.
The disposal is aligned with SA Corporate’s strategy of reducing its retail exposure to KZN.
It also noted that following the redevelopment of Bluff Towers during 2021/2022, the enhancement of such redevelopment has now reached its full maturity.
The disposal will then be applied to recycle capital into assets with greater growth potential
The mall, which is located at 319 Tara Road, Bluff, Durban, has a rentable area of 23,979 sqm. The weighted average rental is R206 per sqm.
The net asset value attributable to Bluff Towers was R357 million, with the net property income attributable to Bluff Towers standing at close to R45 million.
Tenants at the Bluff shopping centre include:
- American Outfitters,
- Capitec,
- Cash Crusaders,
- Cell C,
- Checkers,
- Checkers Liquor,
- Cell Clinix,
- Clicks,
- Dis-Chem,
- Foschini,
- Jet,
- KFC,
- Markham,
- Mr Price,
- MTN,
- Pep,
- Pedro’s
- John Dory’s
- Telkom Direct,
- The Fix,
- Shell Garage,
- The Crazy Store,
- Truworths,
- Vodacom,
- Wimpy,
- Woolworths,
- Verimark,
- Sportscene,
- Pick n Pay Clothing,
- SANBS.
An independent valuation said that the value attributable to the Bluff Towers was at just over R545 million, broadly in line with the sale price.
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