The renovation and expansion of Fourways Mall in complete, more than three years after breaking ground.
Accelerate Property Fund and its development partner’s said on Thursday (29 August), that the project completed its final phase, promising investors solid returns and customers “a world-class shoppertainment and international standard retail experience”.
“The launch represents the first step in the fund’s 15-year plan for the Fourways node, including enhanced office, hospitality and retail offerings,” said Andrew Costa, chief operating officer of Accelerate Property Fund (APF).
“The impact of new traffic routes, densification and growth, as well as developing and maximising properties that enhance the value of the area is key to future growth in the node.”
Accelerate said that The Fourways Mall development is key to bolstering the fund’s net asset value, which has grown from R3.3 billion in 2013 at launch to its current level of R8 billion. It will own 50% of the completed Fourways Mall Super Regional Centre.
The spruced up shopping and entertainment complex boasts a gross lettable area of 178 000m2, comprising over 450 stores. This will later grow to 200 000m2 with the launch of French home improvement mega-retailer Leroy Merlin, with its box, to be linked to the main mall, currently under construction.
New local and international stores such as Lindt, Hamleys, Cotton On, Nike, Adidas Starbucks, H & M and Exclusive Books complement the extensive food court and entertainment offerings, and existing tenants such as Mr Price, the Foschini Group stores, Edgars and Woolworths have expanded their stores.
The Gautrain Management Agency is planning to extend the rail route by 150 km over the next 20 years, including routes through Randburg, Fourways, Lanseria and Soweto. Locating the Fourways Gautrain station adjacent to Fourways Mall remains a key medium-term strategic objective for the Fund.
The construction of 3,000 additional parking bays, along with the taxi holding area situated in the mall’s basement parking is bolstered by vastly improved road infrastructure adjoining the development.
“With the extension and additional retail space supplied, the Fourways node will be the most dominant retail market in South Africa,” Costa said. “It will further contribute to solid tenant retention which is now comfortably above 85%, as well as declining vacancy levels across APF properties, which dropped from 10% in 2018 to 9% in 2019.”