South African shopping mall gets R76 million upgrade from international property giant
Nonesi Mall in Komani, Eastern Cape, has received a massive R76.1 million extension and refurbishment.
Vukile Property Fund said that the extension adds 3,100 sqm of retail space, taking the centre’s gross lettable area to nearly 31,000 sqm.
Vukile, which has a total asset value of R63.7 billion, has 70% of its portfolio invested in Spain, Portugal and Italy, but it also has a mix of South African malls.
“We’re thrilled to create this upgrade to give shoppers greater choice and a better experience,” said Itumeleng Mothibeli, Managing Director for South Africa at Vukile Property Fund.
“By strengthening Nonesi Mall as a hub for convenient retail and banking, we’re also aiming to strengthen and enrich community life in Komani.”
Vukile has been looking to invest in malls that it will then enhance in terms of appeal and performance, with Nonesi Mall being one such mall.
The mall’s extension and refurbishment project is expected to deliver a 9.5% net operating income yield.
The redevelopment uses one of the underused parking spaces at the front of the mall. It also addresses gaps in the tenant mix.
The JSE-listed REIT used its proprietary customer analytics to tailor the project around the needs of its shoppers.
“By combining data with deep local insight, we create tenant mixes and retail experiences that reflect the distinct needs and aspirations of each mall’s shoppers,” said Mothibeli.
Four new tenants anchor the extension: OBC Better Butchery, Dis-Chem Pharmacy, Standard Bank and Absa Bank.
Other popular tenants at the mall include Checkers, Boxer Superstores, Woolworths, Jet and Game.
The new additions aim to broaden the centre’s category mix and give shoppers access to essential retail and financial services.
The redevelopment also enabled the relocation and refurbishment of the existing Clicks store, the arrival of Edgars, and an expansion of the Sidestep footwear store.
Vukile added that the redevelopment created 356 employment opportunities, with 98.5% of the expenditure located in the Eastern Cape.
“Nonesi Mall shows what targeted, community-conscious investment can achieve,” added Mothibeli
“It was already one of our best-performing assets, and this redevelopment builds on that foundation in a considered and purposeful way.”
Photos of Nonesi Mall
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