{"id":315254,"date":"2019-05-06T13:52:45","date_gmt":"2019-05-06T11:52:45","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=315254"},"modified":"2019-05-06T13:52:45","modified_gmt":"2019-05-06T11:52:45","slug":"new-r1-2-billion-mega-mall-in-pretoria-gets-the-greenlight","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/315254\/new-r1-2-billion-mega-mall-in-pretoria-gets-the-greenlight\/","title":{"rendered":"New R1.2 billion mega-mall in Pretoria gets the greenlight"},"content":{"rendered":"

McCormick Property Development (MPD) has announced that it will begin moving ahead with Capital Mall, a R1.2 billion mega-development in Pretoria West.<\/p>\n

The development has been stuck in limbo, but an appeal to halt the development was overturned during a sitting of the City of Tshwane\u2019s Municipal Appeals Tribunal (MAT) in April, the developers said.<\/p>\n

“With direct access approved off both the N4 highway and WF Nkomo (Church) Street and situated on the planned N4\/R55 interchange, the double level mall will anchor \u2018Capital City\u2019 – a R5 billion mixed-use development,” MPD said.<\/p>\n

“The development node includes a 150-bed private hospital, value retail centre, motor dealerships, affordable housing, student housing, schooling and community facilities.”<\/p>\n

The development of the mall will be phased with 60,000 sqm Gross Leasable Area (GLA) planned to open towards the end of 2021.<\/p>\n

MPD said that the design allows the mall to seamlessly expand to over 100,000 sqm in time, without the need for structured parking facilities.<\/p>\n

Shopping centres in South Africa<\/strong><\/p>\n

According to a 2018 report<\/a> <\/strong>by MSCI on behalf of the South African Council of Shopping Centres l, the South African market had 418 square meters of the shopping centre lettable area for every 1,000 people.<\/p>\n

The US is rated as having the most shopping centres relative to its population with 2,196 square meters\/1,000 capita \u2013 followed by Canada, Australia and Norway.<\/p>\n

However South Africa, Canada and the US have the highest level of shopping centre supply expressed relative to household consumption expenditure.<\/p>\n

Despite this demand,\u00a0\u00a0South Africa\u2019s current shopping centre development pipeline suggests a slowdown in new mall completions for the period 2018-2020 which, combined with a predicted improvement in economic growth, may see South Africa\u2019s shopping centre segment move lower and closer to the global average.<\/p>\n

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Read: South Africa retailers seek post-election boost as belts tighten<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

McCormick Property Development (MPD) has announced that it will begin moving ahead with Capital Mall, a R1.2 billion mega-development in Pretoria West.<\/p>\n","protected":false},"author":10,"featured_media":315256,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-315254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/315254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=315254"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/315254\/revisions"}],"predecessor-version":[{"id":315280,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/315254\/revisions\/315280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/315256"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=315254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=315254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=315254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}