{"id":826098,"date":"2025-05-30T09:00:00","date_gmt":"2025-05-30T07:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=826098"},"modified":"2025-05-30T07:48:18","modified_gmt":"2025-05-30T05:48:18","slug":"new-r200-million-shopping-mall-opens-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/826098\/new-r200-million-shopping-mall-opens-in-south-africa\/","title":{"rendered":"New R200 million shopping mall opens in South Africa"},"content":{"rendered":"\n

Leeuwfontein Crossing has opened its stores, marking another rural retail development for McCormick Property Development. <\/p>\n\n\n\n

The new development, located in Leeuwfontein, Limpopo, is McCormick Property Development’s (MPD) 88th retail build.<\/p>\n\n\n\n

Designed by Living Planet Architects, Leeuwfontein Crossing is a small community centre that is under 10,000 sqm with 28 stores. Local reports put its value at R200 million<\/strong><\/a>.<\/p>\n\n\n\n

The mall, which Shoprite anchors, has been built with expansion in mind, with additional planned GLA already worked into the first phase footprint. <\/p>\n\n\n\n

The mall’s tenant mix also includes Standard Bank, Shoprite Liquor, Studio 88, Pep, Ackermans and a planned Sportscene, while food offerings include KFC, Debonaires and Hungry Lion. <\/p>\n\n\n\n

The centre will be managed by real estate investment trust, Exemplar, with a retail management portfolio of 681,936sqm across six provinces, including Leeuwfontein Crossing.<\/p>\n\n\n\n

Like the original McCormick Property Development developments from the 1980s to 2000s, the mall has a signature \u2018Umhlanga Wave\u2019 blue roof that was synonymous with its former developments.\u00a0<\/p>\n\n\n\n

While incorporating modern features that reflect the current retail demands and expectations, the group said Leeuwfontein Crossing indicates just how bright the future of retail is.<\/p>\n\n\n\n

\u201cIt was a moment to pause and reflect when the architects presented their colour palette for this development,\u201d said the managing director of MPD, Jason McCormick.<\/p>\n\n\n\n

\u201cA complete coincidence, but it brought home the legacy of where we started to just how far we have come when developing retail.\u201d<\/p>\n\n\n\n

The early years of McCormick saw rural developments with yellow facebrick buildings with teal corrugated iron roof sheeting and open plan layouts allowing easy access for customers. <\/p>\n\n\n\n

With South Africa\u2019s urban centres filled with existing malls, McCormick focuses on rural communities without access to centralised shopping experiences. <\/p>\n\n\n\n

The new shopping centre was opened in September 2024 and is the third to be built in Limpopo. <\/p>\n\n\n\n

Recent developments that the group has opened include the Mbhashe LG Mall and Bizana Walks in the Eastern Cape. <\/p>\n\n\n\n

In Limpopo, the group opened the Madombidzha Mall and Mehlareng Mall in 2024.\u00a0<\/p>\n\n\n\n

Good times <\/strong><\/h2>\n\n\n
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\"\"<\/a><\/figure><\/div>\n\n
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\"\"<\/a><\/figure><\/div>\n\n\n

The mall\u2019s manager Examplar, whose parent organisation is McCormick Property Development, recently saw a large increase in its financial results. <\/p>\n\n\n\n

Like its parent company, the JSE-listed Exemplar core focus is the provision of management retail services to previously under-serviced regions across South Africa, with 27 assts in its portfolio. <\/p>\n\n\n\n

Earlier this week, Exemplar declared a final distribution of 83.16 cents per share for the
year ended 28 February 2025. This increased its total distribution by 10% to 153 cents per share. <\/p>\n\n\n\n

This came after the group saw its rental and recovery income increase by 9.1% to R1.3 billion. Its basic earnings per share also increased by 56.8% to 334.34 cents per share. <\/p>\n\n\n\n

The group\u2019s headline earnings per share also jumped by 25.4% to 142.32 cents per share, with its dividend rising by 13.6% to 66 cents per share. <\/p>\n\n\n\n

Financials<\/strong><\/td>FY24<\/strong><\/td>FY25<\/strong><\/td>% Change<\/strong><\/td><\/tr>
Rental and recovery income<\/td> 1 219 692<\/td>1 331 213<\/td>+9.1%<\/td><\/tr>
Basic earnings per share (cents)<\/td>213,27<\/td>334,34<\/td>+56.8%<\/td><\/tr>
Headline earnings per share (cents)<\/td>113,50<\/td>142,32<\/td>+25.4%<\/td><\/tr>
Total dividend per share (cents)<\/td>121,30495<\/td>136,29978<\/td>+12.3%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Leeuwfontein Crossing has opened its doors, increasing the large portfolio or rural retail assets owned by McCormick Property Development.\u00a0<\/p>\n","protected":false},"author":95,"featured_media":826117,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[22149,17609],"class_list":["post-826098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-examplar","tag-mccormick-property"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/826098","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\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=826098"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/826098\/revisions"}],"predecessor-version":[{"id":826149,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/826098\/revisions\/826149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/826117"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=826098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=826098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=826098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}