{"id":836729,"date":"2025-09-03T13:13:51","date_gmt":"2025-09-03T11:13:51","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=836729"},"modified":"2025-09-03T13:13:57","modified_gmt":"2025-09-03T11:13:57","slug":"r455-million-shopping-mall-in-south-africa-sold","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/836729\/r455-million-shopping-mall-in-south-africa-sold\/","title":{"rendered":"R455 million shopping mall in South Africa sold"},"content":{"rendered":"\n

Spear REIT has received regulatory approval to acquire Maynard Mall in Wynberg, Cape Town for R455 million.\u00a0\u00a0<\/p>\n\n\n\n

In July, Spear announced that it had entered into a sale of rental enterprise agreement with Aria Property Group to acquire Maynard Mall. <\/p>\n\n\n\n

The group has received unconditional approval from the Competition Commission to proceed with the deal. <\/p>\n\n\n\n

The acquisition remains subject to several other conditions precedent. The fulfilment will become effective on the date of registration of the property transfer, which should take place in January 2026. <\/p>\n\n\n\n

Spear noted that the acquisition aligns with its objective to grow its portfolio of well-located, high-quality convenience retail assets within the Western Cape. <\/p>\n\n\n\n

Maynard Mall, situated in the heart of Wynberg, Cape Town, is an over 25,00 sqm convenience-oriented community shopping centre anchored by Shoprite.<\/p>\n\n\n\n

70% of the retailers are national retailers, including Ackermans, Absa Bank, Clicks, Capitec Bank, KFC, Hungry Lion, Nedbank, Pep, Sportscene, and Zone Fitness, alongside essential services and local traders.<\/p>\n\n\n\n

It comes fitted with a 924 kWh PV Solar installation, which aligns with the JSE-listed REIT’s sustainability goals. I<\/p>\n\n\n\n

The mall serves the daily and weekly needs of a broad residential catchment and commuter market, with an annualised footfall of roughly 6 million shoppers. <\/p>\n\n\n\n

It is also positioned along major public transport routes and benefits from good accessibility and visibility. <\/p>\n\n\n\n

\u201cIts affordability, scale, and convenience-driven tenant mix position the asset firmly within the defensive convenience retail category,\u201d said Spear. <\/p>\n\n\n\n

\u201cThe centre caters to a wide demographic profile, enhancing its resilience across various economic cycles.\u201d <\/p>\n\n\n\n

The group added that the low vacancy levels, long-dated average lease expiries and favourable prospects for rental income growth make Maynard Mall a rate and attractive investment opportunity. <\/p>\n\n\n\n

The group believes that the mall will be able to generate R20.8 million in profit by the end of the financial year ending 28 February 2027.<\/p>\n\n\n\n

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Spear REIT has received unconditional approval from the Competition Commission to purchase Maynard Mall in Cape Town. <\/p>\n","protected":false},"author":95,"featured_media":836731,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[23530,23529],"class_list":["post-836729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-maynard-mall","tag-spear"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836729","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=836729"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836729\/revisions"}],"predecessor-version":[{"id":836741,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836729\/revisions\/836741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/836731"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=836729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=836729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=836729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}