Work begins on Midrand’s monster Mall
It is being developed on a site that spans both sides of the N1 from the Woodmead interchange through the Buccleuch interchange to the Allandale interchange.
Earthworks for Mall of Africa began in October last year. It is due to commence trading in the first half of 2016.
The mall’s development is being financed by Nedbank Corporate Property Finance.
James Ehlers, the managing director of Atterbury Property Developments, said the Mall of Africa’s sheer scale, distinctive design, exceptional location and top-notch retail mix put it atthe forefront of retail developments.
It has prime position in the 330ha new city that embraces integrated living with retail, offices, homes, hotels, a hospital, light industry and lifestyle and leisure components.
Ehlers said Mall of Africa would have more than 300 shops and, with seven anchor tenants and a carefully considered retail mix, would create a unique retail experience with a well-balanced variety of local and international brands, services, speciality shopping, entertainment and eateries.
Flagship stores for all major South African retailers would be part of the mall’s attraction.
Ehlers said about 70 percent of the retail space was already committed despite the mall being about three years away from opening.
Cobus van Heerden, the retail director at Atterbury Property Developments, said it was targeting international retailers, many of which were not yet represented in South Africa.
“These range from luxury brands to the more mainstream. The response from them has been phenomenal and this will further differentiate this mall from current South African malls,” he said.
The mall’s two levels of shopping will be matched by a two-level basement parkade.
Other features include valet parking, a VIP lounge, spa, baby nursery and children’s park and play area.
Ehlers said a mall of this scope suited the large, growing community living and working in and around the Waterfall City precinct.
“An estimated 6.7 million people already live within an hour’s drive of the mall, of which 4.9 million are within half-an-hour’s drive. This number will increase as the Waterfall City precinct develops,” he said.
Ehlers said most of this market comprised economically influential consumers, which put Mall of Africa on the doorstep of many of South Africa’s top earners, executives, professionals and young entrepreneurs.
Atterbury Investment Holdings, a prominent South African property fund, is the major investor in Waterfall Business Estate, including the Mall of Africa, with an 80 percent stake.
Ken Reynolds, the Gauteng regional executive for Nedbank Corporate Property Finance, said the successful conclusion of the finance deal, which was the biggest ever concluded by Nedbank, followed a comprehensive tender process.