Accelerate Property Fund is forging ahead with the redevelopment of the much-talked-about Fourways Mall in Johannesburg, which is expected to take the shine from neighbouring Sandton City.
The master plan to supersize Fourways Mall includes the addition of 90 000 square metres, which will see the shopping mall grow to 170 000 square metres.
Speaking after the release of Accelerate’s results for the year to March 2016 on Monday, chief operating officer Andrew Costa said the development is already in phase-one. This phase includes the development of the food court and two parkades, which are expected to be completed by the end of 2016. Phase two will include the roll-out of the planned retail space.
The redevelopment will combine five surrounding properties – among them the Fourways View Centre on the corner of Witkoppen and Cedar roads and the Game building adjacent to the taxi rank area.
When the development was announced in 2013, Accelerate looked to break ground in the first-quarter of 2015. But the bulk earthworks on the development, in which Accelerate has partnered with Fourways Precinct Proprietary, only began in the third quarter. “We wanted to get the shopping mall right rather than rush it,” says Costa.
Already tenants are lining up at the shopping mall, which is more than 75% let.
Accelerate is looking to attract international fashion retailers which have been growing their exposure into the South African market in recent years. “We can’t disclose the international retailers yet,” said Costa.
Upon completion, Accelerate will own 50% of the shopping mall, with the balance owned by the Fourways Precinct Proprietary. A Gautrain route is also planned in the long-term, which is expected to be a game changer for Fourways.