For quite some time now there has been truckloads of construction happening in the Fourways area. This is due to the development of the Fourways mega mall. That's not the actual name of the place – more a prediction of what Joburgers can expect. This will make Fourways Mall the second largest retail centre in the country at 175 000m2 under one roof.
As part of the R2.2 billion development plan, approximately R30 million will be spent on the refurbishment of the existing Fourways Mall Shopping Centre, and a further R270 million will be spent on the infrastructure of the roads around the mall to amalgamate the main mall to surrounding centres. Once linked, the mega mall will be larger than the country’s newest “mega” centre, Mall of Africa (130 000m2) but 45 000m2 short of Durban's Gateway Mall (which stands at a whopping 220 000m2).
The South African property market remains challenging, reflecting tough trading conditions in a weak economy. Within this environment, the Accelerate Property Fund (the guys building this colossal mall) has shifted focus on tenant retention to protect their income stream. As of end July 2017, Accelerate has achieved average positive rental reversions of 3,2%, with a tenant retention rate of approximately 90%.
According to a credit rating review for the group in February 2016, the Fourways Mall development is expected to be complete by late 2018.
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By Shawn Greyling
