New retail and lifestyle development coming to Pretoria
Category Commercial Property News
The construction of Capital Mall has received the green light, heralding a new era of convenience, modernity and development for Pretoria West. This R1.2-billion mall is set to become the retail arm of Capital City, which is a R5-billion mixed-use development, encompassing car dealerships, a private hospital and an affordable range of housing over and above its retail offering. Shopping opportunities are set to be a focal point of this development, with the 14 500 square metre Capital Value Centre set to complement Capital Mall's offering.
The decision that McCormick Property Development may go ahead with the construction of this masterpiece of Pretoria's retail revolution marks the end of a legal dispute raised by Safari Investments, who had stated that Capital Mall would pose a threat to existing shopping centres. These concerns were overturned by the MMC for Economic Development and Spatial Planning, Isak Pietersen, who stated that the construction of the new centre was in the spirit of competition, and that the development was in line with the city's drive to create sustainable employment opportunities.
Once completed, Capital Mall will have the honour of being the largest entity in McCormick Property Development's portfolio, despite the legacy of almost 40 years that MPD has in the field of property development. Capital Mall will open its doors in phases, with the first 60 000 square metres of retail space estimated to open its doors during the course of 2021. In an interview with BusinessTech, MPD's managing director, Jason McCormick, stated that this development will be a game-changer for the community, as well as for the retailers who become part of this new icon of Pretoria.
A massive advantage for this development is that the City of Tshwane has approved access both from the N4 Highway and from WF Nkomo (Church) Street. The mall will be situated on the N4/R55 interchange, and its design lends itself to easy expansion in the future. It is said that in its initial configuration, the mall will consist of two levels and that all the typical tenants that you would expect to find in a mall will be here - together with some surprises. According to McCormick, the mall will be home to more than 140 stores, from retail giants to small independent stores. The idea is to create a regional mall which provides opportunities for businesses and variety for shoppers.
In other good news, the development is predicted to provide more than 3 000 job opportunities for residents of surrounding areas. In McCormick Properties' own words, "We create wealth and employment by developing not only real estate, but entire communities in the process."
It is anticipated that Pretoria as a whole will continue its current trend of population growth, which will lead in turn to additional retail, residential and commercial developments. With the wide range of facilities on offer, it's little wonder that there is no shortage of commercial activity taking place in Pretoria. An extremely wide variety of industries are represented in South Africa's administrative capital, from engineering firms and information technology experts to business consultants and start-ups and everything in between.
From a commercial perspective, Pretoria as a whole has a lot to offer — not only for retail enterprises but for many businesses across the commercial sector. An abundance of commercial space is available in Pretoria courtesy of OfficePlace, both to rent and to buy within a variety of budgets and configurations. Contact OfficePlace to find out more about Pretoria's plethora of commercial advantages.
Author: OfficePlace
