Hyprop Investments CEO Pieter Prinsloo tells Engineering News that about R80-million has been spent to date and that the company will own 90% of the complex, with the developer, Abland, owning the remaining 10%.
Stoneridge is a new shopping complex currently under construction on the corner of Modderfontein and Hereford roads, in Greenstone Extension 1, Johannesburg – the development is close to the historic campus, which at one stage hosted the world’s largest explosives-manufacturing facility.
The property was bought from Heartland Properties, the property division of AECI.
Heartland has released vast tracts of land in the Modderfontein area over the past five years. The total area of the site is 17,4 ha and the site is easily accessible from the N3 freeway at the Edenvale and Kempton Park offramp, as well as from the Johannesburg offramp linking directly onto Modderfontein road.
“Piling is 71% complete (950 piles out of a total of 1267), while bulk earthworks is 85% complete and will be completed by the end of April. The centre will be constructed in two phases. The first phase will comprise approximately 49 600 m2 and incorporate about 82 tenants. The second phase will constitute a further 13 400 m2 of retail space,” says Prinsloo.
Stoneridge will reinforce the retail offering in the node. Green-stone shopping centre is due to open at the end of the month and, together, Stoneridge and Greenstone will have the market pull of a super regional mall, offering a diverse range of products and merchandise.
The centre will service a myriad of new homes that are under construction in the adjacent residential estates. It will create many jobs both in the construction industry and in the retail industry.
The design of the centre incorporates covered walkways with architectural elements at regular intervals that allow for individual shopfronts and merchandise to be the dominant element on the walkways with direct exposure to the car park.
Stoneridge is not to be confused with that of a value mart, which typically caters to a wider range of income earners with bargain prices. The centre will reflect a high street shopping district of yesteryear, with parking immediately in front of the stores. It is an open-air design with central piazza-type areas and al fresco dining. The atmosphere is as much about ambience as it is about retail.
It will be located within walking distance of offices and residential estates, and the pedestrian links to these adjacent properties are an important design element. There are a number of new residential develop-ments taking place on Greenstone Hill and this will increase the number of households within the primary market by 5 000 over the next five years.
“We are planning a 3 500-m2 gym, two food anchors of about 3 000 m2 each, and a motor showroom of another 2 500 m2,” concludes Prinsloo.