The development, a joint venture between Flanagan & Gerard Property Consultants and Kagiso Intaprop, will be majority-owned by Sycom Property Fund, after the fund acquired a 51% share.
The joint venture is also soon to announce a third black economic-empowerment (BEE) partner for the R400-million development.
Engineering News asked Flanagan & Gerard Property Consultants’ Pat-rick Flanagan how the project was progressing.
He says that earthworks and the installation of services started in Oct-ober, with completion expected soon.
Flanagan adds that, by the end of January, the development was out on tender for the main contractor. The appointment was due to be announced by the middle of this month.
Interest in the project has been overwhelming, as over 70% of the 46-000 m2 centre has already been let.
The centre will boast Pick ’n Pay (taking up 4 500 m2), Edgars (4 000 m2), Woolworths (4 000 m2) and Game (6 000 m2) outlets as the anchor tenants.
Flanagan says that the Vaal Mall, which is on three main roads, “is positioned to become the dominant regional shopping centre in the Vaal Triangle”.
He expects that, when it opens, it will recoup the R300-million that is currently being spent in Johannesburg every year due to a lack of facilities in the Vaal Triangle area.
The site is 16,3 ha in extent.
Flanagan explains that the initial plan was to open the centre in phases.
Phase one and phase two were to be 30 000 m2, and the second-phase extension was to be 15 000 m2.
However, town-planning approval and interest from the retail sector have resulted in the sche-dule being brought forward.
The mall will have 2 700 parking bays, all at the ground level, and there will be no charge for parking.
Further uplifting the community is the fact that as many skilled, semiskilled and un-skilled people as pos- sible from the com-munity will be employed. Flanagan is at pains to point out that the same philosophy applies when sourcing material.
The BEE aspects also go further than just having a partner, he says.
“We will promote BEE in terms of the tenants who will have opportunities within the centre,” he says.
The centre will be supported by people living in Vanderbijlpark, Sasolburg and parts of Vereeniging.