Photo by: Duane Daws
Banking group Nedbank’s Corporate Property Finance department has approved R69.3-million in funding to Neotrend Khala Cose Developers for the development of the 8 722 m² first phase of the Secunda Value Centre, in Mpumulanga.
The centre would be anchored by a standalone Builders Warehouse, a 2 300 m² Westpack lifestyle centre and a drive-through free-standing Burger King, supported by several line stores and various home furnishing retailers.
The developer had also acquired neighbouring land and would build a further two phases, adding 12 868 m² of retail space and office accommodation.
The centre was located along a busy arterial road within the Govan Mbeki municipality and was within close proximity of the Secunda central business district and less than 1 km from the Secunda Mall.
Construction had started and the centre was expected to start trading in April.
Nedbank Corporate Property Finance regional head D’Anvo Jones said the bank was particularly attracted to funding the development, owing to the “quality” of the developer, the “excellent” tenants and the demand for retail property in Secunda.
“According to the Govan Mbeki Integrated Development Plan, Secunda is by far the most active business zone in the municipality, underlined by the fact that 45% of the financial, administrative and professional concerns are situated there.
“The municipality is [also] highly urbanised, with 82% of the population located in urban areas. In addition, the yearly population growth of 2.84% between 2001 and 2011 has been higher than the national average of 1.4%. These location and population factors bode well for the foot traffic into retail centre,” he said in a statement.
This was the second retail development supported by Nedbank Corporate Property Finance in the area, following the finance provided and equity stake taken in the development of the 52 393 m² Sasol Secunda Mall in 2013.