Artists impression of Newmarket Value Centre
Banking group Nedbank’s corporate property finance division has entered into a partnership with Rejem Property Development and Moolman group company Style Star Investments for the development of the R450-million Newmarket Value Centre, in Alberton.
Nedbank’s corporate property finance division, acting through Linton Projects, and Rejem jointly owned 56% of the undivided shares of the project, with Style Star holding the remainder.
“Rejem and the Moolman group have strong reputations in property development, with sound knowledge and experience, and Nedbank corporate property finance is proud to partner with these trusted and successful developers once again,” Nedbank corporate property finance regional executive Ken Reynolds said.
Nedbank pointed out that, as part of the greater Newmarket Park mixed-use development, the 34 000 m2 value centre, which was expected to open in October 2015, would include tenants such as Builders Warehouse, Virgin Active, Food Lovers Market, Checkers, Spur, John Dory, Panarotti’s and Mugg & Bean.
“The development site is surrounded by well established residential areas and there is scope for major development in this node. The bank financed and holds an equity stake in the Makro that opened on the site in April last year, making the value centre our second development in the park so far,” Reynolds noted.