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Alley Roads’ Riverstone Mall kickstarts R600m development injection for Meyerton

Alley Roads CEO Barry Chapman

Alley Roads CEO Barry Chapman

16th May 2024

By: Sabrina Jardim

Creamer Media Online Writer

     

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Property developer Alley Roads has unveiled Riverstone Mall in Meyerton – its first retail development currently under construction – as part of its pipeline of 175 000 m2 of retail space earmarked for township and peri-urban areas across South Africa.

The development of the R370-million mall, currently under construction, is financed by Rand Merchant Bank, a division of FirstRand Bank, and is scheduled to open in early 2025.

On completion, the convenience mall, with a gross lettable area of 18 000 m², is expected to have 53 retail tenants and will be anchored by Checkers Fresh-X, Woolworths Food and Dischem. Other retailers include Clicks, Truworths, Mr Price and the Pepkor Group.

It will also offer 1 000 parking bays, a food court and two fast food drive-thru outlets.

Moreover, a 1 908 kVA solar plant will be installed on the roof with a battery backup of 4 800 kWh, equivalent to four hours of 1200 kVA, ensuring the mall remains operational during loadshedding periods.

Alley Roads CEO Barry Chapman explained during the pre-launch event on May 16 that the development is expected to create about 1 200 jobs during the construction phase, with an estimated 250 permanent jobs to be created once open.

The group will roll out its 175 000 m2 retail development pipeline over the next seven years, mainly in Gauteng, but also potentially in the North West, Free State and the Western Cape.

Alley Roads intends to develop rural convenience retail centres measuring between 6 000 m2 to 12 000 m2.

Also speaking at the launch, Midvaal Mayor Peter Teixeira described the development as a “first of its kind” within the jurisdiction.

In Meyerton, Alley Roads is soon launching a residential development comprising 337 units as part of its strategy to leverage the symbiotic relationship between housing and retail to the benefit of all stakeholders.

There is also a second development phase planned at Riverstone Mall, comprising 3 000 m2 of automotive-related retail.

On completion, the company’s total investment into the Meyerton community is expected to be about R600-million.

“Midvaal is one of the fastest-growing municipalities in Gauteng. We are attracting a lot of investment into the municipality and trying to develop the R59 Corridor heading south as well as north.

“We're trying to bring businesses into our area because we all know, when businesses come and invest in your area, it means more jobs for our people,” said Teixeira.

“Riverstone Mall will not only deliver convenience retail to the local community and surrounds – we believe that, with our complementary housing developments, it will become a catalyst for more economic opportunities within the R59 corridor.

“Our initial market studies have shown that Meyerton’s annual population growth is between 2% and 3% – a good reason to develop the town’s first formal retail centre that caters to the growing needs of shoppers in the area and surrounds,” added Chapman.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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