Coega signs lease agreement with property group for retail centre
The Coega Development Corporation (CDC) has signed a lease agreement with Eris Property Group for the development of the Vulindlela Retail Centre, in Port Elizabeth.
“The agreement marks a significant milestone in the development of the project, which has been in the works for the past year,” said CDC commercial manager Yasvin Gajjar in a statement issued last week.
“As the CDC, our objective is to be the leading catalyst for the championing of socioeconomic development and we are of the firm view that the jobs to be created will benefit the people of Nelson Mandela Bay,” added Gajjar.
The plans for the project were revealed at the Coega Business Centre by Eris development manager Bruce Krog, who highlighted some of the work the company would be doing.
He indicated that project construction would start in the latter part of this year, with completion expected in early to mid-2022.
The number of jobs to be created during the construction phase are just over 600, with tenants to provide more direct employment opportunities.
The 20000 m2 Vulindlela Retail Centre will be located next to the Vulindlela Accommodation and Conference Centre.
“The location is perfect. The access to the national road, both going in and out of Port Elizabeth, makes for easy transport of goods and the attraction of customers either going to or returning from work. The project has sold itself to national anchors, who have identified the area as a potential hot spot for their businesses,” said Krog.
The project has already attracted two national anchor tenants that have signed letters of intent to move into the premises.
The project is also expected to provide residents in the surrounding areas of Wells Estate, Motherwell and Bluewater Bay with a more accessible shopping experience.
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