JSE-listed property company Fortress Real Estate Investments has acquired the 37 000 m² Balfour Mall, in Highlands North, Johannesburg, and will, in partnership with venture capital company Forever Young Capital, undertake a comprehensive physical and operational transformation of the mall, with a targeted reopening in 2027.

The redevelopment will address the root causes of the mall’s decline and create a retail environment that is fit for the community it serves by refreshing the tenant mix that will be anchored by two major grocery retailers, and adding new destination tenants, family entertainment, restaurants and lifestyle offerings, Fortress says.

The redevelopment will also improve access from Louis Botha avenue and Northview road, as well as provide better parking, a formal taxi rank and a hawkers zone.

Additionally, the mall will incorporate solar power, smart metering, water-saving systems and full electrical upgrades that will be built to Fortress’s specifications and designed to run efficiently for the long term, it says.

Fortress and Forever Young Capital will also invest in the surrounding Highlands North precinct by cleaning up roads and public spaces, upgrading school facilities, regenerating the local sports club and soccer fields for the broader community, including Alexandra, and bringing a visible security presence to the area through the Cap Community partnership.

“Balfour Mall has long been a recognised landmark in Johannesburg’s northern suburbs and we believe it has enormous untapped potential,” says Fortress CEO Steven Brown.

Fortress acquired 51% of JSE-listed real estate investment trust Tradecco Properties, which owns the mall. The acquisition forms part of a broader vision for the node, adds a high-profile Gauteng retail asset to the Fortress portfolio and reinforces the group’s conviction in well-located, community-serving retail properties.

The transaction was approved by the Competition Commission without conditions.

“This acquisition is consistent with our strategy of growing our retail portfolio in key urban nodes in Gauteng. We are committed to repositioning Balfour Mall as a vibrant, safe and welcoming community retail destination that serves families, of which the neighbourhood is proud, and that delivers value for its tenants, shoppers and the broader precinct.”

Commercial investment and community renewal are not mutually exclusive and Balfour Mall can, once again, become a destination people are proud of, he adds.

Highlands North is one of Johannesburg’s most densely populated northern suburbs.

“Great cities and neighbourhoods are built from the inside out, starting with the people in the community. Balfour Mall has been part of this neighbourhood’s story for decades,” says Forever Young Capital co-founder Jonti Brozin.

“We are excited to work with Fortress to write the next chapter that brings the soul and heritage back to the neighbourhood, creates opportunity for local people and businesses and gives this precinct the energy and pride it deserves.”

Further, Fortress will continue to identify and execute on attractive investment opportunities within the South African property sector where active management can drive meaningful improvements in income, capital value and community impact.