The project will entail adding 19 000 m2 of retail space and 1 100 new parking bays. The new extension will be anchored by a 4 000-m2 Game store, together with retailers Dischem, Wetherlys and Incredible Connection, which will each occupy 1 800 m2 of floor space.
The expansion project will cover more than just the shopping centre, with the immediate environs also set to benefit. Improved access points will include a double lane from the nearby Comaro road off-ramp, with an added lay-by lane to facilitate east traffic flow into the centre.
An innovative arrangement with the local council will see power cables from underused substations being diverted to the centre, which will, in turn, release 6 MVA back into the hard-pressed Mulbarton grid.
Hyprop CEO Pieter Prinsloo says that The Glen enjoys a growing and increasingly sophisticated market.
“We are changing our strategy from an entertainment centre to a tenant-driven commercial centre by continually strengthening the tenant mix. “Hyprop strives to improve the retail experience for The Glen’s shoppers and boost turnover at the centre and continue the company’s growth,” says Prinsloo.
He adds that Hyprop will continue to pursue organic growth opportunities by retaining its focus on prime retail developments in strategic locations with good demographics.
“We see strategic expansion projects as key to unlocking value in our existing centres and positioning the group for growth in challenging market conditions. Maintaining growth in the portfolio with consistent quality assets will be crucial to generating continued growth in distributions to unit holders.”
The Glen GM Roy Licht says an economic downcycle is the ideal time for expansion to prepare the platform for growth in the inevitable recovery and subsequent upcycle.
“The current escalating inflation and prevailing negative economic sentiment are causing shoppers to shop more selectively. The centre records an average footcount of one-million people a month, with the stores generating a monthly turnover of over R100-million. This almost doubles over Christmas, as the area has a different spend pattern to the northern suburbs of Johannesburg,” says Licht.