Flanagan & Gerard MD Paul Gerard
Retail property specialist company Flanagan & Gerard Property Group and JSE-listed real estate investment trust Vukile Property Fund have jointly acquired the BT Ngebs City regional shopping centre, in Mthatha, for R800-million and each will hold an equal share.
The companies will also undertake major refurbishment at the centre to improve the overall retail experience for customers.
The redevelopment of the regional mall will bring significant improvement in its dynamics, flows and synergy with the neighbouring Mayfair Hotel and Casino, the companies say.
Major upgrades are planned for the main mall entrance, bringing theatrical elements and a vibrant atmosphere to strengthen the connection with the adjacent Casino and Mayfair Hotel.
Further, the introduction of escalators connecting the basement car park directly to the retail level will streamline flow and interaction, create ease of access and shopping convenience. Mall lobbies will be introduced to the basement parking level, connecting the new escalators to key tenants on the retail level above.
“The combination of new owner-operated restaurants, thoughtful landscaping and an enhanced overall vibe will contribute to the revitalisation of this precinct, and offer a more engaging and appealing experience for visitors from the region,” Flanagan & Gerard and Vukile say.
The mall's retail mix will also be energised, thereby bringing new retailers to the centre. Additional retailers focusing on first order goods will be introduced in conjunction with an additional pharmacy, they add.
This will bolster the current tenant mix, which includes the likes of Pick n Pay, Checkers, Woolworths and Clicks. The mall's fashion brands, including Truworths, Foschini, Edgars, Mr Price, Ackermans, Refinery, Archive, Timberland, Fabiani, G-Star Raw, Spitz, Soviet and Bogart Man, will also be expanded.
Both Queenspark and Pick n Pay Clothing have recently joined BT Ngebs City.
“BT Ngebs City has all the ingredients to be an exceptional retail asset in our portfolio. Its great location, access and visibility make it a popular shopping destination. We are excited to work with Vukile to unlock the mall’s potential and performance and offer shoppers a wider choice of attractive retail,” says Flanagan & Gerard MD Paul Gerard.
“BT Ngebs City serves a crucial customer base within the South African retail sector and expands our existing investment in high-performing township and rural malls. It is an asset with excellent potential.
“Vukile’s investment and active asset management, together with that of Flanagan & Gerard, will continue the positive social and economic influence of BT Ngebs City for customers and communities in Mthatha and the region,” says Vukile MD Itumeleng Mothibeli.
Flanagan & Gerard and Vukile are joint owners of three property assets, with the others being Thavhani Mall in Thohoyandou, and Springs Mall in Ekurhuleni.