JSE-listed real estate investment trust Vukile Property Fund will invest R90-million on a 2 000 m2 gross leasable area extension and modernisation at its Daveyton Mall, in Ekurhuleni, Gauteng.
CEO Laurence Rapp tells Engineering News that, as is Vukile’s way, the refurbishment of the mall is centered around its customers. The upgrade will comprise a glossy modern aesthetic and spaces to showcase the work of local artists.
All shopper-facing areas of the mall will be modernised.
The exterior façade of the mall will be remodeled to include transformed entrances and additional tenant signage, while traffic flows in the parking area will also be improved.
Inside, the upgrade will add more natural light, new tiling and fresh bathrooms. Better shopper flows and sightlines are also on the cards.
Particularly, Rapp points out that the upgrade will include a brand new food court, introducing sit-down dining with inside and outside seating areas.
Vukile will also be introducing free WiFi for its shoppers and standby generator power to its common areas during electricity outages.
Construction of the upgrades started earlier in March and is scheduled to be completed by December 10, in time for the festive season. The mall is trading as usual during the construction process.
Daveyton Mall is one of the first township malls developed in South Africa. It opened in 1993, while the township itself was established in 1955.
Today, almost 30 years later, the more than 60 shops still focus on convenience for Daveyton residents, led by anchor tenants such as Pick n Pay, OBC Chicken, Mr Price, Pep, Jet, Ackermans, Clicks, KFC and Debonairs.
Rapp says Daveyton Mall stands out as one of the best performing retail properties in the company’s portfolio, owing to its positioning at the gateway to Daveyton and in a bustling hub opposite a busy taxi rank and council buildings.
“Our investment in the strategic upgrade will ensure the mall is optimised for the next generation of shoppers. It has been a long time coming and with various delays, including the uncertainty of Covid-19, one could even say it was overdue.
“We have settled on the best possible scheme to add value to a key asset and we are confident this is a good, low-risk and defensive investment in an excellent asset, serving a great community.”