Botshabelo Mall – NEW
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Construction of a shopping mall to service the Botshabelo community began on Friday, 20 February with a ceremony to mark the ground-breaking of the R320 million property development.
STANLIB, the asset manager of the Liberty Property Portfolio, has partnered with Khora Investments to develop the 21 000sqm mall, which is expected to commence trading in the third quarter of 2016. The mall will provide a much needed service to the local community, whose nearest shopping mall is approximately 50km away in Bloemfontein.
This is according to Amelia Beattie, Chief Investment Officer of STANLIB Direct Property Investments, who says this is the firstFree State development for the Liberty Property Portfolio, which has a retail portfolio spanning Gauteng, KwaZulu-Natal and theWestern Cape.
Importantly, she says the Botshabelo Mall will be in line with the Liberty Property Portfolio’s strategic intent to have property located in growing townships.
“Our strategy is to invest in areas where we see opportunities not only to provide investment returns, but to also create value for local communities. We see huge growth potential in this area both in terms of geography and the socio-economic demographic we are catering to will be a diversifier within our Portfolio.”
Beattie says they have identified the Botshabelo node as a compelling place to invest within this thriving community.
The mall has been well received by top national retailers, with Pick n Pay, Clicks, Foschini, Shoprite, Truworths Limited, Cash Build and Woolworths among the retailers already committed as tenants.
Alex Phakathi, Fund Manager of the Liberty Property Portfolio, says this is a very exciting new development and will be the first shopping mall of its kind developed in the community.
“We aim to provide customers in the Botshabelo area with an exceptional shopping experience, conveniently located in the largest township of the Free State.”
Botshabelo, part of the Mangaung Local Municipality, is the single largest township in the Free State, accommodating approximately 28% of the population. The vast majority of people conduct their shopping outside of Botshabelo in Bloemfontein and Thabanchu where the nearest malls are currently situated.
The mall is located at the corner of Main Road and the N8 national highway. Main Road is the key route in and out of Botshabelo, from the N8, with the N8 being the main transport route between Maseru, Lesotho, and Bloemfontein.
The Executive Mayor of the Mangaung Metropolitan Municipality, Cllr Thabo Manyoni hosted the ground-breaking event with the owners.