Gautrain Rosebank News: R150m invested in Rosebank properties

The Rosebank in the region of the Gautrain station will be getting a major boost:

This from News24

R150m invested in Rosebank properties (from News24)
2009/07/14

A JSE retail property fund on Monday said that it had recently invested about R150m in the growth node of Rosebank to boost its existing retail asset in the area – the Mall of Rosebank.

Hyprop Investments (HYP) said it recently acquired two commercial properties in close proximity to the Mall on Bath and Cradock Avenues and this brings its total investment in Rosebank to date to over R1,3bn.

Completion of Rosebank's Gautrain and Bus Rapid Transit (BRT) stations is expected to rejuvenate the node and revive the bustling commercial district.

Hyprop has purchased a 70% undivided share in the office park Nedbank Gardens on Bath Avenue directly opposite the Mall.

Intaprop (Pty) Limited holds the remaining 30% share.

The property comprises three office buildings together totalling 15,700sqm of gross lettable area (GLA) on a 14,000sqm site.

On the corner of Cradock and Tyrwhitt Avenues Hyprop has purchased Cradock Heights, a commercial property with a GLA of 4,745sqm.

Financial Director Laurence Cohen said the acquisitions were in line with Hyprop's strategy to invest in nodes with strong growth potential.

"As the area develops, Rosebank will most likely attract substantially more office tenants who would form a captive shopper base for the Mall," said Cohen.

"Through the two acquisitions Hyprop is consolidating its presence around the Mall to maximise densities and improve connectivity to the office precinct and Gautrain station," he added.

Hyprop said it was adding to its mixed-use presence in Rosebank which had existed for some time through the Mall (retail), the Mall offices (commercial) and The Grace Hotel (leisure).

Of future plans for the acquisitions, Cohen said: "The redevelopment programme for the Nedbank Gardens' site is intended to complement and enhance our existing shopping centre in the area. A rezoning application has been submitted to the council to increase the available bulk to approximately 35,000sqm."

"We now have the opportunity to unlock value in the Mall, the surrounding area and the precinct generally. Further, we are eager to improve the pedestrian links between the lower Rosebank office component and the Mall through the Nedbank Gardens site," he continued.

The development plans for the Mall are in addition to the R663m expansion programme currently under way at Hyprop's other centres including Hyde Park, The Glen and Canal Walk.

These developments are well on schedule for completion later this year.

"The current developments and our plans for the Mall are set to continually strengthen our portfolio of quality shopping centres with enhanced facilities, additional retail space, an improved tenant mix and increased parking," concluded Cohen. – I-Net Bridge