Two major shopping centres in township areas in the Western Cape and Free State are now available for sale through a local online property trader.
Quoin Online, an online portal specialising in commercial, industrial and retail property sales, launched the sale of the two centres via their site. The bidding and registrations for the properties, located in emerging economic areas in Gugulethu and Bloemfontein, have been open for just over two weeks.
“We have seen a huge increase in the availability of such properties in the current market, owing in part to the fact that national retailers are noting an increase in the expendable income of residents of township communities,” says Karen Miller, Director and Principal of Quoin Online.
Miller joined forces with co-founder Wayne van der Vent in 2014 to create a full-service, efficient web-based property transaction service through their online portal Quoin Online, having recognised the need for such a service in a world where people are increasingly inclined to conduct business from laptops, smartphones and tablets.
According to Miller, this previously untapped market is seeing significant growth in the emergence of major retailers – leading to money being put into the refurbishment of shopping centres to serve the continually growing needs of the communities in which they operate.“It’s no surprise we have properties like Charlesville and Thaba ‘Nchu Shopping Centres on our books, with an increase in shopping mall development in demand to meet the needs of consumers,” adds Miller.
The Charlesville Shopping Centre, off the N2 in Gugulethu at the turnoff to Cape Town International Airport, andThaba ‘Nchu Shopping Centre, near Bloemfontein, are both retail hubs servicing large areas and multiple communities.
The Charlesville Shopping Centre, that underwent a R10m refurbishment in 2006, has long been the most convenient shopping centre serving residents of Gugulethu, Charlesville, Montana, and other surrounding neighbourhoods. For decades, it has been the most convenient all-in-one shopping destination for township shoppers in the Cape Peninsula.
And in the past ten years the customer base has grown exponentially due to the surrounding communities and industrial areas of Epping and Airport Industria becoming densely populated.
Current tenants in the centre, with a letting space of 6547 m², include Shoprite Checkers (the anchor tenant occupying 2138 m² for the past 3 decades, with a contract in place until late 2019), PEP, Nedbank, and the Farm Fresh meat market.
With Shoprite as the anchor, the centre serves as a primary shopping destination for grocery shopping for its primary target market. It also has many more strong national brands with a current annual net income close to R5m.
The Thaba ‘Nchu Shopping Centre forms part of an integrated retail central business district in Thaba ‘Nchu, one of the most formidable rural trading nodes in South Africa. Just 75km from Bloemfontein, it serves residents from Lesotho close to the nearby border as well.
The centre has a large retail mix, including Shoprite, Nedbank, PEP, Truworths, Beaver Canoe and Ackermans, making it the area’s primary shopping destination.
Gross leasable area of the centre is 5881 m², with a current annual net income of more than R4.2m.