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The proverbial cobwebs are multiplying at Centre Point Shopping Centre, which has been standing empty for months now.
The planned R260 million redevelopment of the centre in Loxton Road has been postponed again and again because the required number of tenants haven’t yet signed the lease agreement.
A minimum of 60 % of the tenants need to commit and sign lease agreements before demolition can take place.
The revamp first had to start in February, then May, then September and to date nothing has been done.
It is planned to first raze the current building to the ground.
Actual construction on the “modern, convenient and air-conditioned mall” will then start three months later and it was initially foreseen that the project will finally be completed by 30 March 2014.
The client is the Government Employees Pension Fund and the R260 million centre will be administered by Public Investment Corporation (PIC).
TygerBurger has received many queries over the months and every time the leasing agent from Newton Commercial Properties, André Bauermeister, responded by saying construction will start imminently.
According to Bauermeister, 60 % of the retail space has already been assigned to shops and businesses, which includes Pick n Pay, Clicks, MTN, Crazy Store, Nedbank and Absa.
Now PIC’s general properties manager, Lesiba Maloba, is singing from the same hymn sheet.
“We anticipate completing lease agreements with key tenants promptly and beginning the demolition and the rebuilding,” assures Maloba.
Zane de Decker, asset manager of PIC, said at the time that potential tenants are very positive about the redevelopment of the Centre Point Shopping Centre and see the transformation as extremely promising for both their businesses and the surrounding areas.
The residential space above will only be sold much later in the process.
The proposed redevelopment allows for greener principles to be applied, including passive ventilation of service passages, south-facing glazing, naturally ventilated parking – and it will promote greater awareness of energy use among both consumers and tenants.
As a result the centre, once it is finally completed, will be classed as a “four star green-rated shopping centre”.
The shopping centre of 10 000 m² will comprise of two retail levels connected by escalator and the basement parking will be connected to the retail level by escalator.
Parking would suffice for 400 customers at a time.
There will also be 42 apartments on three levels above.
It has also been reported before that this centre will inject new life into the suburb.
PIC is one of the leading investors in South Africa and is a shareholder in developments such as the V&A Waterfront, Cavendish Square and Tyger Valley.
***DISCLAIMER: THIS ARTICLE WAS PUBLISHED IN TYGERBURGER, A CAPE TOWN BASED MEDIA24 COMMUNITY NEWSPAPER. IT MAY NOT BE DUPLICATED WITHOUT ACCREDITING THE SOURCE – TYGERBURGER, MEDIA24.***

 

Residents living in the greater Milnerton area are confused and angry at PIC Real Estate Asset Managers (PIC REAM) after construction on the Centre Point Shopping Centre was halted.
The lack of communication regarding the delay has led to a proliferation of rumours being passed around.
“The company that is building the centre went bang,” exclaims one reader.
Another says all the staff at PIC REAM who worked on the centre have been replaced, and it is taking their replacements longer than anticipated to pick up where the others left off.
Two people working for PIC stated off the record that there are serious in-house issues.
One person said: “I cannot tell you what is going on, but I’m sure you know already.”
The truth behind the delay is a mystery to the community, architects, engineers, leasing agent and, unfortunately to TygerBurger as well.
On 3 April this newspaper emailed urgent questions to the Public Investment Corporation (PIC) communication department.
At the time of writing this article, the only response forthcoming from communication manager Sekgoela Sekgoela was: “I am prepared to say we will be continuing with the construction and we will communicate this position soon. Regarding the timelines for completion – can we chat next week as I know there will be concrete dates.”
He sent this response on Monday, 12 days after the first email.
Questions such as “What ‘in-house’ issues are there to be resolved? Why has there been so many complications in building this shopping centre? And, what message can you give future tenants?” have been completely ignored despite eight follow-up mails from TygerBurger’s reporter. André Bauermeister from Newton Commercial Properties was a little more forthcoming.
“The completion date were extended to the end of 2015, but after this recent delay this date will be postponed,” he explains.
In November 2012, 60% of the retail space had been assigned to shops and businesses, including Pick n Pay, Clicks, MTN, Crazy Store, Nedbank and Absa.
Whether this figure will be affected by the plethora of postponements remains to be seen.
TygerBurger has on numerous occasions over the past couple of years reported on challenges facing PIC REAM.
The R260 million shopping centre was originally set for completion in October last –year.
In 2012 TygerBurger’s article entitled “Overdue centre still missing point” reported that construction had been postponed because the required number of tenants hadn’t signed the lease agreement.
The completion date was moved from October 2013 to 30 March 2014 and then to December 2015.
Years of planning and budgeting has resulted in a big hole in the ground.
“Future tenants must please be patient,” says Bauermeister, before adding that construction will start soon.
For the public, these promises sound familiar.
In November 2012 PIC’s general properties manager, Lesiba Maloba, said: “We anticipate completing lease agreements with key tenants promptly and beginning the demolition and the rebuilding soon.”
Zane de Decker, asset manager of PIC, said at the time that potential tenants are very positive about the redevelopment of the Centre Point Shopping Centre and see the transformation as extremely promising for both their businesses and the surrounding areas.
One postponement after the next, without proper communication as to what is really going on, just adds fuel to an active rumour-mill.
***DISCLAIMER: THIS ARTICLE WAS PUBLISHED IN TYGERBURGER, A CAPE TOWN BASED MEDIA24 COMMUNITY NEWSPAPER. IT MAY NOT BE DUPLICATED WITHOUT ACCREDITING THE SOURCE – TYGERBURGER, MEDIA24.***

 

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