Dipula Income Fund’s newly developed 15,400sqm Tower Mall in the growing Jouberton and surrounds western in Klerksdorp, City of Matlosana, will open on 25 October 2013, virtually fully let. The developers are Landmark, a well-respected retail developer. The primary catchment consists of more than 250 000 people.
Izak Petersen, CEO of Dipula Income Fund, says the R155 million Tower Mall represents an important investment in this community which is underserviced in terms of retail facilities.
“This is the largest ever private investment into this community and amongst the largest in the City of Matlosana in recent years,” says Petersen. “The investment goes beyond providing a quality mall and excellent retail for this community. It is also an investment in the community which will boost employment and skills.”
The mall is situated on a prominent location with excellent visibility and accessibility. There is a planned bridge across the N12 freeway which will further facilitate ease of access for the neighbouring communities of Alabama and Manzil Park which form part of the primary catchment area.
“This investment is in line with Dipula’s strategy of investing in quality assets in previously disadvantaged communities. We believe that this helps restore the dignity of these once forgotten people of our country. Landmark did a sterling job in the design and development of this centre. This is an asset for the people and we are delighted that we can be part of this and are certain that it will act as a catalyst for more investment in the area” says Petersen.
“Through a steering committee, the community played a vital role in assisting us make this investment a reality”, states Lionel Kisten from Landmark. “We also received excellent support from the municipality.”
Dipula is a JSE-listed property loan stock company with one of the highest black shareholdings in the South African listed property sector, and is managed externally by Dipula Asset Management Trust a 100% BEE Manco. Dipula’s investment portfolio comprises over 180 retail, industrial and office properties valued at more than R4 billion.
Developer of Tower Mall, Landmark Real Estate Services, identified the potential of this community and purchased the land some five years ago.
“We’ve designed a financially feasible mall that creates a stand-out attractive, modern, vibrant shopping environment,” says Lionel Kisten, Executive Director of Landmark. “Tower Mall will be the first modern shopping centre in this area and will definitely be the impetus to further commercial development and local economic growth.”
Landmark is a BEE property development company that specialises in developing shopping centres across South Africa in previously disadvantages areas, rural areas and small towns. Among its many successes are Makhado Crossing in Louis Trichardt, Bara Mall in Soweto, Naledi Mall in Vosloorus, Shoprite Centre in Thokoza and Metropolitan Centre in Ennerdale.
Kisten explains the name Tower Mall was inspired by the water towers alongside the shopping centre. This isn’t the only way the development is inclusive of its local context. “Keeping it local is at the heart of this development. We have a local contractor from Klerksdorp, Ludick Construction, employing local people and small businesses directly from this catchment area also had substantial inputs into the construction process,” says Kisten.
He adds: “This maximises the amount spent in the community. It makes sense. We want the people who are going to use this resource to feel a sense pride in what they’ve accomplished.”
Landmark also worked closely with local government and is helping the mall’s tenants to employ local people, where practical, creating benefits for the local economy which will endure long after the mall opens.
“We hope the mall will continue to empower the local community in a way that is sustainable in the long term,” says Kisten.
Tower Mall is funded by Absa, designed by VH+S Architects and its leasing consultant is Citynet.
“We worked closely with Citynet and Dipula to ensure the right tenant mix at the right rentals,” says Kisten. In doing so it secured leading retailers selected to meet local shopping needs including anchor retailer Shoprite.
National retailers opening at Tower mall include Cashbuild, KFC, Jet, Pep, Mr Price, KFC, Clicks, FNB, Standard Bank, Capitec Bank, Old Mutual Bank, African Bank and Vodacom, among others.
As the first one-stop shopping centre in the area, Tower Mall is over 96% full prior to opening. It’s little wonder that Tower Mall is proving popular with retailers. Its immediate catchment area includes a growing population of some 250,000 people from Jouberton, Alabama, Manzil Park and Kenana.
“We’re pleased to invest in a quality retail asset that supports the sustainable performance for our investors and supports the sustainable progress of its community,” says Petersen.