Liberty Group and Pareto Limited today announced the commencement of a development to reconfigure space within the flagship Sandton City to create an engaging ultra-exclusive shopping experience for its discerning clientele.
The area, aptly named Diamond Walk, will establish a sophisticated thoroughfare between the mall and the 5-star Sandton Sun Hotel. Speaking on behalf of the property owners, Amelia Beattie, Chief Investment Officer for STANLIB Direct Property Investments (who act as asset managers for Liberty Group’s 75% ownership investment in the centre) says the decision to rejuvenate this area is fuelled by a demand from both shoppers and tenants for stronger representation by high-end retailers at the centre.
Beattie says, ‘This is a strategic investment that will not only provide a unmatched shopping experience at the landmark centre but will provide further opportunity to deliver positive long term investment returns for investors in the Liberty Direct Property Portfolio fund’.
Liberty Properties has been awarded the mandate to develop the undertaking on behalf of the property owners (Liberty Group 75% and Pareto Limited 25%). Commenting on the project, Maurice Mdlolo, Liberty Properties Managing Director says, ‘Sandton City has a reputation as the fashion destination in Africa, offering access to local and international brands that set the centre apart from others.
‘This new space will create an unrivalled location of opulent retail. A number of luxury brands already have a presence here and its positioning away from the hectic central hub of the mall emphasises its elegant exclusivity.’
Mdlolo confirmed that the current retail space will be realigned to ensure line of sight from the main mall area and court. Sandton Sun conference facilities will no longer be located in this area and will instead be incorporated into the Sandton Convention Centre facilities.
‘The diamond interior theme is appropriate for what will be a dazzling space where Africa meets the best the globe has to offer. The mall decor and surrounding finishes will be designed to reflect light so that the area truly sparkles. Store fronts will be increased in height giving the area a grand and spacious feel’, Mdlolo says.
Diamond Walk at Sandton City is planned to open to the public in mid-2015. Further announcements regarding the tenants who will occupy this space will follow.