Artist’s Impression of the Burger King at Secunda Value Centre
Nedbank continues its commitment to the development of areas outside South Africa’s major centres, this time in partnership with Neotrend Khala Cose Developers (Pty) Ltd for the first phase of a new value centre in Secunda, Mpumulanga.
“Nedbank Corporate Property Finance has approved R69.3 million funding for the development of the 8722m² first phase of the Secunda Value Centre,” says D’Anvo Jones, Regional Head: Nedbank Corporate Property Finance, Pretoria.
The value centre will be anchored by a stand-alone Builder’s Warehouse, a 2300m² Westpack Lifestyle Centre and a drive-through free-standing Burger King, supported by several line stores and an assortment of home furnishing retailers. The developer has acquired neighbouring land and will be constructing a further two phases of the value centre, adding an additional 12868m² of retail and office accommodation.
Offering ample open parking, the centre is well located along a busy arterial road within the Govan Mbeki Municipality, P.D.P Kruger Road. The property is within close proximity of the Secunda CBD and is less than one kilometre from the new Secunda Mall. Construction has commenced and is expected to start trading in April this year.
Jones says that the bank was particularly attracted to funding the development because of the quality of the developer, the excellent tenants and the demand for retail property in Secunda. According to the Govan Mbeki Integrated Development Plan, Secunda is by far the most active business zone in the municipality, underlined by the fact that 45% of the financial, administrative and professional concerns are situated here. Govan Mbeki Municipality is highly urbanised, with 82% of the population located in urban areas. In addition, the annual population growth of 2.84% between 2001 and 2011 has been higher than the national average of 1.4% (Source: Stats SA). These location and population factors bode well for the foot traffic into retail centre.
“The Neotrend Group is one of the heavyweights in this particular sector of the retail market and Nedbank Corporate Property Finance is proud to partner with them once again to bring the Secunda Value Centre to market. In addition, the long leases signed by Burger King and Builders Warehouse make for an attractive investment and offer destination shopping to the broader community.”
The Neotrend Group offers property development, investment and management services and has over 30 years’ experience within the challenging property development industry. Current projects include the Summit Place mixed use development, the 10 000m² Lynnwood Lane Centre near Equestria, the 12 000m² Silver Stream Retail Centre near Silver Lakes, all in Pretoria; and the Secunda Corridor Retail Development.
This is the second retail development supported by Nedbank Corporate Property Finance in the area, following the finance provided and equity stake taken in the development of the 52393m² Sasol Secunda Mall in 2013.
“Nedbank Corporate Property Finance is the market leader in the commercial property finance industry and we pride ourselves in providing agile financial solutions that not only realise our clients’ opportunities but also uplift and empower all stakeholders and members of the community,” concludes Jones.