Growthpoint, the largest South African primary REIT listed on the JSE, has undertaken a R85m revamp of M1 Place in Marlboro, Sandton. The ageing retail warehousing property nearing the end of its lifecycle, has been converted into a modern retail park.
The one-year upgrade and expansion project has modernised the retail park and increased its size from 13,800sqm to 23,000sqm. The revamp has also enabled each of its trio of original tenants to expand into bigger spaces, as well as adding three new names to its mix.
M1 Place is a prominent and highly visible property asset, and it is home to great businesses. However, it had become outdated in recent years. We identified its refurbishment and expansion as a good investment to unlock better performance from the asset and extend its lifecycle. This strategic upgrade is already achieving its intended benefits.
– Engelbert Binedell, Industrial Division Director for Growthpoint Properties
The upgrade of M1 Place was no simple project, with a specific challenge being delivering the refurbishment while its established retailers were still operating.
This meant the project needed to achieve minimal disruption from construction activity and a phased development approach was key to this
– Leon Labuschagne, Growthpoint Industrial Division
Internally, the building was completely gutted and renewed, with everything refinished to modern specifications from lighting to tiles.
Externally, the building’s glass façade was fully upgraded and modernised, as was the brickwork on the façade of the property. This ensured the existing main property matched the façade of the new building created for The Galleria.
Also, the M1 Place’s resource efficiency was boosted by installing energy-efficient lighting and some lower-energy air-conditioners.