Leading affordable housing developer, Alley Roads, has hosted a pre-launch of its first retail development, Riverstone Mall in Meyerton which does not have a formal retail offering.
The development of the R370 million mall, currently under construction, is financed by Rand Merchant Bank with its opening scheduled for early 2025.
“Riverstone Mall forms part of our 175 000m2 development pipeline earmarked for underserved township and peri-urban areas across South Africa,” comments CEO of Alley Roads, Barry Chapman.
“Our business strategy is premised on building communities that prosper. Affordable housing and retail developments are some of the important drivers required to establish these new nodes. Initial market studies show that Meyerton, centrally located between Johannesburg and the Vaal Triangle is growing at 2% – 3% annually, and the area plays a catalytic role within the R59 development corridor.”
“We will soon launch a residential development adjacent to the mall, comprising 337 units as part of our strategy to leverage the symbiotic relationship between housing and retail to the benefit of all stakeholders. There is also a second development phase planned at Riverstone Mall, comprising 3 000m2 of motor related retail. On completion, our total investment into the Meyerton community will exceed R600 million.”
Alley Roads’ residential portfolio comprises over 6 500 affordable apartments and student accommodation. Rental prices range from R4 000 to R8 500 per month, catering to lower-to-middle-income households with an average annual salary of about R300 000.
In addition to bringing convenience shopping to Meyerton residents and surrounds, the development of Riverstone Mall creates jobs and economic opportunities for locals.
On completion, the convenience mall, with a gross lettable area (GLA) of 18,000m², is expected to house 53 retail tenants, anchored by Checkers Fresh-X, Woolworths Food, and Dischem. Other retailers will include Clicks, Truworths, Mr Price, and the Pepkor Group.
It will offer 1 000 parking bays, a food court as well as two fast food drive-thrus. A 1908Kva solar plant will be installed on the roof with a battery backup of 4800Kwh, equivalent to four hours of 1200Kva, ensuring the mall remains operational during loadshedding periods.
Chapman said the group will roll out its 175 000m2 retail development pipeline over the next seven years mainly in Gauteng with opportunities in the North West, Free State and the Western Cape.
Alley Roads will develop rural convenience retail centres measuring between 6 000m2 to 12 000m2.