The transformation of Exemplar REITail’s Theku Plaza to Theku Mall is complete, now serving upgraded retail to Osisweni in New Castle, KwaZulu-Natal.
The original 14 807m2 Plaza opened in 2013 to provide convenient retail to its surrounding communities. Anchored by Shoprite, the single level strip mall was severely damaged in the July 2021 riots, and it was completely rebuilt (and trading) by December that same year.
Rebuilt to its original size, retail demand continued to surge, and a decision was taken to enclose the centre, to bring in an additional grocery anchor of 4 200m2, and to increase its total gross lettable area (GLA) to 22 591m2.
Theku Mall now boasts a grocery component of 8 850m2, approximately 39% of the overall development, with SuperSpar added as an additional anchor to Shoprite and Roots. The updated tenant mix includes the first real fashion lineup in the area with over 90% of tenants comprising national brands including Mr Price Group, TFG, Studio 88, and Pepkor with Truworths and Identity set to trade from early 2025.
“This redevelopment is a symbol of the growth and upliftment of not only the Plaza but the communities it serves – investment in these builds is investment in the local micro-economies”, says CEO of Exemplar, Jason McCormick. “We have always followed a phased approach to retail development, right sizing our centres according to market demand and then developing additional GLA as the centre reaches its saturation point.”
Originally developed by rural and township retail specialists, McCormick Property Development, the Plaza was included in the Exemplar portfolio when it listed in June 2018. Owners, developers and asset managers, Exemplar, own 82.5% of the centre and managed its full redevelopment including the leasing, utilities and operational asset management.
The mall is equipped with a significant amount of grid-tied Solar PV embedded generation. An ‘offset’ agreement with Eskom also allows for excess solar power to be fed back into the Eskom grid. This excess energy, supplied to the Eskom network, will help reduce the strain on the local electricity distribution network in the area and can also be reused at a later stage, when the centre’s energy demand exceeds its solar production.
”The Plaza was a community shopping centre built to provide retail essentials and a space for community to connect. Theku Mall adds to this, creating a vibrant space where community members can shop, support local businesses and foster a sense of belonging. Beyond providing an improved place to shop, we are nurturing the heart of the community.”
Work on site began in early 2024 and the mall reopened on the 31st of October 2024.
