Development of a US$81.3m Springs mall will soon begin at Springs Eco Park. The mall will be a regional shopping centre serving the greater springs area in Ekurhuleni east of Gauteng. It enjoys an enviable location at the intersection of the N17 highway and R51/Wit Road. The 52,000sqm mall benefits from accessibility off Jan Smuts Road, outstanding frontage on the N17 highway and prominent visibility. In fact, the two-level mall will be visible up to 5km away for people travelling on the N17 highway and with a design to offer its shoppers a wide and appealing choice of retail
The development is a joint venture between Flanagan & Gerard Developments, Blue Crane EcoMall (Pty) Ltd and the family of the Giuricich Brothers.
The mall is expected to capture between US$28.7 million to US$47.9million in revenue which is currently being spend outside of its borders and boost the Springs economy by US$114.8 million. Upon completion the mall will provide free open-air parking on both its shopping levels.
Springs Mall targets mainly the middle- to high-income earning consumers clientele and it is set to open its doors for shoppers in April 2016.
In the recent past Africa has experienced a boom of malls as a result of retail developers who are eyeing Africa’s rapidly growing consumer markets which are an opportunity for investment. The developers aim to meet the high growth of the middle class which has tripled over the last 30 years to 313 million people according to a new report from the African Development Bank (AfDB).
- South Africa to debut the largest rooftop solar photovoltaic (PV) system
- South Africa’s US $78m mixed-use office development almost complete
- Construction of the Waterfall City in South Africa ongoing
- South Africa to develop 2000 ha Ntshongweni urban project
- South Africa to invest US $136m in redeveloping two projects