Alberton is set to get a new development in the name of NewMarket Value Center at the cost of US$ 39.92m, after the Property Financial Division of Nedbank entered into a partnership with Rejem Property Development and Style Star Investments – a subsidiary of Moolman Group.
Nedbank corporate property finance regional executive Ken Reynolds has said Nedbank is proud to partner with the renowned property development groups in the new undertaking.
The center will be located at the NewMarket Park, which is a 77.3-hectare property development at the south east of Alberton CBD. It will be developed on the old Newmarket racecourse.
The NewMarket Value Center will sit on a 34 000m2 space and is part of Newmarket Park, a mixed use development. The center is expected to be opened in October 2015. The center, according to reports, will be expanded with time to occupy 80 000 m² and thus become a regional shopping center.
The NewMarket Value Center will host a number of tenants such as Virgin Active, Food Lovers Market, Builders Warehouse, Spurs, John Dory, Mugg &Bean and Checkers. According to Moolman Group, the development of the shopping center will feature a 8,700 m² Checkers Hyper and a 3,000 m² Food Lovers Market.
Its position is also convenient, given that it will be surrounded by residential areas and other major property developments. 56 percent of the project shares will be owned by Rejem and Linton through Nedbank, while 44 percent will be under Style Star Holding.
Nedbank has an equity stake in Makro which was opened in April last year on the same site. So far the financial corporation has the two developments in the park.
Apart from the NewMarket Value Center, there are other real estate development projects around Guateng, including the proposed New Waterfall City that has been speculated could become the new Central Business District in the region.