The expansion and redevelopment of the mega Fourways mall in South Africa has finally broken ground and this will make it be the second largest mall in the country after Gateway Theatre of Shopping and the largest in the Gauteng province.
Also read:Phase 1 of Fourways Mall in South Africa almost complete
The expansion which is projected to cost US$ 183m is being carried out by Accelerate properties that will see the mall joining with other centres in the area to cover 175,000 square metres under one roof.
As part of the redevelopment plan, approximately US$ 2.3m will be spent on the refurbishment of the existing Fourways Mall Shopping Centre and a whopping US$ 21m on the adjacent road infrastructure around the mall.
The development includes a refurbishment and 90,000sqm expansion of the existing mall which will connect the Fourways Mall to Fourways Game and Fourways View resulting in a single, super-regional retail offering of 161,000sqm.
The redeveloped mall will also comprise the third largest retail node in South Africa after Sandton City and Menlyn. The old and new portions of the mall will be incorporated into one seamless shopping experience and the addition of three entrances with direct access to parking will reduce congestion and ease the flow of customers into the centre.
Other outstanding letting enterprises within the establishment include Fourways View, Cedar Square, The Buzz Shopping Centre, Fourways Game and Leaping Frog, which were part of a US$ 202m development project which was undertaken in 2006.
The redevelopment is anticipated to aid in regaining support from this lost customer base and compete on the level of other super-regional centres following the introduction of large international retailers for instance Hamleys, H&M, Cotton On, Mango, G-Star and specialist entertainment offerings such as Bounce and KidZania.
The financing will be handled directly through Fourways Precincy Limited (FPL), which is partly owned by the Accelerate group.
According to a credit rating review for the group in February 2016, the Fourways Mall Development is expected to be complete by mid-2018.