A new shopping experience in the Free State, backed by Nedbank
SA Commercial Prop News - Mar 16th 2012, 15:03
Bloemfontein will soon boast an exciting new shopping experience when the first Makro store in the Free State province opens its doors in October 2012.
The new Makro store, to be developed by The Moolman Group, will be located on the western side of Bloemfontein, at the junction of the N8 towards Kimberley and the N1 freeway. Approximately 5km from the Bloemfontein CBD and 4km from Langehoven Park the site offers excellent exposure, easy access from Bloemfontein and the surrounding areas, while remaining in close proximity to all amenities in the city.
On completion of the development the building, with a GLA of 17 049m2, will comprise of a typical Makro store layout, incorporating retail warehousing space, an open floor or trading area, a separate liquor store and butchery with chillers, and various other specialty departments, including technology, multi-media, outdoor and an office supplies component.
Although this exciting development is the fifth Makro development being undertaken by The Moolman Group, it marks the beginning of a notable new partnership between this well-respected and highly accomplished developer and Nedbank Corporate Property Finance, who is providing the R170 million finance required for the completion of the project. In addition to the four Makro developments (Wonderboom, Silverlakes, Vaal and Polokwane) completed recently, The Moolman Group's impressive portfolio of completed developments include Mall of the North in Polokwane (developed in partnership with Resilient Property Fund and Flanagan Gerard), Newpark Centre in Kimberley, Cosmos Centre in Bethal, Bedworth Park in Vanderbijlpark, City Centre in Polokwane, Magaliesview in Rustenburg and the soon-to-be-completed Middelburg Mall. The Group was founded as a family business in Pietersburg in 1967 and now owns and manages property portfolios in seven of the nine provinces in South Africa.
Ken Reynolds, regional executive: Nedbank Corporate Property Finance, Gauteng notes that the demand for a Makro trading store in the area is strong. "While the area does host two other bulk retail stores as well as a local mall, Makro offers a unique value proposition. Developed as a freestanding building located on the crossing between two major national highways, and featuring an impressive 840 open parking bays, the retailer is poised to become a destination centre in its own right, drawing shoppers not only from Bloemfontein , but also from all over the province and from neighbouring Lesotho."
"Located strategically along a residential growth point on a site with excellent exposure given its prominent position is an encouraging indication of the economic development in Bloemfontein," concludes Reynolds. "We are delighted to partner with reputable developers with such impressive development experience on a property development with solid fundamentals in place. The Moolman Group's choice of finance partner is also a clear confirmation of Nedbank Corporate Property Finance's leading position in commercial property finance by market share, in South Africa."
There are currently 16 Makro stores around the country. Makro is the trading name for one of the trading divisions of Masstores (Pty) Ltd, a subsidiary of Massmart Holding Ltd. Massmart is a listed company with solid future growth prospects, given its recent acquisition by the US giant Wal-mart. The professional team managing the new Makro development in Bloemfontein consists of professionals who have completed 14 previous Makro developments.
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