And while December was not the ideal time to bring the centre on line, owing to the depressed economy, the R100m Linkhills Shopping Centre is already enjoying a healthy level of occupancy by a number of national brands. These include a flagship Pick n Pay, which has taken up 300sqm of floor space, and Mica Home Hardware on 2,000sqm.
In addition, Dunlop Tyre and Exhaust, Battery Centre and two other motor-trade associated businesses have opened their doors on the premises. There are also fast-food outlets, liquor, health and clothing stores, a butchery, a bakery and a computer outlet.
According to Bruce Macaulay, property administrator of the Rowles Property Group, the Hillcrest, Waterfall and Kloof triangle is one of the fastest growing residential areas in KwaZulu-Natal.
Further retail development is planned for the long-standing Waterfall Shopping Centre, across the road from the Linkhills Shopping Centre. Macaulay says it will increase in size from about 12,000 GLA to 55,000 GLA while simultaneously enjoying a facelift.
"We accept that the economy has weakened the retail market in all areas, from rentals to general spend by consumers, and we are aware that last year saw the closure of many businesses in all sectors, from retail to industrial. But we are positive about the ongoing, long-term growth of the area."
Commenting on the rapid growth of Waterfall, long sought out by entry level and first-time buyers, Gareth Bailey, RE/MAX Address CEO, says it is now completely self-sufficient. "The area has its own large shopping centres, pre-schools, primary and high schools and college, sports clubs and medical facilities. It also boasts many factories and offices in Brackenhill, its industrial and factory area."
"Waterfall's growth has been underpinned by the development of a number of well-priced estates in recent years. Plenty of land was sold a few years ago at prices that ranged from R250k upwards, which made new home building very viable. Even today, prices here are still very competitive. For example, a two or three-bedroom unit in a complex would start at around R740k while a two-bedroom freestanding house can be bought for as little as R730k."
For principal directors of Acutts Upper Highway Gregg Wilson and Michele Wilson, the new centre is a welcome addition, in line with the massive growth Waterfall and Crestholme have experienced in the last five years. – Ingrid Olivier
For more information contact Bruce Macaulay on 031 763 4433.
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