
Keywest, Krugersdorp
A R55m extension and redevelopment has been completed, comprising the introduction of a 4,600sqm Game store and a 1,270sqm Mr Price Sports to the retail offering. Standard and ABSA Banks were expanded, and minor upgrades to two of the centre entrances were included in the scope of works. The dam adjacent to the food and entertainment wing was reduced in size, and the reclaimed area has been landscaped, with pedestrian walkways, an open air entertainment area and children’s play space completing this external upgrade. This has resulted in a more functional interface between the cinemas and restaurants, and better integration of the entertainment element at the mall. The capital expenditure incurred has provided an estimated return on investment of 9% in the first year.
| ADDRESS | cnr Paardekraal & Viljoen St, Krugersdorp |
| DESCRIPTION | Stands 1 & 2 Keywest Township |
| PROPERTY TYPE | Retail |
| INDEPENDENT VALUATION | R661,400,000 on 31 March 2010 |
| CARRYING VALUE | R661,400,000 |
| MAIN TENANTS | Pick n Pay, Woolworths, Edgars, Foschini, Truworths, Ster Kinekor, Virgin Active, Mr Price |
| GROSS LETTABLE AREA | 53,490m² |
| CURRENT VACANCY | 2.50% |
| LEASE EXPIRY |
Year ending March 2008 - 1.0% Year ending March 2009 - 8.1% Year ending March 2010 - 12.3% Year ending March 2011 - 38.9% Year ending March 2012+ - 39.1% |
| RENTAL AVERAGE | R88.71 |
| ESCALATION AVERAGE | 0.00% |
