Rondebosch-on-Main, Cape Town
The initial upgrade to the centre took place in 2006 and included the Main Road street façade, the introduction of Clicks and Nedbank as major tenants and the upgrading of the internal malls. Having secured the parking area by means of a re-vesting process from the City Council, a second phase was planned, aimed primarily at adding parking to the centre. This phase, a R32 million project with an initial return of 9.5%, commenced in January 2008. The development includes the addition of 105 structured parking bays, the conversion of the old cinema premises into 1,000sqm of offices, changes to the internal circulation of the parking area, the creation of dedicated delivery yards, the introduction of a pedestrian walkway along the Liesbeek River edge and finally the expansion and refurbishment of Pick n Pay. Construction is progressing well with an anticipated completion in the first quarter of 2010.
ADDRESS Main Rd, Rondebosch, Cape Town
DESCRIPTION Erf 106087 Cape Town
PROPERTY TYPE Retail
INDEPENDENT VALUATION R78,000,000 on 31 March 2010
CARRYING VALUE R78,000,000
MAIN TENANTS Pick n Pay, Clicks
GROSS LETTABLE AREA 6,811m²
CURRENT VACANCY 5.00%
LEASE EXPIRY Year ending March 2009 - 22.6%
Year ending March 2010 - 7.8%
Year ending March 2011 - 40.1%
Year ending March 2012 - 2.0%
Year ending March 2013+ - 22.3%
RENTAL AVERAGE R93.27
ESCALATION AVERAGE 0.00%

ACUCAP PROPERTIES LIMITED
REG NO.
JSE CODE
ISIN
2001/021725/06
ACP
ZAE 000037651
TEL.
FAX.
EMAIL.
+27 (0)21 702 2745
+27 (0)21 702 2738
INFO@ACUCAP.CO.ZA
REGISTERED OFFICE
 
 
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