Mall of the North provides economic benefits to Limpopo
One of Limpopo province's largest commercial real estate investment, the R1.2 billion Mall of the North, is currently on schedule for opening in early 2011. It is in a prime location in the easy-to-access, central node of Bendor, a rapidly developing component of Polokwane, in the heart of its growth corridor, ideally sited at the intersection of the N1 and a provincial road.
Owners of Mall of the North at the official laying of the foundation stone by the Executive Mayor of Polokwane. From left: Patrick Flanagan (Flanagan & Gerard); Pieter Lombaard (Moolman Group); Johann Kriek (Resilient Property Income Fund) & Thabo Makunyane (Executive Mayor of Polokwane)
The executive mayor of Polokwane Thabo Makunyane officially laid its foundation stone last week and stated, “It is an asset for the region and stands as proof of what our construction and business community can achieve. It also represents the wider economy, of which Polokwane is part, with national retailers and investors showing their confidence in the mall, the city and the region.”
The 75 000m² regional shopping centre is already 90% let with anchor tenants including Pick n Pay, Checkers, Edgars, Woolworths and Game. The tenant mix has over 160 shops, featuring a substantial number of South Africa's most popular national retailers in synergy with a bouquet of unique Limpopo owner-operated stores, which provide the variety and choice of a one-stop shopping experience attractive to everyone.
It is owned and developed by JSE-listed company Resilient Property Income Fund, Flanagan & Gerard and Moolman Group.
Economic benefits
Patrick Flanagan of Flanagan and Gerard points out that the mall will play an important role in driving the local economy. “The development and its desirable tenant mix are anticipated to attract cross-border shopping as well as serving both the regional and local consumer market.”
Jannie Moolman of Moolman Group points out that the economic benefits these brings to Polokwane both in the construction phase and as an ongoing operation are extensive. "These range from job creation, skills transfer to local procurement and business growth.”
Currently some 500 people are working on the construction site every day of which around half are drawn from the local community. The number of workers is expected to grow and peak at about 1000 people active on the construction site daily.
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