South African Developer Secures Financing for Retail, Residential projects in Pretoria
- Dec 21, 2012
Nedbank Corporate Property Finance, a Durban-based financial organization, has reportedly provided a Pretoria developer with crucial financing that will be used in the development of two properties. Octodec Investments, a local developer, is working on phase two of the Tiny Town development, a residential and retail project that currently has a 2014 completion date attached. The other project Octodec is working on is the Cambridge Shopping Centre, a commercial development in the city’s central business district. The amount that Nedbank Corporate Property Finance has provided comes in at around $11.5 million, or 100 million South African rand.
Tiny Town was originally conceived in 1929 when it was meant to become an artist’s colony and included a number of residential units and a common garden. Tiny Town was then renovated in 2009 to meet modern expectations, while the overall direction of the area was rebranded while keeping in mind the space’s history and setting. Phase II will include 116 new for-rent residential units. Located in close proximity to the country’s seat of government, the new development will cater to a more exclusive type of resident in terms of its residential component. The project is currently in the town planning stage of development.
The Cambridge Shopping Centre will be located at the intersection of Struben, van der Walt and Bloed streets, in the north-western edge of the city’s central business district, in the immediate vicinity of the Pretoria Zoo, the largest in the country. The retail development already has an anchor tenant in place, in the Cambridge Foods grocery store. The Massmart Group-owned store has signed a ten-year leasing deal at the facility. Not counting the space that Cambridge Foods will be taking over, the retail center will have 11,100 square feet of leasable space, divided into 12 shops. The retail units will feature areas between 516 square feet and 1400 square feet. Some of the other residents of the Cambridge Shopping Centre are already in place, with another large national tenant on the roster being Cash Crusaders. The retail development currently has an attached opening date of February 2013.
Pretoria is one of three capital cities that represent the South African country, the city being the executive capital, making it the de facto capital of the state. It is located in the Gauteng province and has a population of around 500,000.