From Creamer Media in Johannesburg, this is the Real Economy Report.

Sashnee Moodley:

As part of its pipeline of 175 000 m² of retail space earmarked for township and peri-urban areas across South Africa, property developer Alley Roads has unveiled its first retail development Riverstone Mall in Meyerton. Sabrina Jardim tells us more.

Sabrina Jardim:

The development of the R370-million mall, currently under construction, is financed by Rand Merchant Bank, a division of FirstRand Bank, and is scheduled to open in early-2025.

On completion, the convenience mall, with a gross lettable area of 18 000 m², is expected to have 53 retail tenants and will be anchored by Checkers Fresh-X, Woolworths Food and Dischem. Other retailers include Clicks, Truworths, Mr Price and the Pepkor Group.

It will also offer 1 000 parking bays, a food court and two fast food drive-thru outlets.

Alley Roads CEO Barry Chapman…

Sabrina Jardim:

Speaking at the pre-launch event on May 16, Midvaal mayor Peter Teixeira described the development as a “first of its kind” within the jurisdiction.

Midvaal mayor Peter Teixeira…

Sabrina Jardim:

A 1 908 kVA solar plant will be installed on the roof with a battery backup of 4 800 kWh, equivalent to four hours of 1200 kVA, ensuring the mall remains operational during loadshedding periods.

Moreover, Alley Roads CEO Barry Chapman explained during the pre-launch that the development is expected to create about 1 200 jobs during the construction phase, with an estimated 250 permanent jobs to be created once open.

Alley Roads CEO Barry Chapman…

Midvaal mayor Peter Teixeira…

Sabrina Jardim:

The group will roll out its 175 000 m² retail development pipeline over the next seven years, mainly in Gauteng, but also potentially in the North West, Free State and the Western Cape. Alley Roads intends to develop rural convenience retail centres measuring between 6 000 m2 to 12 000 m².

In Meyerton, Alley Roads is soon launching a residential development comprising 337 units as part of its strategy to leverage the symbiotic relationship between housing and retail to the benefit of all stakeholders.

There is also a second development phase planned at Riverstone Mall, comprising 3 000 m² of automotive-related retail.

On completion, the company’s total investment into the Meyerton community is expected to be about R600-million.

Midvaal mayor Peter Teixeira…

Sashnee Moodley:

That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy. Don’t forget to listen to the audio version of our Engineering News daily email newsletter.