JSE-listed Growthpoint Properties is advancing its strategy of reinvesting in high-performing South African retail assets with a R75-million redevelopment of the Edgars premises at Walmer Park Shopping Centre, in Gqeberha, in the Eastern Cape.

In a media release, the company says this investment will reinforce Walmer Park’s position as the city’s leading retail destination by introducing a new internal link mall and expanding the variety of retail offerings.

Growthpoint notes that the project aligns with its broader retail strategy to increase exposure to assets and regions positioned for sustainable long-term growth, particularly in key coastal metros such as KwaZulu-Natal and the Western Cape.

Across its retail portfolio, Growthpoint says it continues to prioritise capital allocation towards dominant centres with strong trading metrics and proven reinvestment potential.

Following the recent start of the R270-million upgrade and expansion of Paarl Mall, in the Western Cape, Walmer Park is the second major strategic redevelopment initiated this year.

The redevelopment focuses on optimising the retail mix, improving circulation, unlocking value from existing space and enhancing the overall customer experience.

“Walmer Park is a well-established, dominant regional centre with consistently low vacancies and strong tenant demand. With vacancies at about 1.5%, this redevelopment offers a rare opportunity for new tenants to enter an otherwise fully let centre,” says Growthpoint retail asset management head Gavin Jones.

Situated in the heart of suburban Walmer, the company says the centre is recognised for its high-quality retail and customer experience, as well as its ongoing evolution in response to changing shopper needs.

Growthpoint says this redevelopment marks the centre’s eighth upgrade in 38 years and underscores its commitment to contemporary, market relevant retailing.

A key component of the project is the reconfiguration of the existing 4 680 m² Edgars store into a refined, 1 982 m² format supported by a refreshed tenant mix.

The introduction of a new link mall will accommodate nearly ten additional stores, bringing the total offering to almost 170 retailers, supported by free customer WiFi.

“Shoppers can expect an enhanced range of fashion, homeware and national brands,” adds Jones.

The new link mall has been designed to improve internal flow and provide seamless visual continuity with the centre’s modern aesthetic.

The project includes upgraded energy efficient lighting and integrates Walmer Park’s rooftop solar installation and existing standby generation system.

Growthpoint notes that the centre continues to supply filtered borehole water to customers and tenants, a service it has maintained for more than three years.

Construction will begin in March this year, with completion scheduled for November, ahead of the festive trading period.

“Selective redevelopment of strong, established assets is central to our strategy.

“By restructuring retail space, introducing sought after brands and elevating the customer experience, we ensure our centres remain relevant while delivering sustainable long-term value. Walmer Park’s redevelopment will create an even more engaging and accessible environment for customers and tenants,” says Jones.