Old Mutual mall development on course in Namibia

RETAILER NEWS

NewEra.com.na - Jul 10th, 08:37

WINDHOEK – Plans to develop a shopping centre and office blocks in Keetmanshoop town are on course. Old Mutual Namibia is the developer of what is estimated to be an investment of N$92 million. The development will be fully funded by Old Mutual Namibia. 

The development consists of over 11 000 square metres of space, of which 10 000 square metres is gross lettable space. Old Mutual Namibia says it has already secured tenants for the 7 760 square metres in the building, and negotiations are at advanced with other potential tenants to take up the remaining lettable space.

The development boasts 95 percent retail space and 5 percent office space, which will provide significant footfall within the centre. Old Mutual will be the first tenant to take up office space upon completion of the development. The centre will also serve the community with a host of confirmed tenants including, Shoprite, Jet, Edgars Active, Legit, PEP Stores, Mr Price, Clicks, Hektas Fashion and Beaver Canoe. “We are also at advanced stages with Spur, Shoprite Liquor, Telecom and various other individual retailers. With only 900 square metres of space still unallocated, we are more than confident that on our official opening on November 1, all available space will be leased with all tenants fully operational,” Old Mutual said in a statement.

The main structures of the building, including the roof are now 80 percent complete. “All procurement for ancillary services has now been completed, manufacturing is underway and the timeline with subcontractors ensures that we have no wasted time on site,” Old Mutual said. The shopping centre is designed, and is being constructed to be scalable in future, based on anticipated economic growth in the south and demand for more retail and office space, the company said.

Whilst the initial development will have 10 000 square metres of gross lettable space, Old Mutual has acquired a total of 58 000 square metres providing sufficient scope for further expansion.
From NewEra.com.na