Tower Mall opens in Klerksdorp in October

It will service a primary catchment area of more than 250,000 people. The planned bridge across the N12 freeway will further facilitate ease of access for the neighbouring communities of Alabama and Manzil Park which form part of the primary catchment area.

Izak Petersen, CEO of Dipula Income Fund, says the mall represents an important investment in this community, which is underserviced in terms of retail facilities. "This is the largest private investment into this community and amongst the largest in the City of Matlosana in recent years. The investment goes beyond providing a quality mall and excellent retail for this community; it is also an investment in the community, which will boost employment and skills.

"This investment is in line with fund's strategy of investing in quality assets in previously disadvantaged communities. We believe that this helps restore the dignity of these once forgotten people of our country. Landmark did a sterling job in the design and development of this centre. This is an asset for the people and we are delighted that we can be part of this and are certain that it will act as a catalyst for more investment in the area."

Keeping it local

"Through a steering committee, the community played a vital role in assisting us make this investment a reality," states Lionel Kisten from Landmark. "We also received excellent support from the municipality."

Landmark identified the potential of this community and purchased the land some five years ago.

"We've designed a financially feasible mall that creates a stand-out attractive, modern, vibrant shopping environment. Tower Mall will be the first modern shopping centre in this area and will definitely be the impetus to further commercial development and local economic growth."

He explains the name Tower Mall was inspired by the water towers alongside the shopping centre. "Keeping it local is at the heart of this development. We have a local contractor from Klerksdorp, Ludick Construction, employing local people and small businesses directly from this catchment area also had substantial inputs into the construction process.

"This maximises the amount spent in the community. It makes sense. We want the people who are going to use this resource to feel a sense pride in what they've accomplished."

The company also worked closely with local government and is helping the mall's tenants to employ local people, where practical, creating benefits for the local economy, which will endure long after the mall opens.

"We hope the mall will continue to empower the local community in a way that is sustainable in the long term."

National retailers

"We worked closely with Citynet and Dipula to ensure the right tenant mix at the right rentals," continues Kisten. In doing so, it secured leading retailers selected to meet local shopping needs including anchor retailer Shoprite.

National retailers include Cashbuild, KFC, Jet, Pep, Mr Price, KFC, Clicks, FNB, Standard Bank, Capitec Bank, Old Mutual Bank, African Bank and Vodacom, among others.

"We're pleased to invest in a quality retail asset that supports the sustainable performance for our investors and supports the sustainable progress of its community," concludes Petersen.

Dipula is a JSE-listed property loan stock company with one of the highest black shareholdings in the South African listed property sector, and is managed externally by Dipula Asset Management Trust a 100% BEE Manco. Its investment portfolio comprises over 180 retail, industrial and office properties valued at more than R4 billion.

Landmark is a BEE property development company that specialises in developing shopping centres across South Africa in previously disadvantaged areas, rural areas and small towns. Among its successes are Makhado Crossing in Louis Trichardt, Bara Mall in Soweto, Naledi Mall in Vosloorus, Shoprite Centre in Thokoza and Metropolitan Centre in Ennerdale.