In celebration of the commencement of this further R320 million investment in Musina the co-developers held a sod-turning ceremony on 21 January 2016.
Developed in 2010, the Great North Plaza community centre is conveniently located on the corner of Smelter Avenue and Great North Road (N1 highway) in Musina, in the north of Limpopo Province. It currently houses 40 shops, with Shoprite, Foschini, Clicks, Mr Price, Woolworths and Cashbuild as anchor tenants.
The strong trading conditions of the existing centre has attracted demand from existing and new retailers to expand their existing offerings and introduce new brands to the mall. The extension is already more than 87% let, including national retailers such as Checkers, Jet, Edgars and Pep.
Not only is the extension a substantial direct investment into Musina, it also creates approximately 500 jobs during the construction phase and a further 500 permanent new jobs subsequent to completion. The majority of new employment opportunities will be filled from the local community.
The addition of Musina Mall will increase the GLA of Great North Plaza from 13,584m² to approximately 34,000m².
This development is expected to have a welcome and beneficial impact on Musina residents. An estimated 48,000 people, or 13,000 households, reside within the mall’s primary catchment area, while more than 45,000 people reside within the secondary catchment area (within 60 minutes’ driving time). The significant cross-border trade has not been accounted for in these figures.
“With the addition of the brand new Musina Mall, the centre will offer unparalleled convenience to the residents of this prominent business and social node. We are extremely excited by the opportunity and would like to thank the residents of Musina for their support to date, as well as the members of the Musina Municipality in making this further investment possible,” said Nick Riley, CEO of the Investec Property Fund.
The new Musina Mall will offer a comprehensive variety of upmarket brands across the full retail spectrum. The board-approved tenant list for the completed expansion and new Musina Mall can be seen below:
