B&B Markets seeks compensation in Rosebank dispute

The market's operators say the relocation has proved successful so far.

Now called B&B Markets Norwood, the Sunday market operated from the rooftop of Rosebank Mall for 20 years but was closed between April and September following a lease dispute between market operator B&B Markets and Hyprop.

Hyprop is undertaking a R932m redevelopment of Rosebank Mall and the company intended to relocate the Rooftop Market to the top level of the mall's parkade.

However, B&B Markets had been dissatisfied with a number of clauses in the new lease, which it called "impractical", and had refused to move to another part of the mall.

Hyprop and B&B Markets were entangled in a legal battle about the legality of the market's closure and relocation. The Arbitration Appeal Tribunal ruled against Hyprop in July - a ruling it said it would oppose.

Traders stopped operating

B&B Markets director Brad Fisher said on Tuesday (17 September) that traders had not been operating since April. Fisher said as Hyprop had indicated that it was going to review the appeal, which could have taken another six or seven weeks, B&B Markets decided to sign a five-year lease with Norwood Mall owner The Cavaleros Group.

Fisher said that management at Norwood Mall, which has been home to the B&B Markets Norwood since the beginning of the month had spoken to the traders about moving there.

He said trading at Norwood Mall has been successful since the market opened.

Fisher said while the market had moved permanently and would not return to Rosebank Mall, it intended suing Hyprop for damages.

The relocated market has a new tenant mix, with about 350 traders operating at the Norwood Mall.

Hyprop's chief executive Pieter Prinsloo said last month Hyprop was facing a possible damages claim from B&B Markets, and that the redeveloped Rosebank Mall may house a market in the future.

Source: Business Day via I-Net Bridge