November 2013
CONSTRUCTION WORLD
17
Dipula Income Fund’s newly
developed 15 400 m
2
Tower
Mall in the growing Jouberton
and surrounds in Klerksdorp,
City of Matlosana, opened
2 5 Oc t obe r 2 0 1 3 . The
developers are Landmark, a
well-respected retail developer.
The primary catchment consists
of more than 250 000 people.
property
IZAKPETERSEN,CEOOF
Dipula Income Fund,
says the R155-million Tower Mall represents
an important investment in this community
which is underserviced in terms of retail facili-
ties.“This is the largest ever private investment
into this community and amongst the larg-
est in the City of Matlosana in recent years,”
says Petersen. “The investment goes beyond
providing a quality mall and excellent retail
for this community. It is also an investment in
the community whichwill boost employment
and skills.”
The mall is situated on a prominent loca-
tion with excellent visibility and accessibility.
There is a planned bridge across the N12 free-
way which will further facilitate ease of access
for the neighbouring communities of Alabama
andManzil Parkwhich formpart of the primary
catchment area.
“This investment is in line with Dipula’s
strategy of investing in quality assets in previ-
ously 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
formore investment in the area,”says Petersen.
“Through a steering committee, the com-
munity 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.”
Dipula
Dipula is a JSE-listed property loan stock
company with one of the highest black share-
holdings in the South African listed property
sector, and is managed externally by Dipula
Asset Management Trust a 100% BEE Manco.
Dipula’s investment portfolio comprises over
180 retail, industrial and office properties
valued at more than R4-billion.
Developer of Tower Mall, Landmark Real
Estate Services, identified the potential of this
community and purchased the land some five
years ago.“We have designed a financially fea-
sible mall that creates a stand-out attractive,
modern, vibrant shopping environment,”says
Lionel Kisten, executive director of Landmark.
“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.”
Local context
Landmark is a BEE property development
company that specialises in developing
shopping centres across South Africa in pre-
viously disadvantages areas, rural areas and
small towns. Among its many successes are
Makhado Crossing in LouisTrichardt, BaraMall
in Soweto, Naledi Mall in Vosloorus, Shoprite
Centre in Thokoza and Metropolitan Centre
in Ennerdale.
Kisten explains the name Tower Mall was
Landmark mall to open
inspired by the water towers alongside the
shopping centre. This is not the only way the
development is inclusive of its local context.
“Keeping it local is at the heart of this de-
velopment. We have a local contractor from
Klerksdorp, Ludick Construction, employing
local people and small businesses directly from
this catchment area alsohad substantial inputs
into the construction process,”says Kisten.
He adds: “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.”
Landmark also worked closely with local
government and is helping the mall’s tenants
to employ local people, where practical, creat-
ing benefits for the local economy which will
endure long after the mall opens.
“We hope the mall will continue to em-
power the local community in a way that is
sustainable in the long term,”says Kisten.
Tower Mall is funded by Absa, designed
by VH+S Architects and its leasing consultant
is Citynet.
“We worked closely with Citynet and
Dipula to ensure the right tenant mix at the
right rentals,”says Kisten. In doing so it secured
leading retailers selected to meet local shop-
ping needs including anchor retailer Shoprite.
As the first one-stop shopping centre in
the area, Tower Mall was over 96% full prior to
opening. It is little wonder that Tower Mall is
proving popular with retailers. Its immediate
catchment area includes a growing popula-
tion of some 250 000 people from Jouberton,
Alabama, Manzil Park and Kenana.
“We are pleased to invest in a qual-
ity retail asset that supports the sustainable
performance for our investors and supports
the sustainable progress of its community,”
says Petersen.
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