The signing of a long-term lease with Checkers aligns with one of the key priorities of Hyprop Investments to reposition its South African portfolio and ensure the right tenant mix.
“Our new strategic vision focuses on creating environments and opportunities for people to connect and have authentic and meaningful experiences,” says Morné Wilken, CEO of Hyprop.
The new Checkers store will follow the brand’s premium FreshX concept which is designed to appeal to more upmarket shoppers. These innovative stores offer unique experiences such as chocolatier bars and temperature-controlled tasting rooms with extensive wine collections from leading estates. Fresh departments are designed as dedicated destination areas, offering customers an artisanal market experience within the supermarket environment.
This will be the third FreshX store within the Hyprop portfolio. The first opened at Canal Walk in December 2018, followed by The Glen Shopping Centre in October 2019. Trading results from these stores have exceeded expectations and bode well for an increase in the foot count and trading densities at The Glen in future. Discussions are also underway for new Checkers stores to be opened at some of the Group’s other centres.
The opportunity to move into Rosebank Mall is a win for Checkers, which is currently under-represented in the Illovo-Rosebank-Melrose area.
Edgars previously occupied two floors in the Rosebank Mall. The upper floor has already been let to Ackermans and Crazy Plastics. The Checkers store, Checkers LiquorShop and back area will occupy the remaining 4,415 m².
Wilken says an important aspect of Hyprop’s new strategy is to make its shopping centres relevant to attract good-quality tenants and meet the needs of customers. It has been repositioning the Mall through right-sizing its store space and introducing new strong anchor tenants.
“We believe Rosebank Mall offers tremendous upside within the strong and fast growing Rosebank node,” he says. “The node has not only attracted new office developments but also residential and leisure options. It will soon rival Sandton as the sought-after office and residential address.
“The Mall’s proximity to the Gautrain, user-friendly scale, leafy and pedestrianised character, distinctly different to Sandton, make it the perfect choice for companies and those wishing to reside close to work in a central node that offers an array of choices as well as convenience.”
Hyprop has bought an additional property at 17 Baker Street, Rosebank. The office block is the last remaining property required for Hyprop to control the corner between Bath and Baker streets which is adjacent to the Rosebank Mall and ideally situated for a mixed-use development. This acquisition is in line with the Group’s strategy to own and manage vibrant mixed-use precincts underpinned by dominant retail centres.
