McCormick Property Development Confirms Partnership with Putprop Limited

Posted On Thursday, 11 April 2019 14:09 Published by
Rate this item
(0 votes)

McCormick Property Development (MPD) is proud to confirm the signing of a partnership agreement with Putprop Limited for the development of two signature retail projects, located in the Gauteng townships of Soweto and Mamelodi.

DOBSON-GATE-ENTERANCE

The sites have previously been utilised as bus depot sites for PUTCO, whose busses play an integral part within the transport networks of these regions.

With the subsequent rapid expansion of the townships, these sites now find themselves ideally-placed within the heart of the bustling residential areas that their busses have always served - with both sites enjoying direct access off major transport arterials. 

Realising the latent value of these sites’ location, Putprop called for development proposals from a number of retail developers in August 2018. Following an exhaustive adjudication process, McCormick Property was chosen as the preferred development partner with whom Putprop will undertake these developments.

Both development sites were granted full retail rights prior to the signing of the agreement with MPD and allow for the development of 25,032sqm GLA on Dobsonville (Soweto) and 25,306sqm in Mamelodi.

MPD will attend to the development planning, leasing and project management of both developments.

Exemplar REITail Limited has been appointed to provide asset and facilities management services to both malls upon completion of construction.

Dobson Place, situated in Dobsonville, Soweto will see a redevelopment of the current bus depot into an enclosed mall of between 10 000 and 18,000sqm of retail in its first phase. (The final size of the mall being dependent upon final geotechnical investigations into the suitability of a dolomitic portion of the site.)

The Mamelodi site will see its bus depot transformed into an enclosed mall that will maximise its supreme location within the heart of Mamelodi’s more established and wealthy suburbs, creating a nexus of convenience and community directly off the main arterial of Tsamaya Road.

MD of McCormick Property Development, Jason McCormick is confident that the JV will ensure two retail centres of excellent standard…and that they will deliver as much to the surrounding communities as they do to the investors. “The relationship with Putprop to date has been fantastic and we really look forward to a fruitful partnership going forward. Our common understanding of what is to be achieved on these sites as well as our own track record of delivering successful retail facilities to underserviced areas creates a force to be reckoned with! With the development planning and agreements now behind us, we look forward to getting started on both projects and bringing the vision to reality!”

Both sites have commenced leasing already with construction expected to commence in 4Q2019 in Mamelodi (to open in 2020) and Dobson Place to be complete by 2021.

Last modified on Thursday, 11 April 2019 14:17

Most Popular

Anuva Investments launch Section 12J hospitality fund with property partners Flyt Property Investment

Oct 18, 2019
Zane De Decker HR
Investment into Section 12J venture capital vehicles has seen a huge uptake over the last…

Fairvest to become fourth property company to list on A2X

Oct 30, 2019
DARREN WILDER
Fairvest Property Holdings, a real estate investment trust with a market cap of R2…

Significant shifts in the Winelands commercial sector

Oct 18, 2019
Caption Somerset West commercial
A decade of corporate semigration and decentralisation fuelled the Winelands commercial…

Property market ready for take-off as bond grants rise

Oct 18, 2019
BetterBonds Mortgage Monitor
Housing demand has continued to gain momentum since the start of the year and in the…

Equites Property Fund Interim Results

Oct 18, 2019
Andrea Taverna Turisan CEO Equites Property Fund
Equites Property Fund Limited (Equites) today announced distributable earnings for the…

Please publish modules in offcanvas position.