Fortress REIT Says First Phase of White River Crossing Development is Nearing Completion

Posted On Monday, 15 April 2019 16:50 Published by
Rate this item
(0 votes)

Fortress REIT, the JSE-listed diversified property group, says the first phase of its White River Crossing development, a state-of-the-art retail and leisure centre near the Kruger National Park is nearing completion and is on course for its scheduled opening on 22 August 2019.

IZAK-KRIEL

The first phase of the 10,300m2 development located at the intersection of the R40 that leads to Hazyview and the R537 to Sabie, will house major retail tenants including Checkers, Dis-Chem, Woolworths Food, Pick n Pay Clothing, Mr Price Home and FNB. The centre will have a convenient C-shape layout with ample parking facilities and a restaurant section clustered around an open air piazza with several water features to provide customers an aesthetically pleasing social and recreational area to enjoy the town’s famed natural beauty and sub-tropical climate.

“We started our earthwork in the middle of last year and construction has really gained momentum which puts us on course for a successful opening towards the end of August,” says Izak Kriel, an Asset Manager at Fortress. “This centre is aimed at both local residents from all walks of life as well as the numerous tourists who visit the area as well as the nearby Kruger National Park.”

White River Crossing is 51% owned by Fortress with the remaining 49% stake owned by three leading local families. The construction of the centre was contracted to iKotwe Construction, a local company that was established in 1992. Fortress has capacity to add a further 5,000m2 to 7,000m2 of retail space in the second phase of the development should the demand for additional space materialize from a suitable anchor tenant.

“For the moment we are concentrating on the first phase but if we sign a sizeable anchor tenant that requires big box space we could move quickly to accommodate them,” says Kriel. “We’re already in discussions with possible tenants and if we get them signed on as anchor tenants then that would trigger us to start developing further.”

The economy of White River, which is located just north of Mbombela in Mpumalanga, is based largely on tropical fruit and nut farming as well as tourism thanks to its proximity to the Kruger National park. The development will also be unique in that it will cater to both higher and lower LSM (Living Standards Measure) consumers.

Last modified on Monday, 15 April 2019 16:59

Most Popular

Mall of Africa Celebrates Launch of New Generation Pick n Pay Store

Sep 23, 2019
 MOA PNP  1
Today Mall of Africa welcomed one of South Africa's biggest grocery retailers to the…

Exemplar REITail Acquires Katale Square Shopping Centre

Sep 23, 2019
 JASON MCCORMICK
Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping…

Grit Real Estate financial results for the year-ended 30 June 2019

Sep 30, 2019
 BRONWNY CORBETT
London Stock Exchange listed Grit, the only listed Africa-focused income distribution…

4AX listed Heartwood Properties reveals positive financial results

Sep 23, 2019
 JOHN WHALL
Commercial property development company, Heartwood Properties , has revealed a 30%…

Reserve Bank keeps repo rate unchanged

Sep 23, 2019
 LESETJA KGANYAGO
 South African Reserve Bank Governor Lesetja Kganyago on Thursday said this is in line…

Please publish modules in offcanvas position.