Comments Ivan Pachonick, director: retail consulting for JHI Properties, which has been appointed letting agents for Meadowlands Crossing shopping centre: "This new neighbourhood shopping centre is ideally positioned and highly appealing for retailers, being easily accessible to a high concentration of those living and working in the Newcastle area, including the immediate markets of Madadeni, Blaaubosch and Osizweni. As a result we are currently in advanced negotiations with several national anchor tenants."
While there is currently 4000sqm of existing structure under roof on the site of the new shopping centre - earmarked for a prominent national anchor convenient store - bulk engineering services are already installed (including more than adequate electricity supply from Eskom). Actual construction of the shopping centre is expected to commence in August this year (2011), with the initial phase anticipated to start trading as early as October 2011.
Strategically situated on a new main route connecting Newcastle to Madadeni and Osizweni, the site for the new shopping centre is just 9.5km from Newcastle CBD, drawing from a large catchment area which is home to a sizeable population which comprises the bulk of Newcastle's workforce, representing a significant total disposable income.
Comments Kevin Buchler, MD of Kevin Buchler & Associates, project leader for Meadowlands Crossing shopping centre: "With a total residential component comprising 3800 affordable, fully-furnished housing units providing accommodation for over 15,000 people - and with a strong demand for quality, reasonably priced homes in Newcastle, 470 sales were concluded at an average price between R270 600 and R389 000, with a number of new owners having taken occupation."
The estate offers 24-hour security and will include amenities such as a day care centre, medical centre, primary school, community centre - over and above the existing hall, fuel service station and transport interchange/taxi rank. Also within the estate is the existing KR Rumelin stadium, which is to be upgraded to national status and will include a sporting academy and swimming pool.
Other new developments in the area include a R700 million Agri Technopark which is currently under construction, while Mittal Steel, one of the main economic drivers in the area, recently undertook upgrading and expansion projects representing an investment of over R400 million, creating some 3600 jobs in total in a matter of a few years.
In addition, the Madadeni/Osizweni CBDs are undergoing Urban Renewal Programmes with construction of the new main route connecting Newcastle and Madadeni, which is scheduled for completion in June 2011. This will alleviate traffic congestion on the existing N11, being the only existing route at present.
Buchler adds that Newcastle is strategically situated in close proximity to the N11, one of the main transportation routes for goods and services between Durban and Gauteng. "In addition, a new highway route is under construction, connecting the N3 Johannesburg/Durban via Ladysmith and Newcastle, as a main alternative route, all of which bodes positively for future growth and investment in Newcastle," he says.
