South Coast mall coming up for auction

South Coast Mall, an expansive community shopping centre in Shelly Beach, will be brought under the auctioneer's gavel during next week's Commercial Multiple auction on November 23.

An aerial view of the shopping centre.

Hyprop Investments (HYP) and Redefine Properties (RDF), shared owners of South Coast shopping mall, have opted to auction the property in a bid to focus on more "core" assets. The 17.6 ha property was built in 2005, and cost in the region of R205 million to develop.

The centre, which services the communities between the Eastern Cape and Southern Kwazulu Natal, extends over a GLA of 37 000m², and hosts 88 stores, with anchor tenants including Game, Checkers, House & Home and Builders Express. Other prominent national tenants including Wimpy, Ackermans, Reggies, Vodacom, Virgin Mobile, Clicks, PEP, Mugg& Bean and Ocean Basket.

"This is a prime, high yielding retail investment opportunity that has already garnered significant attention from a number of local and international investors. With centres of this caliber often remaining tightly held, we anticipate next week's multiple auction event to be characterised by a packed auction room and enthusiastic bidding".

Auction Alliance Press Release

Posted at 08:39AM Nov 18, 2011 by Editor in Auctions  |  Comments[1]