Tshwane’s central Shoprite, owned by Octodec Investment, is undergoing an R60 million facelift that will revitalise the CBD’s retail industry.
The upgrade was announced on Tuesday by Octodec, a JSE-listed company specialising in urban retail and residential property, with the promise of “renewed confidence in a node that has clearly emerged stronger post the Covid-19 pandemic.”
The shop will stay open during the remodel, which is scheduled to wrap up by the end of the year in December.
Octodec’s managing director Jeffrey Wapnick said the CBD stores are bustling again now that the city is waking up.
Octodec’s CBD retail assets are gaining traction as many retailers return to CBD and various in-person university classes resume. “We are delighted to announce this project, which demonstrates that Tshwane’s heart is still thriving and a vibrant place,” Wapnick said.
The first phase of the renovations will involve a new Shoprite liquor store and ground-floor retail shops in addition to a redesign of the existing 4,000 square metre Shoprite. The entrance, labelled as “triple volume,” will be accessible via escalator from Helen Joseph Street. The escalators will also take you to OK Furniture.
The Helen Joseph Street facade will be updated as well, with a new modern storefront planned for the location. At the same time, the pedestrian access from Madiba Street will be landscaped to make it easier to get to the store.
Octodec said in a statement that phase two will include more retailers on the ground floor and the remaining basement space.
“We have strong, mutually beneficial relationships with our tenants, who frequently provide valuable insights.” “They are unlikely to invest in CBD unless there is a positive outlook,” Wapnick said.
These tenants’ continued commitment to the CBD is reflected in the length of their leases. “Confidence from our tenants and improved market conditions have fueled growth in the CBD, which Octodec will undoubtedly benefit from,” Wapnick said.
Octodec’s retail property portfolio accounts for 34.6% of its rental income, with community shopping centres accounting for 11.6% and retail street shops accounting for 23.0%.
Its retail portfolio also includes the Woomead Value Mart in Johannessburg, as well as Waverly Plaza and The Park in Tshwane.
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