Mixed Retail/Office, Garden Route

This existing sectional title retail and office strip centre, located on the Main Street, Plettenberg Bay, represented a strategic investment opportunity to unlock value by assuming control of the tenancy. The initial strategy involved redevelopment of the original internal mall to an exterior promenade, which improved its visibility and attracted an upmarket tenant base.

A recent upgrade of the Main Sreet has provided motivation for further enhancements, which will include an exterior refurbishment, an increase in GLA and improved access from the street. This will increase the centre’s appeal and provide an attractive return on investment.

Granite provides property management, leasing and corporate accounting, and is the chairman of the Body Corporate. Granite’s asset management expertise has been sourced to oversee delivery of the current refurbishment.

Key Features

Acquisition Price: R1.75m
Market Value: R10m
NLA: 1,650m2
Initial Attraction: Strategic Investment to control tenancy.
Initial Strategy: Refurbishment to improve visibility and attract upmarket tenants.
Current Strategy: Investigate additional parking bays to meet demand and improve lettability of retail units.

Granite Roles

  • Property Management
  • Lease Procurement
  • Project Management
  • Corporate Accounting, Secretarial Services and Treasury
  • Strategic Asset Services