McCormick Property Development (MPD) confirms that it is all systems go on the much-anticipated Capital Mall, a R1,2bn mega development set to serve the entire Pretoria West region.
An appeal to halt the development was overturned during a sitting of the City of Tshwane’s Municipal Appeals Tribunal (MAT) in April, paving the way for the development of the iconic 60,000sqm GLA regional mall which will bring over 3 000 employment opportunities to the surrounding communities.
With direct access approved off both the N4 highway and WF Nkomo (Church) Street and situated on the planned N4/R55 interchange, the double level mall will anchor ‘Capital City’ – a R5bn mixed-use development. The development node includes a 150 bed private hospital, value retail centre, motor dealerships, affordable housing, student housing, schooling and community facilities.
The development of the Mall will be phased with 60 000sqm GLA planned to open towards the end of 2021. The design allows the mall to seamlessly expand to over 100,000sqm in time, without the need for structured parking facilities.
On completion, the Mall will be the biggest development in MPD’s portfolio which has almost four decades of experience in property development.
Additional positive news for the company, after a nine year wait, is that the rights for Jean Junction, on the Jean avenue offramp off the M1/N14 (Ben Schoeman) highway have now also been approved by the City of Tshwane.
Originally bought to house the expanding McCormick Property business, the site has now evolved into a 55,057sqm GLA masterplan, with 20,550sqm rights approved in the first phase and a goal of developing the greenest office precinct in the country.
Source: SA Property Insider