Akani Properties unveils R500m Autumn Leaf shopping mall in Zeerust
13-11-2023
Read : 796 times
Property Wheel
Source
Black-owned and managed Akani Properties has unveiled the new R500 million Autumn Leaf Shopping Mall in Ramotshere Moiloa Municipality, in the transit town of Zeerust in the North West.
The 18 000m2 shopping centre, which opened its doors in late October 2023, is within a short distance for the locals who historically have had to travel to Rustenburg or Mafikeng to access premium brands.
The development includes a taxi rank and fuel station and in conjunction with the Municipal Employees Fund, it is the first phase of a mixed-use project that will include a hotel and a private hospital which will transform Zeerust into a bustling transit town and economic node on the border between South Africa and Botswana.
With a total project budget of R499 million, the development procured materials from local suppliers and employed local SMMEs and labour. The total procurement spend was about R70 million on civil contractors, a local labour spend running into millions of Rands and close to 500 jobs were created during the development phase.
The new retail centre will serve the greater Zeerust area that includes townships such as Ikagaleng, retail travellers from Gaberone in Botswana, and those travelling to and from Namibia.
“We are excited to add Autumn Leaf to our growing portfolio of retail assets in South Africa. Investing in peri-urban towns such as Zeerust is in line with the investment thesis of our client, the Municipal Employees Pension Fund which believes that peri-urban towns such as Zeerust present growth opportunities and will stem the tide of migration to big cities and contribute to job creation and economic growth in this largely rural province of North West,” commented Akani Properties Chairman, Zamani Letjane.
Recent News
Here are recent news articles from the Building and Construction Industry.
Have you signed up for your free copy yet?
