KINGSis one of Urban Hip’s latest luxury hotels offering affordable designer hotel accommodation. This stunning new condo hotel brings home a novel concept in Urban Living. Not only is the designer 86 self-catering 1, 2 & 3 bedroom apartment hotel centrally located, it is in fact positioned above the popular Kings Shopping Centre in Walmer, Port Elizabeth. This roof-top garden hotel is anything but conventional and could not be more conveniently located. Guests can shop in hassle-free comfort or dine at a number of the centre’s wonderful family and seafood restaurants.
Each hotel apartment is elegantly designed and has all the modern living amenities of a top class hotel. The spacious apartments are fitted with plasma TVs; DSTV, Wi-Fi internet and fully fitted kitchens. The hotel has a huge indoor heated swimming pool; state-of-the-art security surveillance and access control; 24 hr security and safe underground parking. Other convenient services offered are same day laundry and dry cleaning, airport transfers and concierge services. Breakfast room service, fitness training and child minders are available on request.
The hotel is within 15 minutes drive from the Port Elizabeth Airport and 20 minutes from the nearest blue flag beach and casino, making KINGS the ideal choice for the business & leisure traveller.
It seems that the developers of the complex are going bang. One of the three brother in the developing company commited suicide last week and the management of the centre has been taken over by Nedbank.
The situation on the road isn't so bad since the opening of the second lane on Buffelsfontein Road.
There is a Pick 'n Pay and Dischem in the centre as well as a Dros and Cape Town Fish Market. The problem though is not enough feet through the centre. Dischem seems to be moving to Cape Road while there is talk that PnP is looking to vacate as well. This will leave the centre without a main drawcard which will mean that the other tenents are very worried.
A CRUMBLING property development company has caused panic among tenants and investors of two multimillion rand developments in the Eastern Cape.
King Financial Holdings – a Wellington-based company responsible for the R300-million King’s Court centre in Port Elizabeth and the R120-million King’s Mall in East London – was placed under provisional liquidation last month and tenants and investors are bracing themselves for a dark future.
The suicide last week of one of the directors, Paul King, 49, has added to the tension.
The company – which was run by King and his two brothers, Adrian and Stephen – was placed under provisional liquidation on July 21 by the Cape Town High Court after an investigation by the Financial Services Board (FSB).
The board’s findings were that the King Group, after developing cash- flow problems earlier this year, issued shares to the public without registering prospectuses as required by the Companies Act.
The report also states the company misrepresented available issued share capital and issued more shares than existed, acting in “blatant disregard” of the requirements of the Act.
The board also found that the company exposed shareholders to risk by realising profits before completion of projects, made misrepresentation when shares were marketed to the public, and misappropriated client investments.
Not only does the company’s investor-base of about 10000 now stand to lose about R640-million, but tenants of its commercial developments fear the demise of their businesses. Signs of the possible downfall of these centres are already surfacing.
The King’s Mall in East London, which has been up and running for about a year now, has already lost at least eight tenants since the beginning of this year.
Although the Bay’s King’s Court centre management is still painting a rosy picture, some tenants have indicated they are “wanting out”.
Over the last year, at least five shops have closed down. There are 37 shops in the centre, of which only 14 have ever been filled.
Weekend Post has it on good authority that Dis-Chem and Pick n Pay are looking at options to leave.
“If they go, we are all going down,” a manager of a cellphone shop in the centre, who wanted to stay anonymous, said.
She indicated that she felt frustrated by the state of affairs and felt trapped because of her lease. “If it were up to us we’d move, but we’ve signed a three-year lease agreement which is impossible to get out of.
“There is nothing going on, which is very frustrating. We’ve heard talks of Dis-Chem and Pick n Pay wanting out. They are the biggest shops in the centre and if they go it is over.”
Several of the smaller tenants also told Weekend Post they felt betrayed by and lied to by the developers. They were reluctant to be named for fear of losing even more customers.
“I was told there would be a Woolworths Food (branch) near my shop. This was a very enticing offer and I took it up,” said one. “Today, there is still no Woolworths.”
She said she was “shoved into the store” even before it was completed properly. “Pipes kept bursting and cement fell on cars.
“This mess has caused some tenants’ marriages to end in divorce, others committing suicide and some losing their homes.”
However, some tenants – especially those running restaurants – are willing to stay.
Dros manager Fritz Jansen van Vuuren said tenants from the mall had met and decided to stand together “to make this work”.
Deli Biscotti owner Laurette Dewing feels the same: “We’ve been here since the opening, which will be two years now in November. We are here to stay.”
Centre manager Maryka Hendriks said since the provisional liquidation of King Financial Holdings Nedbank had taken over management of the property and appointed property managers. “This means service providers will not be affected (by the liquidation). There have been no reports of fear from the tenants due to constant liaison between them and Nedbank.”
Investors, many of them pensioners, have also begun to express their fears. One investor, Lee-Ann Millin, commented on an online article about the financial difficulties of King Financial Holdings, stating she had invested R3-million.
“The King brothers don’t realise how devastated we are. They should be already locked up in prison.”
The liquidation matter was set to be heard in the Cape Town High Court last week, but was postponed. It has also come to light there could be a possible buyer for the company.
The King family was not available for comment and referred Weekend Post’s inquiries to liquidator Rynette Peters.
Peters would not comment on questions about how the liquidation process would affect tenants.
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