SourceA ground breaking multimillion rand venture known as the Newmarket Park Development is set to change the Alberton CBD with the belief that it will bring even more development to this growing area.
Designed to benefit the surrounding community the project has commenced with the development of a new Makro store, which is being funded by Nedbank Corporate Property Finance who retains a significant equity stake in the development through its investment arm.
“The Newmarket site measures approximately 77.3 hectares in extent – the size of around 106 rugby fields – and enjoys a good location as it is situated south-east of the CBD of Alberton. It is surrounded by well established residential areas. In addition to the Makro, a variety of other components are being considered, which will be constructed in more than one phase, resulting in a mixed-use development. At this stage, the first phase of the retail component will comprise a 30 000m² retail centre, which is expected to be anchored by Checkers,” says Ken Reynolds, regional executive: Nedbank Corporate Property Finance, Gauteng.
Construction of the Makro store, situated on six hectares, has reached an advanced stage, with opening scheduled for 24 April 2013. This is the third Makro that Nedbank has financed this year.
On completion, the building will offer Makro retail warehousing space which includes an open floor or trading area, a separate liquor store, a butchery, chillers and an office component. It is estimated that the project will create 400 jobs during its construction phase and many permanent jobs when business commences.