The Public Investment Corporation sought to redevelop Jakaranda Shopping Centre, by converting a 45 years old facility into a modern retail destination serving the neighbouring trade areas of Rietfontein, Gezina and Waverley, located in the City of Tshwane East Central Zone.
Jakaranda Shopping Centre has been increased from 18,407m2 GLA to 20,129m2 GLA to support the target market. A full renovation of the centre is seen as the anchor to the development which also consists of upgrades to Toledo Apartments, a residential building of 55 units adjoined to the mall.
Jakaranda Shopping Centre and Toledo Apartments are situated on a 29,397m2 land parcel corner of Frates Street and 18th Avenue, in the East Central suburb of Rietfontein – City of Tshwane Metro.
Built as a Large Community Retail Centre in the early 1970s; last renovated in 2002, the facilities have become run down, needing improvements to reestablish itself as a key destination centre within the community catchment area.
The Public Investment Corporation (PIC) had earmarked the centre for redevelopment with a view to capitalize the potential of its mix-use retail and residential offering. Market research findings support this undertaking with key indicators as follows:
The new centre was envisioned as a Large Community Retail/ Small Regional facility with modernized look and feel, with an attractive tenant mix while consolidating its anchors.
A new gym with added parking areas have been introduced while the two apartment blocks have been upgraded to a contemporary modern style.