Vukile opens R76.1m Nonesi Mall expansion in Komani, Eastern Cape
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JSE-listed REIT Vukile Property Fund has completed and opened a R76.1 million extension and refurbishment of Nonesi Mall in Komani, adding 3,100 square metres of fully pre-let retail space.
JSE-listed real estate investment trust Vukile Property Fund has completed and opened a R76.1 million extension and refurbishment of Nonesi Mall in Komani, Eastern Cape.
The fully pre-let project adds 3,100 square metres of retail space, expanding the centre's gross lettable area to nearly 31,000 square metres. Built on previously underutilised parking space at the front of the property, the redevelopment is projected to generate a 9.5 percent net operating income yield.
The extension adds four new tenants - OBC Better Butchery, Dis-Chem Pharmacy, Standard Bank and Absa - to an anchor base that includes Game, Checkers, Boxer Superstores, Woolworths and Jet. The project also facilitated the relocation and refurbishment of the existing Clicks store, the arrival of Edgars, and an expansion of the Sidestep footwear store.
Vukile, which maintains a total asset portfolio value of R63.7 billion with 70 percent invested across Spain, Portugal and Italy, said the capital programme generated 356 employment opportunities, with 174 positions filled by local community members. Of R39.7 million allocated to subcontractors and building materials, R12.5 million was spent directly in Komani, with 98.5 percent of procurement expenditure retained within the Eastern Cape.
Itumeleng Mothibeli, managing director for South Africa at Vukile Property Fund, said the expansion was an investment in people, community and potential, strengthening the mall as a hub for retail and banking while enriching community life in Komani.