R60 million upgrade for Shoprite building in the middle of Pretoria CBD

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24-08-2022
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Business Tech
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JSE-listed REIT, Octodec Investments Limited, announced that it has commenced upgrading its Shoprite building in the heart of the Tshwane CBD, at a cost of approximately R60 million.

The facelift is a welcome boost to the existing, bustling retail trade in the CBD, and proves renewed confidence in a node that has clearly emerged stronger post the Covid-19 pandemic, it said.

“With many retailers having returned to the CBD and various in-person university classes resuming, Octodec’s CBD retail assets are experiencing a renewed energy. We are thrilled to announce the news of this project, highlighting that the heart of Tshwane is still thriving and a vibrant place to be,” said Jeffrey Wapnick, MD of Octodec.

The first phase will be a revamp of the 4,000 square metres Shoprite supermarket and includes a new Shoprite Liquor and new retail shops on the ground floor.

The most prominent visual element will be a triple volume entrance with escalator access from Helen Joseph Street. The escalators will lead downwards to an OK Furniture store. In addition, the project includes renovations to the Helen Joseph Street façade, including a new modern shopfront.

The second phase of the renovation will cater to more retail tenants on the ground floor and the remainder of the basement space. Negotiations are well underway with prospective tenants, said Octodec. Further upgrades include the pedestrian access point from Madiba Street, which will be upgraded to provide a landscaped walkway for easy access to the Shoprite store.

“We enjoy deep, mutually beneficial relationships with our tenants, who often provide great insights. It is unlikely they would invest in the CBD without a positive outlook. We are seeing these same tenants lease for longer periods which further underpins their confidence in the CBD long-term. Confidence from our tenants and improved market conditions have spearheaded growth within the CBD, which Octodec will certainly benefit from.” said Wapnick.

Shoprite will continue to trade during the duration of the upgrade. The project is expected to be completed in December 2022.