Nedbank finances Dunes Mall
Anchor tenants of the Walvis Bay mall will include South African retailers Edgars, Woolworths and Checkers.
Nedbank Namibia has secured yet another milestone deal, financing the Dunes Mall in Walvis Bay.
The Dunes Mall development is located on the main street and will offer 27 000 square metres of retail space. The shopping centre will feature service and promotional areas as well as an entertainment court and a fashion mall. Its anchor tenants include South African retailers Edgars, Woolworths and Checkers. It is expected to yield good results in the years to come due to the rapid development in the area, as well as rising consumer demand in one of the fastest growing economies in the region.
“There is a growing retail opportunities trend predicted for Africa between now and 2040 and we are pleased to partner with Atterbury - a developer with a solid track record for retail property - in Namibia. “This partnership is an opportunity for us to offer our clients expertise and knowledge as the market leader in the commercial property finance industry,” said Christo Kruger, head of property finance at Nedbank.
Walvis Bay is known for its deep-water harbour, which offers an efficient and economical option for cargo shipment between the African, European and American markets. The Walvis Bay Corridor consists of a network of transport corridors linking Namibia with other southern African countries. It includes the Port of Walvis Bay, Trans-Caprivi Corridor, Trans-Kalahari Corridor and the Trans-Cunene Corridor.
The new retail site is located directly east of the Walvis Bay traffic circle, along the C14 Road towards the Walvis Bay airport. “The site is ideal for retail development due to its location in a very accessible area, primed as a gateway to the town centre of Walvis Bay. The site is central to sea-based industries such as fishing and harbour-based economic activity that has contributed to the town's gradual growth,” said Kruger. While 2016 is expected to be a difficult year for many African economies, positive sentiment around the continent's future prospects remains.
“Sub-Saharan Africa is poised to be a new growth frontier. According to the AT Kearney's 2015 Global Retail Development Index, sub-Saharan Africa will be the big story by 2040,” said Kruger.
“It's going to be a bumpy road getting there, but in another 30 years it could be the biggest, fastest, attractive, strongest, and most attractive region for retail in the world. “With its fast urbanisation, rising household income and growing middle class, Namibia – and the rest of the sub-Saharan African region - presents a good opportunity for retail property,” Kruger said.
STAFF REPORTER
The Dunes Mall development is located on the main street and will offer 27 000 square metres of retail space. The shopping centre will feature service and promotional areas as well as an entertainment court and a fashion mall. Its anchor tenants include South African retailers Edgars, Woolworths and Checkers. It is expected to yield good results in the years to come due to the rapid development in the area, as well as rising consumer demand in one of the fastest growing economies in the region.
“There is a growing retail opportunities trend predicted for Africa between now and 2040 and we are pleased to partner with Atterbury - a developer with a solid track record for retail property - in Namibia. “This partnership is an opportunity for us to offer our clients expertise and knowledge as the market leader in the commercial property finance industry,” said Christo Kruger, head of property finance at Nedbank.
Walvis Bay is known for its deep-water harbour, which offers an efficient and economical option for cargo shipment between the African, European and American markets. The Walvis Bay Corridor consists of a network of transport corridors linking Namibia with other southern African countries. It includes the Port of Walvis Bay, Trans-Caprivi Corridor, Trans-Kalahari Corridor and the Trans-Cunene Corridor.
The new retail site is located directly east of the Walvis Bay traffic circle, along the C14 Road towards the Walvis Bay airport. “The site is ideal for retail development due to its location in a very accessible area, primed as a gateway to the town centre of Walvis Bay. The site is central to sea-based industries such as fishing and harbour-based economic activity that has contributed to the town's gradual growth,” said Kruger. While 2016 is expected to be a difficult year for many African economies, positive sentiment around the continent's future prospects remains.
“Sub-Saharan Africa is poised to be a new growth frontier. According to the AT Kearney's 2015 Global Retail Development Index, sub-Saharan Africa will be the big story by 2040,” said Kruger.
“It's going to be a bumpy road getting there, but in another 30 years it could be the biggest, fastest, attractive, strongest, and most attractive region for retail in the world. “With its fast urbanisation, rising household income and growing middle class, Namibia – and the rest of the sub-Saharan African region - presents a good opportunity for retail property,” Kruger said.
STAFF REPORTER
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