/ 24 May 2006

Soweto to shop in style at new Baramall

The new R55-million Baramall shopping centre was officially launched in Soweto on Wednesday.

The 9 583-square-metre mall is situated on the Old Potchefstroom Road diagonally opposite Chris Hani-Baragwanath hospital in Diepkloof, Soweto.

Baramall is 55% owned by Nedbank and the Masingita Group, with the remaining 45% being held by developer Landmark Real Estate, which conceived the development and let the space.

“We took a stake in Baramall early last year and have been involved in funding other significant retail property deals in Soweto, such as JabulaniMall.

“The launch of this development today is the realisation of a long-term goal for us to be instrumental in the development of this dynamic suburb,” said Ken Reynolds, divisional director for the Gauteng division of Nedbank Corporate Property Finance.

The centre is fully let and anchor tenants include Shoprite, OK Furnishers, Jet Stores, PEP Stores, Diskom and Dunns, while financial institutions include Absa, African Bank, First National Bank and Standard Bank.

Franchise stores such as Steers/Debonairs, Chicken Licken and Fishaways are represented in the centre.

Of the 47 stores, 65% are national tenants, 7,5% are franchises and 27,57% are independents.

Khazamala Mike Nkuna, founder and major shareholder of the Masingita Group, said Baramall has a specific emphasis on supporting local retailers and traders.

“Sixteen percent of the stores are owned and operated by Sowetan residents,” he said. “In addition, we are building kiosks in the walkways that will cater specifically to the sole traders who are looking for a retail presence but are not in a position to rent store space.”