/ 18 January 2025

ASK ASH | Fourways Mall on the road to recovery

Fourways Mall
Fourways Mall has 52 access points and 57 escalators. (Instagram)

Fourways Mall’s layout has always been confusing.

The signage is poor, the parking areas were always scary — extremely dark — and it’s gigantic. Perhaps it’s a great place if you are looking to rack up your Discovery steps. 

That said, it’s not all doom and gloom when it comes to this poorly managed asset. I was pleasantly surprised by the latest revelations (and renovations) I discovered about South Africa’s biggest shopping mall. 

Accelerate Property Fund (APF) and Azrapart co-own the mall — 50% each. 

When the mall first opened in 1994, it was 66  633 square metres in size. A pricey expansion project took place in September 2019 and the mall’s size increased by 111  569m2.

Today, the mall is 178  202m2. After the redevelopment in 2019, the mall struggled with a high level of vacancies.

I tweeted about the shopping centre in July 2024, questioning everything from the strange tenant mix to its physical layout. At the time, APF’s financial results showed that the mall experienced a vacancy increase from 14  349m2 to 15  109m2. The 17% vacancy rate explained the shopping centre’s ghostly, empty halls. 

Occupation has since increased but the rental rate per square metre has gone down.

A few years ago, the mall charged about R300 per square metre, but this figure decreased to about R220. Subsequently, the mall’s property value decreased by almost R1  billion.

In April 2024, in a bid to raise capital, APF launched a rights offer, issuing 500 million ordinary shares at 40 cents per rights offer share. The group had serious debt, and by raising R200  million, it hoped to alleviate some of it.

Also, in 2024, the mall owners won a case in the Johannesburg high court against five insurers for R1  billion in losses suffered as a result of the Covid-19 pandemic.

I also spoke about the mall’s newly appointed asset managers — Flanagan & Gerard Property Development and Investment in partnership with the Moolman Group — tasked with reviving the mall. They took over in February 2024. So far, it looks like they are doing a fantastic job. 

Some of the more prominent retail centres the company manages include Ballito Junction, Vaal Mall and Morningside Shopping Centre. 

I chatted to the team at Flanagan & Gerard about their decision to take the struggling Fourways Mall into their portfolio.

They said that after much research and deliberation, they decided to take on the challenge mainly because they saw the concrete was not the problem, and issues such as access, parking and layout could all be addressed. 

It was the image of the Fourways Mall that they needed to tackle head-on. Many negative social media posts nostalgically ranted about how much better the mall was before its expansion. People were also upset and frustrated with the mall’s management. 

Some of the newly renovated spaces visitors can look forward to are eight padel courts and a Planet Fitness gym opening in June 2025. Across from the gym will be a wellness hub with an IV (intravenous vitamin) bar, a boxing gym and a recovery centre that offers ice baths and infrared sauna facilities. 

There is also heavy investment in infrastructure and technology. Energy-efficient lighting has been installed in the basement parking area, which consists of 8  000 bays over seven levels. The colour markings are now more logical with one colour per parking floor. 

The first thing you see when arriving at the mall is the colossal parking lot, which is a pity because it’s quite a cold reception.

The new Fourways signage and lighting will hopefully help create a warmer atmosphere upon arrival. Flanagan & Gerard have also addressed the traffic lights around the mall, which should help alleviate some of the traffic issues. 

A new ticketless parking system and a VIP parking area have also been introduced. The VIP area offers customers wider parking bays and easier access to tenants such as Woolworths. (Parking in the VIP area does not cost anything extra.) 

The building that used to house the Altitude Club has been demolished to create 40 parking bays for e-hailing services.

On average, 16  000 visitors used to enter the mall through this entrance and since the introduction of e-hailing services, the average number of visitors a day is now closer to 67  000. 

Fourways Mall has 52 access points and 57 escalators. Customers can now cruise through the mall on free wi-fi and make use of QR cards to find the location of any retail shop they would like to visit. Open your camera, scan the code, and live arrows will guide you to your destination. 

The mall is receiving a full roof upgrade — specifically 55  000 square metres of new roof sheeting and side-cladding and 60  000m2 of paintwork for existing roofs. 

Another area where the mall is undergoing serious transformation is a wave of new retailers. Since February 2024, the mall has welcomed more than 25  000 square metres of new retail brands and has renewed close to 20  000m2 of existing lease agreements. 

New tenants include: Baglios Gelato, Faro, Uniq by The Shoprite Group of Companies, Skechers, Carrol Boyes, BOA and Converse. I was also happy to hear that Spur will be returning to the mall. This specific Spur restaurant belongs to a franchisee that owns more than 50 Spurs nationwide as well as Hussar Grills. 

Flanagan & Gerard are also in discussions to partner with a local co-working space operator to take up 3  000 square metres of shared office space. The cinema will also be receiving an upgrade.

Last, let’s speak about the gigantic Fourways Mall’s aeroplane. Yes, an aeroplane. It was initially purchased in 2018 to form part of a children’s entertainment area called Kidzania that failed to launch. Kidzania is an international entertainment brand that takes up thousands of square metres to build small cities for children to explore. It would have been a cool addition for the mall. 

This area has been cleaned up. Tiles have been installed where there were none, and it’s been cornered off. A deal is being finalised with a potential operator who will lease 6  000m2 — including the plane — to create a unique entertainment area for people of all ages.

Details are sparse but apparently it will be a fun mix with a vibe similar to that of Mojo Market in Cape Town. 

More developments and improvements are in the pipeline for Fourways Mall. 

Despite all this exciting news, the area is somewhat “malled out”. Mall of Africa and Fourways are both monster malls and only 15km apart. Between the two, you will find The Buzz, Fourways Crossing, Dainfern Valley, Dainfern Square, Leaping Frog, Pineslopes, Design Quarter, Broad acres, Lonehill and Fourways Gardens. 

So the question for me is: who is the customer? I’ve yet to find an answer.

Ask Ash is a column that examines South Africa’s property, architecture and living spaces. Continue the conversation with her on email ([email protected]) and X (@askashbroker).

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