This huge flagship shopping centre in South Africa is up for sale
Bloemfontein’s Loch Logan Waterfront, the largest shopping centre in central South Africa, is up for sale by closed tender and could fetch up to R3,5 billion.
Built in the early 2000s, the centre has a resilient and national tenant mix across retail, entertainment, movies, fast food, restaurants banks, gym and medical rooms, and a gross lettable area of 80,000 square-metres.
The approximately 125 tenants include the likes of Pick n Pay, Pep Stores, Clicks, Vodacom, Wimpy, McDonalds, Ocean Basket, Exclusive Books, Browns, Woolworths, Mr Price and Cape Union Mart.
The Loch Logan Waterfront – the biggest asset which Broll Auctions and Sales has taken to market in their 40-year history, is being sold by closed tender, which means that only invited entities can participate in the sale.
Norman Raad, chief executive of Broll Auctions and Sales, says a tightly-held asset such as the centre did not often find its way to the market, and that he expects the asset to interest the likes of pension funds and listed REITS.
“We are in talks with a number of serious buyers who are doing their due diligence on this versatile asset. Building a new retail development such as this today would cost north of R3.5-billion, which makes this a strategic investment addition to any large portfolio.”
The shopping centre is described as a striking retail landmark that harmoniously combines contemporary design with the natural splendour of the Loch Logan Waterfront. Its glass panels and sleek lines exude elegance and maximise natural light to offer a bright and airy shopping experience.
The highlight of the mall’s modern façade is a waterfront promenade that runs alongside Loch Logan, the scenic walkway providing a captivating setting for al fresco dining and strolls.
“The multi-level mall has escalators and elevators to provide convenient access to all floors, ensuring visitors can explore the mall with ease. Dedicated spaces for hosting events and gatherings are equipped with the latest audio-visual technology to accommodate a wide range of events, from live performances and fashion shows, community gatherings and cultural exhibitions,” the marketing material states.
Tenders must be submitted to Broll Auction and Sales by 12pm on September 29. Proof of the ability of the purchaser to fund the purchase is required.
IOL Business