Listed property loan stock company Redefine Income Fund is to develop the second phase of outlet retail fashion village Sable Square near mixed-use precinct Century City in Cape Town.
The first phase of Sable Square opened near the end of last year and was undertaken by then listed property loan stock company Spearhead Property Holdings. Since then Redefine has acquired Spearhead. Redefine CEO Brian Azizollahoff says the R94m second phase will be about 10200m² and there was confirmed interest in half of the space available. “It will continue to follow the same theme as the first phase, which is the high-end-value retail concept behind Sable Square,” says Azizollahoff.
Work is set to begin in the next few weeks and will be ready in time for the Christmas shopping season, which starts in October. “There is certainly demand for this kind of space and the concept is catching on,” says Azizollahoff.
He says the first phase of about 12350m² is virtually fully let. Redefine says it would consider a similar outlet retail fashion concept in Johannesburg as well, but this would be further down the line. Azizollahoff says the centre is situated “almost at the gateway to Century City”. Redefine is also busy with the development of block D, which is an extension to phase one. This consists of a Spur restaurant and a gymnasium. “As soon as this is complete these tenants will start trading,” Azizollahoff says.
Block D is expected to be completed in April. “It will add a new dimension to the centre. It is very much a family-orientated destination,” he says.
The outlet retail fashion village concept is strongly entrenched in the US and Europe, where branded stores offer last year’s fashion stock at discounted prices. Sable Square, an open-air shopping centre, is the first outlet fashion village in Africa.
Source : eProp.co.za