select
|

LIGHTHOUSE MALL IN UMHLANGA ROCKS SOLD THROUGH JHI & AUCTION ALLIANCE

A significant transaction for the sale of the Lighthouse Mall in Chartwell Drive, Umhlanga Rocks, has been concluded by Billy Latham, broker at JHI Properties in collaboration with Hein Hattingh, MD of Auction Alliance in KwaZulu-Natal for R88 million. 

With a strong tenant mix anchored by Checkers, the 8371sqm Lighthouse Mall is well situated in an upmarket, secure location in the old  Umhlanga town centre, a stone’s throw from the sought after Umhlanga Ridge precinct.

The property has been purchased by a private company represented by the Willemse family of Newcastle and the sale was concluded by private treaty through JHI, with the purchaser introduced by Auction Alliance.

Comments Rob Moran, KwaZulu-Natal regional director for JHI: “This is a sound investment acquisition, which signals continued investor interest and confidence in the old town centre of lower Umhlanga Rocks. Located in a well managed environment, the Lighthouse Mall includes other national tenants such as FNB, Nandos, CNA, Clicks, MTN and a Caltex garage, with popular local restaurant Butcher Boys and the well-patronised local pub The George and Dragon.  It is well positioned in a vibrant and safe precinct  popular among locals and tourists alike. Retailers are well supported by shoppers drawn from offices, businesses and upmarket residential suburbs in the area.

“The Umhlanga Town Centre enjoys a sound infrastructure, well managed by a pro-active Umhlanga Urban Improvement Precinct (UIP), which further enhances its appeal. The fact that the Umhlanga/La Lucia nodes now in effect form a key hub of the Durban metropolitan area, coupled with the opening of the new King Shaka International Airport, bodes extremely well for the continued success of the Lighthouse Mall,” says Moran.

The Umhlanga UIP was launched in 2009, tasked with turning around urban decay and improving safety within the precincts, while supporting the setting up of neighbouring managed areas. It comprises a managed area representing approximately R5 billion in property value and is already playing a major role in fulfilling the vision for Umhlanga as a premier lifestyle and investment destination.

As Brian Wright, project leader for the Umhlanga UIP points out, the precinct is revitalised. “We are focusing on getting the fundamentals right – safe, clean, green and welcoming, while simultaneously working towards securing improved revenue. In this way we aim to deliver a ‘high-road’ service plan for Umhlanga, positioning it as the destination of choice in KwaZulu-Natal.”

Working in partnership with the eThekwini Municipality, the UIP is investing substantial time and expertise in optimising service delivery to public open space. This is achieved through the integration of municipal and UIP services, while property owners and businesses are encouraged to visibly improve boundaries leading onto public open space.

Issued by Gaye de Villiers


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK