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
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    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