STRATEGIES
BY GAYE DE VILLIERS
Retail Demand Rising
O
In outlying areas
utlying towns in the Eastern Cape, such as
Sterkspruit – situated just before the Lesotho
currently seeing more positive economic sentiment.
Generally, we are experiencing a very low vacancy rate in
“Currently we are receiving a high number of enquiries
for retail space in Sterkspruit and Mthatha, mainly as a
result of a pent-up demand as well as growing passing
trade. It also appears that national retailers, who may
perhaps have saturated the market in major centres, are
now looking at outlying areas with potential,” says de
Lange.
“In East London we are experiencing a demand for
retail space in strip malls in the CBD,” adds de Lange.
“Currently we have 700 sqm of B grade office space
available at a market related rental of R75 per square
metre per month in the well-maintained, prime located
Perm building in Oxford Street.At present there are
opportunities to lease space at very competitive rentals
in conveniently situated locations. While purpose-built
premises may be best for operational requirements and
more cost effective to run, the capital outlay involved can
be prohibitive. In addition, vacant land which is available
for such development is usually located out of town and
further from national and main roads.
border, and Mthatha and Tsolo in what
was formerly known as the Transkei, are experiencing
an increased demand for retail space, reports Amanda
de Lange, portfolio manager of JHI Properties, based
in Port Elizabeth. JHI operates in the area along the
Eastern Cape from Mthatha through to East London,
King Williamstown, Sterkspruit and Queenstown.
General improvement in market sentiment
Says de Lange: “In the Port Elizabeth area we are
30
Commercial Handbook 2013
retail space in Port Elizabeth, including the Gelvandale
and Kwamagxaki shopping centres. In the industrial
property sector in Port Elizabeth we recently sold a 14
509 square metre property to the existing tenant.
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