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MORNINGSIDE SHOPPING CENTRE

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MORNINGSIDE SHOPPING CENTRE Powered By Docstoc
					                 MORNINGSIDE SHOPPING CENTRE

Location:           Morningside shopping centre is located on the corner of Rivonia and
                    Outspan Roads, Morningside, Sandton.

CONCEPT             The concept is to create a 10,500m² convenience and lifestyle centre for
                    the residents of Morningside, Rivonia, Sandown, Sandhurst, Duxberry and
                    Riverclub (as researched – Urban Studies). These suburbs house some of
                    the wealthiest families in South Africa. In addition, there is a great move
                    to densification within the trade area to provide for both single unit houses
                    on smaller erven and multi storey dwellings. This densification is resulting
                    in a large increase in both population and spending power in the trade
                    area. The centre will provide an offering for these consumers which will
                    cater for all of their day to day convenience needs, provide relevant
                    services and create a comfortable environment for shopping and eating
                    out.

Demographics:       As per the report from Urban Studies.

Trade Area:         The primary trade area includes the suburbs of Morningside and its myriad
                    of extensions, Rivonia, Sandown, Sandhurst, Duxberry and Riverclub, and
                    will also capture the commuters using Rivonia Road.

Accessibility:      Access and egress will be available directly from Rivonia Road. This will
                    provide direct access and egress to and from an open parking area that
                    feeds the shopping on the Rivonia Road level. Immediately below this
                    parking area is a mezzanine parking area. Below the mezzanine level, a
                    further parking area feeds directly into the Waggon Street shopping level.
                    All three parking levels are linked by stairs and trolley lifts through a
                    vertical transportation core. The parking areas may also be accessed off
                    Waggon Street. Shoppers will also be able to access each parking level by
                    circulation ramps within the parking garage.

Parking:            Parking is provided by way of a three level parking garage, accessed off
                    both Rivonia Road and Waggon Street. In addition there is an open air
                    parking area serving the shops fronting Waggon Street.

                    Upper Shopping Level Parking               139 bays
                    Mezzanine Level parking                    254 bays
                    Waggon Street Level Covered                218 bays
                    Waggon Street Level Open                   48 bays
                    Total                                      659 bays

                    Parking will be controlled and will have a tariff broadly in accordance with
                    the following:
                    First 30 minutes - Free
                    Thereafter a tariff on a sliding scale.

                    A Pay on Foot system will be installed.

Security:           The mall, all services areas and all parking areas will be supported by a
                    CCTV system that will be installed to cover all public areas.




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Town Planning:                 The total allowable F.A.R. is 0.75 of the site area of 19,466m.                The
                               development encompasses 10,500m of primary retail rights.

Timing:                        Construction is due to begin in the first half of 2008, to complete on the
                               11 June 2009, providing for a grand opening.

Leasing Policy:                Leasing Policy is to structure all leases as “GROSS LEASES”.                  Lease
                               periods range from 3 years to 10 years.

Tenants:                       The centre will include a large selection of specialty food shops, service
                               retail including banks, postal services, hair and beauty salons, fast food
                               and restaurants. The objective is to have “best of brand” in all categories
                               of tenants with as few franchise stores as possible in order to create a
                               personalized product to serve the needs of the community through
                               personalized service, and tenant and product selection to cater for this
                               market.

                               It is envisaged that various independently owned and operated specialist
                               tenants, including inter alia greengrocer, fishmonger, health foods, home
                               industry, bakery, spice store and butchery, will amongst others
                               complement the tenant mix.

Property Management:           The Centre Management Philosophy is that of “Self Management” – with a
                               full time centre manager to oversee operations, tenant liaison, credit
                               control and day to day issues. The financial aspects including generation
                               of rent rolls, monthly statements, payment of creditors and preparation of
                               monthly management accounts will be undertaken by Grapnel Property
                               Group. Other aspects such a cleaning security and maintenance issues
                               shall be outsourced.

Developers:                    RMS Assets (Pty) Limited
                               Grapnel Property Group (Pty) Limited

Investors:                     Changing Tides 91 (Pty) Limited (Flanagan & Gerard)
                               Grapnel Property Investments (Pty) Limited

Professional Team:             Flanagan & Gerard/Grapnel                       Development Management
                               MDS Architecture                                Architects
                               Norval Wentzel Steinberg                        Quantity Surveyors
                               L & S Consulting                                Structural & Civil Engineers
                               PD Naidoo & Associates                          Traffic Engineers
                               WSP Consulting                                  Mechanical Engineers
                               Orion Project Managers                          Programme & Tenant Co-
                                                                               ordination
                               Standard Electrical                             Electrical design & supply
                               Flanagan & Gerard                               Leasing




Please note: This document is for information purposed only, and does not constitute an offer, express nor implied.




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