‘Complete rebuild’ for Springfield Value Centre after R400m unrest and looting damage
Durban’s Springfield Value Centre (SVC) will only reopen next year due to the R400m in damage inflicted on the busy complex during unrest and looting in July.
SA Corporate Real Estate (SAC), the JSE-listed Real Estate Investment Trust which owns SVC, confirmed that the looted and damaged shopping centre will be rebuilt and fully functional by the spring of 2022.
Sharmaine Ramsahai, centre manager at Broll, which manages SVC, said the entire centre was hit during the unrest. She said 85% of the centre was damaged to such an extent that a complete rebuild was required.
“The remainder of the centre required substantial remediation as large areas had been damaged by fire which also resulted in electrical, mechanical and structural damage,” she said.
Only Pick n Pay is trading at the centre.
“It is anticipated rebuilding and repairs will take more than 12 to 18 months. We will commence the rebuild shortly after tenders have been procured and awarded,” said Ramsahai.
Regarded as one of SA’s blue chip properties, she said there is “a great deal of demand” for space in the centre.
“Our current tenant mix is strong and our tenants wish to return to trade as soon as possible. With the rebuild we have an opportunity to further strengthen our tenant mix with new tenants.”
Ramsahai said SAC was committed to investing in its properties.
“Given the impact of Covid-19, we know many people have become unemployed and people are desperate. New employment opportunities may be created for the local community not only during construction but also with the offering of new retail opportunities by enabling tenants to trade as soon as possible.”
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