New development: Rainbow Mall coming soon...
Category Newsletter
Pretoria North is set for a major capital injection worth around R10-R12 Billion and is the latest suburb to follow the trend of “live, work, play”- a concept that incorporates residential, retail, commercial and industrial developments under one mixed-use precinct.
The multi-billion rand development named, Rainbow Junction is due to be completed in 10-15 years’ time and will be conveniently situated just 6km from the Pretoria CDB.
Properties such as these are the new precedent for urban living and meets the demands of modern societies who require the convenience of having one precinct that has a variety of uses.
Located in the city Tshwane, the “mega-city” will comprise of various components including: A retail mall, residential and commercial properties, educational facilities and tourism aspects.
The development will be anchored by the new Rainbow Mall shopping Centre worth R2.5 billion which will span a total of 94 000m2.
The mall has been under-construction since the beginning of 2016 and is set to have more than 250 retail stores, restaurants, a cinema complex and an ice rink.
The major attraction of Rainbow Mall will be its national and international shops, which will firmly place it as a premium shopping destination.
The precinct will have a significant commercial prowess that will include 67 000m2 of office space.
The Rainbow Junction Development Company will be spear-heading the project, which will also comprise of leisure and residential aspects.
Its residential component will span a total of 120 000m2, whilst the planned hotel will be 65 000m2.
The mixed-use development is being built at a time when Pretoria North is evolving into a new residential hub as more buyers are choosing the area due to well valued homes and a great location. As an added bonus the area experiences less traffic congestions when compared to other areas such as Pretoria East.
The revolution of mixed-use developments
“Live, work and play” is a relatively new concept in the South African property sector and is the harbinger of the new age of urbanization. Such developments only began taking precedent locally at the beginning of the 2000’s, as a need grew to live a more integrated life defined by work, leisure and convenience.
The first mixed-use developments were very much a risk and developers were not sure if a concept that had taken over countries in the developed world such as Europe and America, would translate well for a country as unique as South Africa, with its socio-economic diversity.
The catalysts were Century City in Cape Town, Melrose Arch in Johannesburg and the Gateway precinct in KwaZulu-Natal.
Melrose Arch, developed under Amdec Group, was the first mixed-use development in South Africa, it was initially an office park, but in 1992 plans were proposed by Mine Pension Fund to transform it, needless to say, many viewed it as being too ambitious.
Fast-forward to 2016 and Melrose Arch is Johannesburg’s most renowned commercial success. Today, it houses modern offices, a residential hub and upmarket apartment, and a retail mall with over 140 shops. It covers a total of 225 000m2 and is valued at R8 billion. This is expected to grow by 6 000 000m2 in the next seven years and accelerate to a net worth of R14 billion.
Once Johannesburg successfully established the first mixed development, Cape Town and KwaZulu-Natal followed suite.
Pretoria will now get to experience the benefits that accompany such properties, most notably the increase in residential property values in and around Rainbow Junction, making it the ideal time to invest in the area.
Author: Century 21 Montana