Shoprite sells off more property

    Shoprite sells off more property

    Two Shoprite retail centres in The Strand in Cape Town and Cosmo City in Johannesburg fetched R59 million and R36.25 million respectively after fierce bidding today at High Street Auctions’ monthly premium real estate sale.

    As with the other 15 properties High Street has sold for Shoprite in the past year, the board has 20 working days in which to consider the offers before the sales are made final.

    This pushes to more than R500 million the value of property sold at auction by Shoprite in the past year in a restructure of its non-core real estate portfolio. A total of 17 properties have gone under the hammer in the current portfolio realignment.

    High Street Auctions joint managing director Lance Chalwin-Milton says buyer appetite for Shoprite’s properties is growing.

    The centres sold currently are: Shoprite Broadway Square at the intersection of Broadway Boulevard and Onverwacht Street, Strand

    The fully let retail centre anchored by Shoprite is being sold with a new 10-year Shoprite lease on transfer, plus three further five-year renewal options. New Shoprite Liquors and OK Furniture leases of five years will also be signed on transfer, with four five-year renewal options thereafter. The projected gross annual income from the centre is R11.9 million.

    Shoprite Cosmo City at the intersection of South Africa Drive and United States of America Avenue in Gauteng

    This is also being sold as a fully let retail centre with a new 10- year Shoprite lease to be signed on transfer, followed by three further five-year renewal options. Additional tenants include Pepkor Cell, Shoprite Liquor and KFC.

    The other Shoprite properties sold in the current portfolio restructure comprise vacant land and retail centres.

    These sales are confirmed:

    These sales are confirmed:

    • 92 Alexandria Rd, Parow, R350 000
    • Cnr Wesley and Abegglen St, Strand, R16 million
    • Cnr Main and Market St, Vredenburg, R20.5 million
    • 147 Voortrekker Rd, Bellville, R35 million
    • Cnr Alberts and Ben Alberts Way, Kathu, R41 million
    • 176 Voortrekker St, Parow, R40 million
    • 25 Oranje St, Kroonstad, R5.2m
    • 149 Victoria St, Woodstock, R23.1 million
    • Cnr Adderley and Sikulu St, Cradock, R175 000
    • Cnr Paul Kruger and Mkondo St, Carltonville, R1.8 million
    • 219 Utrecht Rd, Vryheid, R60 million
    • 53 Randu St, Lotus Gardens, R42.75 million
    • 45 Chapel Street, Kimberley, R33.5 million
    • 26 Buitekant St, Kroonstad, R32.5 million
    • 10 Main Rd, Mfuleni, R58.5 million

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