Growthpoint has started the year with renewed development activity, announcing a R75m redevelopment of the Edgars premises at Walmer Park Shopping Centre in Gqeberha as it advances its strategy of reinvesting in high-performing retail assets.
South Africa’s largest listed property group said the project aligns with its broader retail strategy to increase exposure to assets and regions positioned for sustainable long‑term growth, particularly in coastal metros such as KwaZulu‑Natal and the Western Cape.
“Across its retail portfolio, Growthpoint continues to prioritise capital allocation towards dominant centres with strong trading metrics and proven reinvestment potential. Following the recent commencement of the R270m upgrade and expansion of Paarl Mall, Walmer Park is the second major strategic redevelopment initiated this year.” it said.
A bigger part of the project at Walmer Park Shopping Centre is reconfiguring the 4,680 square metres Edgars store into a 1,982 square metres format with a refreshed tenant mix, while a new link mall will add nearly 10 stores, taking the centre’s total to about 170 retailers.
Growthpoint’s move towards higher-performing nodes follows its 2025 strategy to dispose of B‑grade office blocks, older industrial and manufacturing assets, and noncore retail centres in underperforming CBD locations.
The landlord, with a market cap of nearly R60bn, is also focused on developing Olympus, as part of Sandton’s skyline in partnership with high-end residential developer Tricolt. Separately, Tricolt is building the 19-storey apartment building Aspire in Waterfall City with Attacq.
Olympus, Growthpoint’s R1bn-plus residential and retail development, furthers its Sandton Summit vision, creating a mixed-use precinct that integrates living, working and retail, while supporting sustained demand and higher footfall in the area.
Last month, Growthpoint announced it is selling its 55% stake in the Discovery phase one head office building and acquiring a 45% stake in phase two, continuing its reshaping of the office portfolio to match strategic growth areas.
In December, the group completed a R26m pedestrian bridge linking its flagship office development, The Place at 1 Sandton Drive, directly to Sandton City. The move is aimed at improving connectivity and making the offices more appealing to tenants.
Apart from investing in and partnering with RSA Aero to develop the new 450ha Cape Winelands project, Growthpoint has also launched its e-carbon dioxide initiative, connecting 10 flagship office buildings in Sandton to renewable energy.
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