Refit soon for Cascades, with sports shop and gym

2011-03-16 00:00

OLD Mutual Property Investments Company has sold Cascades shopping centre after almost two years of negotiations with prospective buyers.

Construction work to revitalise the centre has begun in earnest.

According to signs posted in the centre, a new Sportsmans Warehouse will soon open its doors,as will a Virgin Active gym.

A spokesperson for Old Mutual Property Investments, Mike Kerkhoff of Michael Kerkhoff and Associates, told The Witness that Cascades has been bought by well-known property developer Rob Alexander of Ducatus Property.

“[The] Cascades sale finally been registered in the deeds office and the new owners have taken possession and occupation,” Kerkhoff said.

The move is seen by many as a positive step for a centre that has been plagued by empty stores. The NuMetro cinema was forced to close in late August 2009 because of declining attendance.

The centre is surrounded by construction workers — a clear sign of better things to come for a landmark shopping centre in Pietermaritzburg.

Cascades still boasts a number of major tenants, including Checkers, Clicks, Woolworths and Spur. Before the opening of Liberty Midlands Mall,

Cascades was one of the best performers of 2005 within Old Mutual’s retail property portfolio, which included the likes of Gateway Theatre of Shopping at Umhlanga. At the time, the centre boasted the largest increase in spend per head for 2005, at 52%.

Attempts to contact Alexander for comment proved unsuccessful.

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