Pretoria - The multi-billion rand Rainbow Junction mixed-use property megaproject, anchored by a new R2.5bn 94 000m² super-regional shopping centre, is getting attention from investors and developers wanting to co-develop or secure a stake in the project just 6km north of the Pretoria CBD.
That’s the word from Gavin Tagg, CEO of Retail Network Services (RNS) and Rosella Dingle, joint CEO and spokesperson for the Rainbow Junction Development Company.
RNS has been brought on board by the developers to lead the leasing on the strategic super-regional shopping centre component, which will be called Rainbow Mall.
“Rainbow Mall will be the catalytic anchor project within the greater multi-billion rand Rainbow Junction integrated mixed-use development. The overall Rainbow Junction megaproject is located on a 140ha greenfield site in the Capital City and boasts several other competitive advantages, so it is no surprise that the developers are now getting such great interest in the project,” said Tagg.
Rainbow Junction is an all-new nodal development and is set to include some 670 000m² of commercial development – making it the largest private sector development of its kind in the City of Tshwane Metro and one of the largest integrated mixed-use developments in the country.
“The mall is set to become a cutting-edge new retail and leisure destination in the Capital, with construction scheduled to begin early next year, and road construction surrounding the mall having commenced in July 2015. It will have more than 250 retail stores, restaurants, a state-of-the-art cinema complex and ice rink, as well as “Third Place” attractions,” said Tagg.
“We are speaking to major national and international retailers and other brands to take up space at this new world-class shopping and leisure destination. Rainbow Mall will have a comprehensive mix including several anchor tenants as part of its retail, entertainment and service offering."
Rainbow Mall is estimated to cost about R2.5bn, however, the broader Rainbow Junction mixed-use precinct development is anticipated to be a megaproject of between R10bn to R12bn over its 10 to 15 year development phase.
Subesh Pillay, MMC for Economic Development and Planning at the City of Tshwane, said the City is confident that the Rainbow Junction megaproject will contribute to the Capital City’s objective of building a resilient, liveable and inclusive city through infill development between the outlying northern belt and the city centre, linked to the City’s A Re Yeng rapid transit system.