The iconic Golden Acre Shopping Centre is set for a major revamp, after it’s been sold in one of the city’s biggest property deals, fetching R781 million.
According to Property expert Ash Müller it was a complicated deal, and it took months for the property to transfer. This is after the Competition Commission approved the deal in February this year.
The price includes the building next door, located at 11 Adderley Street. The shopping centre itself has a total of 55 730m2 of retail and office space.
The new owners, Putirex, reportedly plan various upgrades to the 110-metre Tower and surrounding retail spaces.
Built in the 1970s, the landmark has long been a hub for commuters and shoppers in the CBD.
Golden Acre is home to around 100 retailers, some of which include Ackermans, Markham, Foschini, Sportscene, Totalsports, Shoprite, McDonald’s, Wimpy, KFC, Steers, and Hungry Lion.
The redevelopment is expected to boost safety, attract new investment, and breathe new life into the precinct while preserving its historic character.
Ward Councillor for the CBD, Ian McMahon, states that reports claiming luxury apartments will be built and put up for sale are inaccurate.
“The 414 apartments, which have been marketed as rental units in the more affordable side of the sector, will be a welcome addition, especially next to transport zones of both bus and rail, as well as being in an area where lots of student accommodation is in need. So,
I think that this will really add something to the regeneration of the city and a bit of TLC that the Golden Acre has needed for some time, so I am very happy to see this deal go through.”
