Property Flash


March 14 2023

On March 30 2023, Latitude Properties, a well-known South African development group, will launch phase one of the R200m Kunjani Concordia mixed-use development in Concordia, Knysna. The 4500m2 shopping mall will bring shopping convenience to an underserved area, with phase two planned to include a second retail component and other amenities such as affordable housing, a co-working office, day clinic, action-soccer fields, and an Early Childhood Development centre.

The mall’s exterior will also feature a collaboration with South African artists, with the first artist to be featured being Zanele Montle. On opening day, a portion of the mall’s exterior will be wrapped with Zanele’s artwork, Abantu Yethu, which celebrates the diversity and vibrancy of the community the mall is designed to serve, Pretorius explained. By incorporating the work of local artists, Latitude Properties said it aimed to create a more cohesive and inclusive space that will have a positive social impact on the surrounding area.

National retailers Shoprite, Ackermans, and Pep will open branches in phase one, and six stalls will be available for smaller traders, which will be leased to local micro businesses.

Latitude CEO Harry Pretorius said he was optimistic that the Kunjani Concordia development would play a key role in enhancing the neighborhood fabric and contribute to job creation. At least 200 builders and labourers would be involved in the construction, and the development will yield at least 100 permanent jobs upon completion.

Latitude Properties plans to complete three more Kunjani precincts in the Western and Southern Cape over the next 18 months and remains bullish on the long-term growth of retail business in rural and township areas, said Pretorius.

His sentiments are in line with the likes of Exemplar Reit, a JSE-listed group which was formed by the John McCormick family, and led by Jason McCormick. The family also owns McCormick Property Development, which develops malls in rural and semi-urban areas.

Township and rural retail is a fast growing in SA. There is an undersupply of the asset type as opposed to larger malls focused at high living standards measure (LSM) customers.

Leave a Reply

Your email address will not be published. Required fields are marked *