September 15 2023
Bloemfontein’s Loch Logan Waterfront is up for sale by closed tender; the biggest asset which Broll Auctions and Sales has taken to market in their 40-year history.
It’s interesting that an asset like this is for sale while SA wallows in weak economic times. Broll said listed funds were interested in buying Loch Logan but it remains to be seen how many of them will actually make a bid.
Built in early 2000s, Loch Logan is the largest shopping centre in central South Africa with a resilient and national tenant mix across retail, entertainment, movies, fast food, restaurants banks, gym and medical rooms, and a gross lettable area of 80 000m².
Norman Raad, CEO of Broll Auctions and Sales, said a tightly-held asset such as the centre did not often find its way to the market.
“We are in talks with a number of serious buyers who are doing their due diligence on this versatile asset,” said Raad. “Building a new retail development such as this today would cost north of R3.5bn, which makes this a strategic investment addition to any large portfolio,” said Raad.
The approximately 125 tenants include Pick n Pay, Pep Stores, Clicks, Vodacom, Wimpy, McDonalds, Ocean Basket, Exclusive Books, Browns, Woolworths, Mr Price and Cape Union Mart.
The highlight of the mall’s modern façade is a waterfront promenade that runs alongside Loch Logan, the scenic walkway providing a captivating setting for al fresco dining and strolls.
The multi-level mall has escalators and elevators to provide convenient access to all floors, ensuring visitors can explore the mall with ease. Dedicated spaces for hosting events and gatherings are equipped with the latest audio-visual technology to accommodate a wide range of events, from live performances and fashion shows, community gatherings and cultural exhibitions.
The Westdene centre is centrally located in the City of Roses and serves both locals and tourists alike with its close proximity to Vodacom Park rugby stadium, Bloemfontein Medi-Clinic, the Central University of Technology, Provincial government buildings. It is a 10-minute drive from Bloemfontein International airport.
Tenders must be submitted to Broll Auction and Sales by 12pm on September 29 2023, and proof of the ability of the purchaser to fund the purchase is required.