Another Atterbury and Safland partnership
Sound economics and common sense prevailed when a decision was taken last week by two prominent retail developers, Atterbury and Safland, to join forces and develop a new shopping mall in Walvis Bay as partners and not as competitors.
This was announced in a joint press statement by Louis van der Watt, CEO of Atterbury Properties and Kallie van der Merwe, CEO of Safland..
It was also confirmed that the parties will pool all their Walvis Bay assets with the aim to undertake all the future developments in a 50/50 joint venture partnership. “We regard Walvis Bay as a rapidly growing market but it is currently still too small to justify two competing malls, both with a shopping area greater than 20 000 square meters. Deciding between the two development sites was more difficult but the Atterbury site was chosen due to its greater size that would allow for more future expansion to the mall.”
“As developers we share a greater responsibility towards the Town, retailers, investors, financiers and a number of other key stakeholders, and this decision was made with their best interest in mind.”
The newly named Dunes Mall will offer shoppers approximately 30 000 square meters of shopping space and tenants have been identified for the bulk of this rentable area. The estimated value of Dunes will be N$ 650 million and will open its doors end 2017.
Atterbury and Safland will now also co-own and develop the prime land situated just off the Diaz circle, at the intersection of the Airport and Swakopmund roads and this will be done in a manner which will take full advantage of this prime position. Atterbury is a leading developer of retail shopping malls in Africa and Safland is the dominant retail mall developer in Namibia. Dunes Mall, once completed, will be housed in the Nguni Property Fund, a wholly owned subsidiary of the Tradehold Group. Nguni will be listed on the NSX later this year.
The two companies also co-developed the Grove Mall of Namibia in Windhoek. Both developing companies share a passion for excellence which is reflected in Grove Mall. “What we want to offer shoppers is an experience that is now known as “shoppertainment”. Our responsibility and aim is not only to cater for the people of Walvis Bay, but for the needs of the people in the greater Erongo region.”
Dunes Mall, once completed, will become the largest shopping Mall in Namibia outside of
Windhoek. “Malls usually follow people but we have seen the effect of malls as a catalyst for further development in Namibia. An excellent example is the Grove Mall of Namibia that after one year is already surrounded by new developments that include MegaCentre, Lady Pohamba Hospital, Virgin Active. A Town Lodge Hotel will soon be added to this business hub.”