The ever popular La Lucia Mall in in KwaZulu-Natal has grown, evolved and kept pace with its community for nearly 50 years. With more than 130 international, national and local retail outlets, restaurants and service businesses under one roof, the recently updated mall is the right size for its market.
Growthpoint Properties (JSE: GRT) is applying its development expertise to unlock sustainable value for La Lucia Mall, one of its core property assets in KwaZulu-Natal and a jewel in the crown of its retail property portfolio in the province.
The site of the upmarket 45 000m² La Lucia Mall, which is tailored to serve the local North Durban community, includes a further 14 000m² of development potential. Rather than use this bulk to simply expand the mall’s footprint, and potentially increase the glut of retail space in one of South Africa’s most competitive retail markets, Growthpoint has taken the innovative step of adding apartments and office space to the site while improving and integrating its surrounding amenities. In doing so, this R140 million project is creating South Africa’s newest, vibrant mixed-use lifestyle development with La Lucia Mall at its heart.
“Incorporating more and different uses and experiences into a single destination is definitely the way of the future and a mixed-use focus is the ideal solution for this property and community,” says Neil Schloss, Growthpoint’s Head of Asset Management: Retail.
Kobus Blom, Growthpoint’s KwaZulu-Natal Regional Development Manager adds, “This innovative development solution also answers the real demand for modern, quality residential accommodation in the area and creates convenient suburban workspaces for professionals, close to home. We are confident that a mixed-use development approach is the best option to enhance La Lucia Mall and its surrounding neighbourhood for the next generation and well into the future.”
Growthpoint is developing the new Kent La Lucia apartments to create a different residential opportunity, especially with the young professional market in mind. It commissioned an in-depth market study for Kent to ensure the one- and two-bedroomed apartments are designed, sized, spec’d, and priced perfectly for the market. The lifestyle offered by Kent also aligns with the profile of the La Lucia Mall shopper and users of Growthpoint’s prime office parks in the area.
Importance of market research
One of the main drawcards of Kent is that 90% of its apartments have sea views. Then there’s the secure parking, card access control, entertainment area with swimming pool, pet-friendly ground-floor apartments with dedicated gardens, SMEG appliances and lobby cubicles where residents can collect their shopping from selected La Lucia Mall stores, managed by on-demand shopping service OneCart.
Kent La Lucia is Growthpoint’s first third-party greenfields sectional title residential development. However, the project continues the company’s long track record of award-winning commercial property developments. Growthpoint’s dedicated development team represents leading knowledge and skills spanning the entire development spectrum.
The market has already embraced the development concept for Kent La Lucia; it is 80% sold-out. The 18-month building programme will commence in July 2021 for completion before the end of 2022.
The final element of the La Lucia Mall mixed-use experience – suburban offices and medical suites built above the mall – will follow in due course. The 4 500m² of offices, with floor plates of 900sqm, will accommodate a vibrant multi-tenant environment conveniently close to home, retail, leisure, education and health facilities, well suited for medical, legal, engineering and other professionals.
For more information, contact Growthpoint Properties Limited:
Tel: +27 11 944 6251
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