The Great North Road Plaza in Musina is about to get new owners. This popular shopping centre, comprising 13 561 m² of lettable space, has been sold to Investec Property Fund for R145 million.

Construction of the Great North Road Plaza began in July 2008 and the first phase opened in October 2009. It is probably the biggest ever property development project the border town had ever seen. Phase Two was completed in 2010 and with it welcomed tenants such as Shoprite, OK Furniture, Clicks and Express Stores. The plaza consists of two retail centres on either side of the N1 highway.

The developer was the well-known Solly Noor Properties group, which is responsible for a large number of developments not only in Limpopo, but also in other parts of the country.

The centre boasts with parking bays for 400 vehicles and even has a food court where customers can relax while enjoying a meal. When it was constructed, a lot of effort went into the aesthetics and it was designed especially to blend in with the natural characteristics of the area. The indigenous trees, such as the beautiful baobabs, were retained and a sandstone effect compliments the semi-arid nature of Musina. The developers also upgraded the N1 where it passes the centre at a cost of over R5 million.

For Investec Property Fund, the acquisition is very attractive, especially because the national tenants and national brand franchises occupy 88% of the space and contribute 83% of the contractual income. According to a report in Business Day, the centre provides an attractive income yield of 9,2%, which would enhance the earnings and growth prospects of the Investec fund.

The paper quotes Investec’s CEO, Sam Leon, as saying that Musina is a vibrant commercial and trading centre in the far north of Limpopo, servicing both the surrounding agricultural sector as well as cross-border trade from Zimbabwe.