New super shopping centre in Fourways?

Accelerate owns 52 properties nationwide, including two regional shopping centres, and some of its most important assets are in the Fourways area. A video released by the fund in October last year signalled its intention to develop the Fourways node (at the intersection of Witkoppen Road and William Nicol Drive), where Accelerate is a dominant landowner.

Against an artist’s pristine recreation, Accelerate predicts the development of “the largest and most sought-after centre in South Africa” in partnership with Fourways Precinct, a major property group owned by national developer, the Georgiou Group. Accelerate was formed by the Georgiou Group for the purposes of listing, and acquired 15 letting enterprises from Fourways Precinct in April last year, including nine shopping centres and six office parks, many of them in the Fourways area.

According to its promotional video, Accelerate envisions Fourways as “the largest retail node in the Southern Hemisphere”, having gained approval from the municipality for the development of 400 000sqm of gross lettable area. The fund’s master plan is to see one million square metres of rights granted to the development, which will be designed for mixed use including retail, office and residential space. The first phase of expansion will involve the addition of 90 000sqm of retail space, linking Fourways Mall and the Game store to create a single centre.

According to Ward 96 Councillor Matome Mafokwane, development of the Fourways node can be placed in the context of a major long-term growth plan for Johannesburg North, economically connecting Diepsloot, Dainfern and Fourways, and utilising the potential for growth represented by Lanseria Airport.

Outlining Accelerate’s ambitious vision for the future of Fourways, Accelerate’s non-executive chairman, Tito Mboweni stated in a December 2013 BizNews interview, “We are hoping to create what I call the mini-Manhattan of Johannesburg.”

Despite the hype, however, it remains unclear when development will begin. Accelerate Property Fund has declined to comment as yet, saying only that directors will release a statement at a later date.

Details: www.acceleratepf.co.za