Walvis Bay’s “war of the malls” has officially ended. This was recently confirmed in a joint media 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. This is not the first time that these two companies partner, as they previously co-developed the Grove Mall of Namibia in Windhoek.
“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 metres. 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 great 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 metres 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 it will open its doors by the end of 2017.
Atterbury and Safland will also co-own and develop the prime land situated just off the Diaz circle, at the intersection of the airport and Swakopmund roads. It 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.
“What we want to offer shoppers is an experience that is now known as ‘shoppertainment’. Our responsibility and aim is to not only 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 Windhoek, underlining the importance of the town as a growth node in the country.
“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, including MegaCentre, Lady Pohamba Hospital, Virgin Active. A Town Lodge Hotel will soon be added to this business hub.”
The mall will be a great driver for job creation in Walvis Bay. Approximately 700 people can expect to be employed once it is completed.