Lease agreement paves way for new Coega shopping centre
25 March 2020 | Web Article Number: ME202018544
THE Coega Development Corporation (CDC) has signed a lease agreement with the Eris Property Group for the development of the Vulindlela Retail Centre in Port Elizabeth.
“The agreement marks a significant milestone in the development of the project, which has been in the works for the past year resulting in the appointment of the Eris Property Group who will be responsible for the development of the centre,” said CDC Commercial Manager Yasvin Gajjar.
“As the CDC, our objective is to be the leading catalyst for championing of socio-economic development and we are of the firm view the jobs to be created will benefit the people of Nelson Mandela Bay,” he said.
The plans for the project were revealed at the Coega Business Centre recently by Eris Property Group Development Manager, Bruce Krog who highlighted some of the work the company will be doing.
“The project construction is earmarked to commence in the latter part of this year with a completion date of early to mid-2022. The number of jobs to be created during the construction phase are a little over 600. With more direct employment opportunities accumulating from the tenants,” Krog said.
“Our experience in the property space is unparalleled and having partnered with a progressive organisation like the CDC in such a project makes us feel at home.”
Commenting on the plans, the project’s local partner, Mbulelo Notshulwana from Kyralex, highlighted its importance to the region. “Understanding the local dynamics is paramount to the success of the project. Our involvement will ensure an integrated approach in the projects implementation, and we thank Eris for partnering with us in the delivery and operation of the Retail Centre.”
The 20 000m² Vulindlela Retail Centre will be next to the Vulindlela Accommodation and Conference Centre.
“The location is perfect, the access to the National road, both going in and out of PE makes for easy transportation of goods and attraction of customers either to or from work. The project has sold itself to national anchors who have identified the area as a potential hotspot for their businesses,” Krog said.