Source: Supplied. Artist's rendition. Riverstone Mall, Meyerton.

"We are very excited to have reached this important milestone. With tenant fit-outs nearing completion, we remain on track to officially open Riverstone Mall on Thursday, 27 March this year, bringing exciting brands and a unique shopping experience to Meyerton," said Ivan Pretorius, founder and chief executive officer of Alley Roads.

Pretorius confirmed that during the construction phase, the mall created 1,200 jobs, with an estimated 250 permanent jobs to be available once trading commences.

On opening, the convenience mall with a gross lettable area (GLA) of 20,000m² will boast approximately 53 retail tenants, anchored by Checkers Fresh-X, Woolworths Food and Dischem. Other retailers include Clicks, Truworths, Mr Price and the Pepkor Group among others. It will offer 1,000 parking bays, a food court as well as two fast food drive-thru outlets.

Community-centric growth strategy

Riverstone Mall forms part of Alley Roads’ 175,000m² development pipeline earmarked for underserved township and peri-urban areas across South Africa. Pretorius explained that Alley Roads’ business strategy is premised on building communities that prosper. Affordable housing and retail developments are some of the important drivers required to establish these new nodes.

“Initial market studies show that Meyerton, centrally located between Johannesburg and the Vaal Triangle, is growing at 2% to 3% annually, and the area plays a catalytic role within the R59 development corridor.

“As part of our strategy to leverage the symbiotic relationship between housing and retail we have launched a residential development adjacent to the mall, comprising 337 units. There is also a second development phase planned at Riverstone Mall, comprising 3,000m² of motor-related retail.

“On completion, our total investment into the Meyerton community will exceed R600m,” Pretorius added.

The Group recently announced that in the past 12 months, it has developed over 1,000 fully off-grid apartments over seven developments, creating a stable power source for tenants at a predictable cost, as well as ensuring stable annuity income for its funders.

Pretorius said the Group will roll out its 175,000m² retail development pipeline over the next seven years mainly in Gauteng with opportunities in the North West, Free State and the Western Cape.

Alley Roads will develop rural convenience retail centres measuring between 6,000m² to 12,000m².