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Growthpoint Properties is applying its development expertise to unlock sustainable value for La Lucia Mall, one of its core property assets in KwaZulu Natal. The site of the upmarket 45,000m2 La Lucia Mall, which is tailored to serve the local North Durban community, includes a further 14,000m2 for potential development.
Rather than use this bulk to simply expand the mall’s footprint, Growthpoint has taken the innovative step of adding apartments and office space to the site while improving and integrating its surrounding amenities. In doing so, this R140m project is creating South Africa’s newest vibrant mixed use lifestyle development with La Lucia Mall at the heart of it all.
“La Lucia Mall has grown, evolved and kept pace with its community for nearly 50 years. With more than 130 international, national and local retail, restaurant and service businesses under one roof, the recently updated mall is the right size for its market. Incorporating more and different uses and experiences into a single destination is definitely the way of the future, and a mixed-use focus is the ideal solution for this property and community,” says Neil Schloss, Growthpoint’s head of asset management: retail.
Kobus Blom, Growthpoint’s KwaZulu Natal regional development manager, adds, “This innovative development solution also meets the real demand for modern, quality residential accommodation in the area and creates convenient suburban workspaces for professionals, close to home.”
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