Loftus Park - R1,2 Billion development

Loftus Park - R1,2 Billion development

articles.comments (0)

The precinct around ‘Fortress’ Loftus will undergo a major facelift over the next two years. Loftus Park, which may best be described as an exclusive shopping and office precinct, valued at R1,2 Billion on completion, is expected to be fully functional and operational by the beginning of 2016, with actual construction starting towards the middle of 2014.

The overall development, which was presented by developers Abland at Loftus on Wednesday 30 October 2013, will come to life on the northern side of the stadium, and will be managed by Abreal (Pty) ltd. This area was over the past few years utilized for parking, and for those that may remember further back housed the well-frequented ‘Sin-Bin’ restaurant, and previous to that the Northern Transvaal Tennis Union building.

On completion, this modern and state of the art establishment will consist of over 40,000 m2 of lettable space. This will be a combination of offices, a hotel, a Gym, and various restaurants facing onto a Piazza. Ample parking will also be constructed which will assist the precinct greatly on match days. Negotiations with various major tenants, including SPAR and the Tsogo Sun group, are already well underway.

The developers will endeavor to obtain a four star green rating for the precinct which will be a first in South Africa and in Africa, each building will also be four star rated.

The site provides superb accessibility from the north and south as a result of the vicinity to the Hatfield Gautrain Station and the new TRT (Tshwane Bus Rapid Transit system) bus service, which runs past Loftus Versveld in Lynnwood road. The Blue Bulls Rugby Union will have a significant input in the development, and the old Northern Transvaal tennis club building will be preserved in the new development, together with a Sports Exhibition centre. This will be a bonus for supporters, as it will put on display the history and current events of various sporting codes.

Abland is a property development company that boasts a long line of awe-inspiring developments in the province, such as the Centurion Lifestyle Centre, Wonderboom Junction Retail Centre, Riverside in Centurion, Alice Lane in Sandton and The Pivot at Montecasino.

Abland director Thinus Delport: “It is in excess of R1 billion and we estimate that the value will be between R1bn and R1.2bn on completion.”

The Blue Bulls Rugby Union is also set to reap benefits from the development of the precinct, which will go a long way in assisting clubs and the amateur division with the union.

BBRU chief executive officer Dr Eugene Hare said the influx of capital would help club rugby within the city and also help bolster their development programme.

“We are really looking forward to this. For all rugby unions across the country it is a huge challenge to manage amateur and club rugby. This is a huge opportunity for the BBRU to have a sustainable income for the clubs. This constant flow of capital will also strengthen our development with our main focus being on the whole of Tshwane.”

Pin It

Oct 31, 2013
Vodacom Blue Bulls, Springbok, Loftus Park

(0) Loftus Park - R1,2 Billion development

Leave a Reply

Your email address will not be published. Required fields are marked *