The real estate investment company says it is advancing its strategy of reinvesting in high‑performing South African retail assets.
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Growthpoint Properties presses on with a R75 million redevelopment of the Edgars premises at Walmer Park Shopping Centre in Gqeberha.
The real estate investment company says it is advancing its strategy of reinvesting in high‑performing South African retail assets.
This investment will reinforce Walmer Park’s position as the city’s leading retail destination by introducing a new internal link mall and expanding the variety of retail offerings.
“Walmer Park is a well‑established, dominant regional centre with consistently low vacancies and strong tenant demand, says Gavin Jones, head of Retail Asset Management at Growthpoint Properties.
“With vacancies at approximately 1.5%, this redevelopment offers a rare opportunity for new tenants to enter an otherwise fully let centre.”
Situated in the heart of suburban Walmer, the centre is recognised for its high‑quality retail and customer experience, as well as its ongoing evolution in response to changing shopper needs.
This redevelopment marks the centre’s eighth upgrade in 38 years and underscores its commitment to contemporary, market‑relevant retailing.
A key component of the project is the reconfiguration of the existing 4,680m² Edgars store into a refined, 1,982m² format supported by a refreshed tenant mix. The introduction of a new link mall will accommodate nearly 10 additional stores, bringing the total offering to almost 170 retailers, supported by free customer Wi‑Fi.
“Shoppers can expect an enhanced range of fashion, homeware and national brands,” adds Jones.
The project aligns with Growthpoint’s broader retail strategy to increase exposure to assets and regions positioned for sustainable long‑term growth, particularly in key coastal metros such as KwaZulu‑Natal and the Western Cape.
Across its retail portfolio, Growthpoint says it continues to prioritise capital allocation towards dominant centres with strong trading metrics and proven reinvestment potential. Following the recent commencement of the R270 million upgrade and expansion of Paarl Mall, Walmer Park is the second major strategic redevelopment initiated this year.
The redevelopment focuses on optimising the retail mix, improving circulation, unlocking value from existing space, and enhancing the overall customer experience.
The new link mall has been designed to improve internal flow and provide seamless visual continuity with the centre’s modern aesthetic.
The project includes upgraded energy‑efficient lighting and integrates Walmer Park’s rooftop solar installation and existing standby generation system. The centre continues to supply filtered borehole water to customers and tenants, a service it has maintained for more than three years.
Construction will commence in March, with completion scheduled for November this year, in time for the festive trading period.
“Selective redevelopment of strong, established assets is central to our strategy,” Jones says. “By restructuring retail space, introducing sought‑after brands and elevating the customer experience, we ensure our centres remain relevant while delivering sustainable long‑term value.
"Walmer Park’s redevelopment will create an even more engaging and accessible environment for customers and tenants.”
If anything, the 2026 Budget Speech affirms SA’s positive fiscal credibility trajectory, while opening up broader collaboration with the private sector to unlock long-term economic growth, says Ntobeko Nyawo, the chief financial officer(CFO) at Redefine Properties.
That said, the CFO says improving market conditions and rebounding business confidence are not just reflected in the speech and government objectives, but also in the recent performance and growth of commercial and industrial real estate.
“Improving transport networks and prioritising public infrastructure serve to strengthen properties and developments that facilitate and enhance economic activity.
"Shopping malls, office parks and industrial hubs have their part to play in macroeconomic development and creating employment opportunities, all the while benefitting from improvement in service delivery and leveraging the country’s revitalised ability to move people and goods.”
Developments such as Cato Ridge, South Africa’s first large-scale, privately funded freight corridor and industrial hub, reflect the efforts of stakeholders so far and serve as a case study for other national projects nationwide, Nyawo says.
“Cato Ridge is a space that supports growing public and private capital investments and is integrated with national road and freight networks, and forms part of a commercial and industrial property ecosystem built and optimised for empowering economic activity and growth.”
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