Waterfront to be sold as a going concern

Waterfront to be sold as a going concern

Norman Raad, The CEO for Broll Auction and Sales revealed to The Business Weekly that the largest shopping centre in central South Africa Loch Logan Waterfront Mall in Bloemfontein, Free State will be sold as a going concern, of which the owner will get the most lucrative offer from buyers and also save jobs.

Raad says the owner is letting go of this large asset to invest in bigger developments. The Waterfront will be up for grabs for both local and global possible buyers and the highest bidder will win the tender. According to Raad, to build a new mall to the calibre of Waterfront today will cost no less than R3.5 billion.

“The owners are looking for the highest possible market price, determined by each investor’s valuation method. The market will decide what the property value is taking everything into consideration. The highest price will win the tender,” said Raad.

The CEO confirmed with The Business Weekly that there are multiple registered buyers who have shown interest in the mall. As it will be sold as a going concern, the lease agreement of tenants will remain intact with the new owners, however, it will be up to the owners to whether to change the name of the mall or not.

The mall has approximately 125 tenants including strong brands like Pick n Pay, Pep Stores, Clicks, Vodacom, Wimpy, McDonalds, Ocean Basket, Exclusive Books, Browns, Woolworths, Mr Price and Cape Union Mart and has high foot traffic and is busy throughout the week.

The multi-level mall has escalators and elevators to provide convenient access to all floors, ensuring visitors can explore the mall with ease. Dedicated spaces for hosting events and gatherings are equipped with the latest audio-visual technology to accommodate a wide range of events, from live performances and fashion shows, community gatherings and cultural exhibitions.

The mall is located in the city center and serves both locals and tourists alike with its close proximity to Vodacom Park Rugby Stadium, Bloemfontein Medi-Clinic, the Central University of Technology (CUT), and Provincial government buildings. It is a 10 minute drive from Bloemfontein International airport.

The bidding for the tender will be closed by 12pm on 29 September 2023.

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