R12bn development project for Tshwane

The multi-billion rand Rainbow Junction mixed-use property megaproject, anchored by a new R2.5 billion 94 000m2 super-regional shopping centre, will be situated some 6km north of the capital’s CBD. The project is expected to create about 45 000 jobs during it’s development phase.

Described as the largest private sector commercial development of its kind in Tshwane, the project could become Tshwane’s beacon property development and a South African landmark too, said Rosella Dingle, joint CEO of Rainbow Junction Development Company.

Rainbow Junction’s overall commercial uses will include some 165 000m2 for retail, 170 000m2 of prime offices, 120 000m2 for residential projects, 65 000m2 for hotel and conferencing facilities, with the balance catering for general commercial uses and light industry, Rekord North reported.

It will also have space for educational facilities, as well as 37 hectares of green open public spaces for social and recreational facilities.

“With all municipal, environmental and other approvals in place for the anchor Rainbow Mall development, the project is now gaining serious momentum and we are seeing excellent interest from prospective investors and major property developers who either want to secure a stake in the project or the whole development,” she said.

Commenting on the Rainbow Mall component of the megaproject, Gavin Tagg, CEO of Retail Network Services (RNS), said the mall was set to become a cutting-edge new retail and leisure destination in the capital, with construction scheduled to begin early next year.

Road construction surrounding the mall had already commenced in July 2015.

“We are speaking to major national and international retailers and other brands to take up space at this new destination. Rainbow Mall will have a comprehensive mix including several anchor tenants as part of its retail, entertainment and service offering,” Tagg said.

Rainbow Mall is estimated to cost about R2.5 billion, however, the broader Rainbow Junction mixed-use precinct development is anticipated to be a megaproject of between R10 billion to R12 billion over its 10- to 15-year development phase.

Another significant advantage is Tshwane is planning to build the biggest transit hub of its multi-billion rand A Re Yeng integrated rapid transit system at Rainbow Junction.

Tshwane MEC for economic development Subesh Pillay said the metro was confident the megaproject would contribute to the capital city’s objective of building a liveable and inclusive city through infill development between the outlying northern parts and the city centre, linked to the city’s A Re Yeng rapid transit system.

– Caxton News Service

Read original story on rekordnorth.co.za

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