Developments
Growthpoint Invests R75 Million in the Redevelopment of Walmer Park Shopping Centre
The redevelopment of Walmer Park Shopping Centre marks another strategic milestone for Growthpoint Properties (JSE: GRT) as it advances its focused reinvestment strategy into high-performing South African retail assets. With a R75 million investment directed at the Edgars premises within the centre, Growthpoint is reinforcing Walmer Park’s standing as Gqeberha’s leading retail destination. The centre’s focus on energy efficiency ties into broader industry trends highlighted in our article on how SA retail tenants find more ways to keep the lights on.
Strategic Investment Strengthens Coastal Retail Presence
Growthpoint’s latest investment aligns with its broader retail strategy. The strategy aims to increase exposure to assets and regions positioned for sustainable long-term growth. This is particularly focused on key coastal metros such as KwaZulu-Natal and the Western Cape.
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.
Across its retail portfolio, Growthpoint continues to prioritise capital allocation. The focus remains on dominant centres with strong trading metrics and proven reinvestment potential.
Optimising Retail Mix and Enhancing Customer Experience
The redevelopment optimises the retail mix. It improves circulation, unlocks value from existing space, and enhances the overall customer experience.
Gavin Jones, Head of Retail Asset Management at Growthpoint Properties, notes:
“Walmer Park stands as a well-established, dominant regional centre. It maintains consistently low vacancies and attracts strong tenant demand. With vacancies at approximately 1.5%, this redevelopment creates a rare opportunity for new tenants to enter an otherwise fully let centre.”
Located in the heart of suburban Walmer, the centre delivers high-quality retail and a strong customer experience. It continues to evolve in response to changing shopper needs. This redevelopment represents the centre’s eighth upgrade in 38 years. It demonstrates its commitment to contemporary, market-relevant retailing.
Key Highlights of the Redevelopment of Walmer Park Shopping Centre
A key component of the project is the reconfiguration of the existing 4,680m² Edgars store. It will be transformed into a refined, 1,982m² format supported by a refreshed tenant mix.
Moreover, the introduction of a new link mall will accommodate nearly 10 additional stores. This will bring the total offering to almost 170 retailers. The centre will also continue to offer free customer Wi-Fi.
“Shoppers can expect an enhanced range of fashion, homeware and national brands,” adds Jones.
The new link mall has been designed to improve internal flow. It will also provide seamless visual continuity with the centre’s modern aesthetic. The project includes upgraded energy-efficient lighting. It integrates Walmer Park’s rooftop solar installation and existing standby generation system. The centre continues to supply filtered borehole water to customers and tenants. This is a service it has maintained for more than three years.
Construction will commence in March this year. Completion is scheduled for November 2026, ahead of the festive trading period.
Long-Term Value Through Targeted Retail Redevelopment
“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.”
Also, the redevelopment of Walmer Park Shopping Centre demonstrates Growthpoint’s continued commitment to strengthening dominant retail destinations while driving sustainable long-term growth across its South African portfolio.
About Growthpoint Properties
Growthpoint creates space to thrive by delivering innovative and sustainable property solutions in environmentally friendly buildings. It improves the social and material wellbeing of individuals and communities.
Growthpoint stands as South Africa’s largest primary JSE-listed REIT. The company invests in real estate and communities in South Africa, across the African continent, Australia, and Eastern Europe as an international property company.
Growthpoint is at the forefront of environmental innovation in the property sector in South Africa. Visit growthpoint.co.za for more information. Connect with Growthpoint on Facebook, LinkedIn and YouTube.