Growthpoint Invests R75m in Walmer Park Redevelopment

Growthpoint Invests R75m in Walmer Park RRedevelopment. Growthpoint Properties (JSE: GRT) has announced a R75 million redevelopment of the Edgars premises at Walmer Park Shopping Centre, reinforcing its strategy of reinvesting in high-performing retail assets across South Africa.

The redevelopment will introduce a new internal link mall and expand the variety of retail offerings, strengthening Walmer Park’s position as the city’s leading retail destination. This project forms part of Growthpoint’s broader retail strategy to increase exposure to assets and regions positioned for sustainable long-term growth, particularly in coastal metros such as KwaZulu-Natal and the Western Cape.

Across its retail portfolio, Growthpoint continues to prioritize 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 becomes 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. According to Gavin Jones, Head of Retail Asset Management at Growthpoint Properties, Walmer Park is a dominant regional centre with consistently low vacancies and strong tenant demand. “With vacancies at approximately 1.5%, this redevelopment offers a rare opportunity for new tenants to enter an otherwise fully let centre,” Jones said.

Situated in suburban Walmer, the centre is recognised for its high-quality retail and customer experience. This redevelopment marks the eighth upgrade in 38 years, underscoring 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 new link mall will accommodate nearly 10 additional stores, bringing the total offering to almost 170 retailers, supported by free customer Wi-Fi.

The project also integrates energy-efficient lighting, Walmer Park’s rooftop solar installation, and its standby generation system. The centre continues to supply filtered borehole water to customers and tenants, a service maintained for more than three years.

Construction begins in March 2026, with completion scheduled for November 2026, ahead of the festive trading season. “Selective redevelopment of strong, established assets is central to our strategy,” Jones added. “Walmer Park’s redevelopment will create an even more engaging and accessible environment for customers and tenants.”