Bloemfontein’s Loch Logan Waterfront is up for sale by closed tender; the biggest asset which Broll Auctions and Sales has taken to the market in its 40-year history.
According to Broll Auctions and Sales, Loch Logan is the largest shopping centre in Central South Africa with a resilient and national tenant mix across retail, entertainment, movies, fast food, restaurants, banks, a gym and medical rooms, and a gross lettable area of 80 000m².
Norman Raad, CEO of Broll Auctions and Sales, said a tightly-held asset such as the centre does not often find its way to the market, and that he expected the asset to interest the likes of pension funds and listed REITS.
“We are in talks with several serious buyers who are doing their due diligence on this versatile asset,” said Raad. “Building a new retail development such as this today would cost north of R3.5 billion, which makes this a strategic investment addition to any large portfolio.”
The approximately 125 tenants include the likes of Pick n Pay, Pep Stores, Clicks, Vodacom, Wimpy, McDonalds, Ocean Basket, Exclusive Books, Woolworths, Mr Price, and Cape Union Mart.
“The striking retail landmark harmoniously combines contemporary design with the natural splendour of the Loch Logan Waterfront, its glass panels and sleek lines exuding elegance and maximising natural light to offer a bright and airy shopping experience. The highlight of the mall’s modern façade is a waterfront promenade that runs alongside Loch Logan, the scenic walkway providing a captivating setting for al fresco dining and strolls,” said Raad.
He added that the Westdene centre is centrally located in the City of Roses and serves both locals and tourists alike with its proximity to Toyota Rugby Stadium, Mediclinic Bloemfontein, the Central University of Technology, and provincial government buildings. It is a 10-minute drive from Bloemfontein International airport.
Tenders must be submitted to Broll Auction and Sales by 12:00 on 29 September, and proof of the ability of the purchaser to fund the purchase is required.
According to Marketing Manager of the Waterfront, Meryl Henning, the Michael Georgiou Group has decided to undergo a major restructuring of their portfolio and all alternatives are currently being investigated and considered.
Compiled by Justine Fortuin
