The Orion Centre's retail component promises to unlock further value in mixed-use development
South Africa, Johannesburg - 5 May 2008: The Orion Retail complex forms part of the Orion Centre property situated at the confluence of two of Gauteng's busiest arterials - the R24 and N12 highways. Containing a mix of office, residential and retail space, the centre is presently being re-developed by the Orion Group's Development Division to be a multi-purpose environment.
The residential components' 90 apartments and five luxury R4 million penthouses were recently completed and the units are already almost sold out. The 22-floor Orion Towers has become a familiar landmark with its enormous and attractive tower signage.
The conveniently situated building offers convenience, security and a lockup and go lifestyle that will be enhanced by an excellent range of retail stores and restaurants when the refurbishment of the Orion retail component is completed in 2009.
The 80% national and 20% local destination centre will comprise three anchor tenants and an exciting mix of national retailers with some unique independent operators. The two-level retail component will also feature a 2500m2 Planet Fitness Gym on the roof.
The re-development will incorporate a more functional layout with wider passageways and an extended multi storey parking lot with an additional 261 parking bays bringing the total number of bays to 627 on completion of the retail node.
Works are currently underway within the retail component and the area will remain operational throughout the construction period.
"The Orion Real Estate property portfolio of sound properties in secondary locations offers higher yields than properties in central metropolitan locations," said Aldo Alberts, CEO Orion Developments. "We are continuously upgrading and unlocking value via upgrades and renovation programmes. The Orion Retail Centre is a quality redevelopment and on completion, will be a valuable and convenient part of this mixed-use development."
© 2008 Lois Aitchison, FVS Marketing & PR