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Flanagan & Gerard Property Group has taken complete control of Morningside Shopping Centre in the upmarket Morningside neighbourhood of Sandton, the group confirmed this week.<\/p>\n
The retail property investor and developer jointly owned the R640 million centre together with Grapnel Property Group since 2008, and it was later expanded into a modern community centre in 2009.<\/p>\n
Flanagan & Gerard said it\u00a0took transfer of the centre recently, making Morningside<\/span> Shopping Centre its first wholly owned property. All its other retail properties, such as Ballito Junction and Mthatha Mall, are jointly owned with other property groups.<\/p>\n ADVERTISEMENT<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Read: The fully-let centre spans 11 600m\u00b2 and houses 64 stores, including anchored retail tenants Woolworths Food, Pick n Pay and Clicks. Other big brands at the centre include tashas and Paul, as well as fine dining restaurant Signature.<\/p>\n \u201cFlanagan & Gerard first identified the asset\u2019s potential in 2008 and, having located its offices at the centre for the past 16 years, has maintained a close, hands-on relationship with the property,\u201d the group noted in a statement.<\/p>\n \u201cThe group acquired what was then a smaller, outdated centre and undertook a complete redevelopment, with the centre reopening in 2009 featuring a contemporary design and a carefully curated mix of retail and dining offerings. Since then, the group has continued to add value to the asset,\u201d it added.<\/p>\n With more than 15 years of owner-level insight into the centre\u2019s performance, Flanagan & Gerard\u00a0managing director Paul Gerard\u00a0describes it as\u00a0\u201ca prime asset in an excellent catchment area with great access and visibility\u201d.<\/p>\n He adds that increased residential densification in the area is expanding the centre\u2019s high-end shopper base.<\/p>\n<\/div>\n The group hinted at further expansion and investment into Morningside Shopping Centre.<\/p>\n<\/blockquote>\n \u201cFlanagan & Gerard is in the process of optimising the centre\u2019s zoning in line with updated town planning conditions. This is the first step in a broader project to enhance the tenant mix, expand the footprints of key tenants and improve operational elements such as delivery access,\u201d it said.<\/p>\n ADVERTISEMENT:<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Listen\/read: While Flanagan & Gerard said it remains committed to its preferred co-ownership investment model, partnering with groups including Vukile Property Fund, Sun International, Resilient REIT, Moolman Group and Growthpoint Properties, it noted that Morningside<\/span> Shopping Centre presented a unique opportunity for the group to exercise its rights when Grapnel Property Group elected to sell its stake.<\/p>\n \u201cSole ownership brings the benefit of swifter, more focused decision-making, while partnerships offer the synergies of complementary skills and resources,\u201d said Gerard. \u201cBoth have a place in our portfolio, depending on the asset and circumstances.\u201d<\/p>\n Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n
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