Property

Inside the dark and spooky shopping mall in South Africa’s capital where most shops are empty

Daily Investor • 2 January 2026

Daily Investor visited the Zambezi Mall in Pretoria this week, and it felt like walking through a shopping centre after a zombie apocalypse.

Most lights were off, and the walkways were dark. Nearly all the shops were empty. There were only a handful of people walking around.

The mall has not been maintained, and its exterior has become dilapidated. The signs are faded, and the driveways are overgrown.

However, the inside of the mall is in good condition. It feels like it can be revived by attracting stores and people to the mall. This is, unfortunately, easier said than done.

The Zambezi Mall is located in Derdepoort, Tshwane, on the corner of Sefako Makgatho Street (formerly Zambezi Road) and Moloto Road.

The shopping centre, which formed part of the Sharemax scheme, was developed by Capicol. It promised to enrich and nurture the surrounding environment.

The first two phases of the Zambezi Mall boasted 40 shops, with tenants including Spar, Tops, News Cafe, and Build It.

Other high-profile shops and restaurants included Ocean Basket, Video Den, Pizza Chicken Perfect, Music Mate, MTN, and Speedy.

Building on the initial two phases, Zambezi Mall introduced the multi-storey third phase, which included a lettable area of 30,000 square meters.

The retail space and shops, which range in size from 12 square meters to 2,600 square meters and include covered parking, were scheduled to open in 2009.

After a few delays, the multi-story section of the Zambezi Mall officially opened its doors in early 2010. At the time, the shopping centre was valued at over R1 billion.

The Zambezi Mall was a dismal failure. Within months of opening its doors, shops closed down due to a lack of visitors to the centre.

There were also financial problems. Reports at the time pointed to serious money issues and large amounts owed to Capicol.

Sharemax bought the Zambezi Mall from Capicol for R930 million. However, investors only provided around half of that money.

The situation unravelled quickly, and within six months after opening its doors, the forensic auditor André Prakke said the Zambezi Mall was almost worthless.

The Zambezi Mall becomes the Tshwane China Shopping Mall

In October 2013, the Zambezi Mall was reopened as the Tshwane China Shopping Mall, with Tomas Hu as its new manager.

Hu said that 80% of the shops had been filled. They had ambitious plans to increase occupancy and turn it into a successful retail hub.

The Nova Property Group, which tried to resolve the problems associated with Sharemax, described the situation in its communication to shareholders.

It said the Tshwane China Shopping Mall, previously known as Zambezi Mall, was tenanted by an Oriental City on a head lease basis.

“Extensive marketing of the shopping centre has been undertaken, and footfall at the shopping centre has increased drastically,” it said.

It also explained the behind-the-scenes financial battles, which included a settlement between Zambezi Retail Park Investments (Zambezi) and Capicol.

Zambezi became entitled to the transfer of 100% of the Zambezi Mall property in 2011. However, the full amount owed to Capicol was not paid.

A dispute over how much money Capicol owed led to “disputes and substantial litigation”.

Over the next decade, the Sharemax debacle continued, with numerous parties subject to litigation and legal battles.

Noluntu Bam, the Ombud for Financial Advisory and Intermediary Services (FAIS), recently found that Sharemax directors were liable for an investor’s loss.

This finding opened the door for numerous Sharemax investors who lost money to institute claims against the company’s former directors.

The Zambezi Mall was a victim of the Sharemax disaster and never recovered from the early problems when tenants withdrew due to poor visitor numbers.

The transition from the Zambezi Mall to the Tshwane China Shopping Mall had little impact on the mall’s failure.

As if the lack of tenants and deterioration is not enough, it is also in dispute with the City of Johannesburg on the valuation used to determine the assessment rates.

Nova Property Group’s financials indicate that the amount due to the City of Tshwane as of 28 February 2024 was R32 million.

“The Board of Directors have decided to disclose this matter as a contingent liability as the dispute is still ongoing,” Nova said.

Curiously, the board of directors have increased the valuation performed by professional property valuers by R131 million.

A visit to the Zambezi Mall

On Saturday, 27 December 2025, Daily Investor visited the Zambezi Mall, now known as the Tshwane China Shopping Mall, to see what it looks like.

It quickly became evident that there is no investment in the mall’s upkeep, and it is essentially left to decay.

The exterior is run-down, and the old signs have long faded in the sun. Nature has taken over in many parts around the mall and in front of the parking areas.

A small dam has formed at the back of the mall, and driving in these areas is impossible without a specialised vehicle.

The mall’s inside was a different story. It was surprisingly well-maintained, and it looked like the mall could be revived and filled with new tenants.

However, it was eerily dark and empty. There were remnants of a once-thriving business area, but virtually all shops were empty.

A few people were walking around, possibly trying to visit the only store which was still open in the shopping mall. However, it was closed when we visited.

The escalators did not work, and there was no indication that any effort had been made to make the area attractive to shoppers.

There were no security guards or other staff members on duty to look after the property. It was essentially completely empty.

The best description of the mall is what people watching a zombie apocalypse would expect—no people and an uneasy feeling walking through the dark building.