South Africa’s biggest mall going from zero to hero

As part of the revamp of Fourways Mall, its owner, Accelerate Property Fund, is focusing on improving the centre’s dining and food offering.

New tenants in this regard are set to include Tashas, The Pantry, Fournos Bakery, Nonna’s Italian Grill, and a Clay Café.

This comes amid a broader restructuring of Accelerate’s portfolio, with the fund having dumped R1.7 billion worth of properties over the past two years.

On Friday, 27 March, Accelerate released an operational update for the financial year through March 2026.

This update revealed that the fund’s restructuring, which started in June 2024, is progressing well, with Accelerate having made some big changes to its portfolio over the past few years.

This has included a R300 million rights offer and the disposal of around R1.7 billion worth of assets.

These measures were aimed at reducing the fund’s debt levels and repositioning it for sustainable value creation.

According to Accelerate, all is going to plan, with its debt levels reduced by around R1.9 billion through these initiatives.

Also as part of its restructuring, Accelerate has gone to immense efforts to upgrade and improve one of its biggest assets, Fourways Mall, in which it holds a 50% stake.

A central component of Accelerate’s turnaround strategy has been a targeted capital investment into Fourways Mall.

The company reported that around R346 million, of which Accelerate contributed R173 million, has been deployed since Flanagan & Gerard and the Moolman Group assumed the role as property and asset managers of Fourways Mall.

“This investment is translating into improved operating metrics and tenant demand,” Accelerate said. 

It reported that the mall’s vacancy has reduced to 9.4% as at 28 February 2026, down significantly from 16.1% in the prior year.

The company said this decline was supported by a broadened tenant mix  including Planet Fitness, Total Ninja, Spur, and Nando’s.

Vacancy rates are set to drop even further, supported by leases concluded and those in advanced stages. The company said vacancy is expected to reduce further to approximately 5% by September 2026.

Alongside this operational improvement, Accelerate said Fourways Mall’s trading performance also continues to strengthen, with average trading density increasing by 8.6% year-on-year for the rolling 12 months to February 2026.

This comes alongside a 20% increase in footfall year-on-year over the November 2025 to February 2026 period.

Looking forward, the company said a key focus for the 2026 financial year is the improvement of the dining and food offering at Fourways Mall, which is expected to be completed in September 2026 at a capital investment of around R100 million, of which Accelerate will contribute half.

It explained that The View, a development situated on the corner of Witkoppen and Cedar Roads, has been identified as the mall’s “dining hub”.

This spot was chosen for its on-grade parking and accessibility from Cedar Road via a slipway or from Witkoppen Road via the flyover.

“The tenant mix has been curated to enhance dwell time and broaden the mall’s trading profile, with a strong emphasis on established, high-quality brands,” Accelerate said. 

It said confirmed tenants include Tashas, marking its entry into the Fourways node, The Pantry, offering a full-service premium grocery and dining experience, and Fournos Bakery.

Other new tenants will include Nonna’s Italian Grill and a Clay Café concept focused on “experiential dining”.

“These are complemented by Mangwanani Spa, Popsicle Nails and The Piercery, reinforcing the lifestyle and wellness positioning of the precinct,” the company said.