Property

New R600 million shopping mall for South Africa

Kirsten Minnaar • 5 March 2025

Riverside Mall, a new R600 million development in Meyerton, Gauteng, has officially been completed and will open its doors to customers on 27 March 2025.

Affordable housing developer Alley Roads confirmed that the construction of its Riverstone Mall has been completed. The occupational handover to tenants will be finalised before the mall’s opening.

“We are very excited to have reached this important milestone,” said Ivan Pretorius, founder and chief executive of Alley Roads.

“With tenant fit-outs currently nearing completion, we are on track to officially open Riverstone Mall on Thursday, 27 March, bringing exciting brands and a different kind of shopper experience to Meyerton.”

During the construction phase, the mall created 1,200 jobs and is set to create an estimated 250 permanent jobs once trading commences.

Upon opening, the shopping mall, with a gross lettable area (GLA) of 20,000 square meters, will boast approximately 53 retail tenants, anchored by Checkers Fresh-X, Woolworths Food, and Dis-Chem.

Other retailers include Clicks, Truworths, Mr Price, and the Pepkor Group. The mall will offer 1,000 parking bays, a food court, and two fast-food drive-thru outlets.

Riverstone Mall forms part of Alley Roads’ 175,000 square meter development pipeline, which is earmarked for underserved townships and peri-urban areas across South Africa.

Pretorius explained that Alley Roads’ business strategy is premised on building prosperous communities, and creating affordable housing and retail developments are important drivers in this mission.

“Initial market studies show that Meyerton, centrally located between Johannesburg and the Vaal Triangle, is growing at 2% to 3% annually, and the area plays a catalytic role within the R59 development corridor.”

“As part of our strategy to leverage the symbiotic relationship between housing and retail, we have launched a residential development adjacent to the mall, comprising 337 units.”

A second development phase is planned at Riverstone Mall, comprising 3,000 square meters of motor-related retail space.

“On completion, our total investment into the Meyerton community will exceed R600 million,” Pretorius added.

Riverside is the first formal retail offering in Meyerton. Its main contractor, Tri-Star Construction, built it, and Rand Merchant Bank (RMB) financed it.

Loyiso Daka, Senior Transactor and Dealmaker at RMB Real Estate, stressed the high demand for quality retail supply in previously underserved nodes.

“These malls play a crucial role in delivering goods, services, and associated infrastructure to the surrounding community,” Daka said.

This development marks Alley Roads’ third retail and industrial development. It was also involved in creating the Courtyard Centre and Seadoone Office Park in KwaZulu-Natal.

The group recently announced that in the past 12 months, it has developed over 1,000 fully off-grid apartments over seven developments.

It created a stable power source for tenants at a predictable cost and ensured stable annuity income for its funders.

Pretorius added that Alley Roads will roll out its 175,000 square meter retail development pipeline over the next seven years, mainly in Gauteng, with opportunities in the North West, Free State and the Western Cape.

The group plans to develop rural convenience retail centres measuring between 6,000 square meters and 12,000 square meters.