Shopping mall in South Africa’s richest city getting a makeover and a new Shoprite Checkers store

Lyndhurst Square, a neighbourhood shopping centre in Johannesburg, is undergoing improvements and preparing to welcome a new Shoprite Checkers store.

Lyndhurst Square is located at the corner of Pretoria and Drone roads in Lyndhurst, Johannesburg. It serves nearby residential areas and provides a convenient stop for everyday shopping.

The centre already has a well-supported Spar store, while its security service operates around the clock. Its parking facilities include underground parking and bays at shopping level.

The location also provides access from Johannesburg Road and nearby areas such as Balfour and Modderfontein.

Lyndhurst Square forms part of Fairvest’s South African property portfolio, a JSE-listed Real Estate Investment Trust.

The company focuses on retail, office, and industrial property. Its portfolio is spread across the country and includes properties with a range of tenants.

Fairvest recently shared details on the upgrade taking place at the Lyndhurst Square shopping centre.

The refurbished 6,341m² centre will serve surrounding suburbs and offer convenient access to the N3, with underground and shopping-level parking.

Work on its parking deck was recently completed as part of ongoing maintenance and improvements, the company explained.

The new store is expected to make the centre busier, adding another major grocery retailer to the shopping hub.

Fairvest’s property portfolio

On 31 March 2026, Fairvest’s direct property portfolio comprised 130 properties valued at R13.5 billion. This represented an average property value of R104.1 million.

Retail properties accounted for the largest share of the portfolio by value and gross revenue. The company’s retail portfolio was valued at R9.696 billion and generated R807.3 million in revenue during the six months to 31 March 2026.

Retail accounted for 70.4% of group gross revenue and 54.2% of gross lettable area across 77 properties.

The company reported average retail gross rentals of R176.09/m², up from R171.88/m² in September 2025. It also concluded 147 new retail leases covering 27,017 m² during the period.

A further 146 retail lease renewals covered 32,279 m², with positive rental reversions of 5.5%.

The company’s latest financial results revealed that it is continuing to shift its portfolio towards retail property through acquisitions and the disposal of non-core assets.

During the six-month period, the company finalised agreements to acquire Jozini Mall and Tugela Ferry Mall in KwaZulu-Natal for a combined R700.4 million.

The two properties are anchored by Shoprite and were expected to transfer in June 2026.

Fairvest reported that its overall property portfolio had a vacancy rate of 5.1% of total gross lettable area at 31 March 2026. It also recorded an overall positive rental reversion of 5.7% across property renewals.

The company’s interim results showed revenue of R1.153 billion, excluding straight-line rental adjustments, an 8.4% increase. Net property income rose by 9.6% to R669.6 million.

Fairvest also reported a loan-to-value ratio of 26.6% and an interest cover ratio of 4.0 times.

Fairvest’s wider operations

Beyond its retail, office and industrial properties, Fairvest has investments in residential property and township fibre infrastructure.

The company holds an interest in Indluplace Properties, which owns a portfolio of residential properties. It also holds an interest in Onepath Investments, which owns fibre infrastructure in townships.

During the six months to March 2026, Fairvest invested a further R667.4 million in township fibre infrastructure. The investment generated R37.8 million in dividends for the group.

The company also had 54 operational solar plants with a combined capacity of 23.8MWp. These plants supplied 17.5% of the electricity needs across its property portfolio.

Fairvest said its portfolio continued to show resilient operating performance, supported by low vacancies, rental growth and asset management.

The company expects distributable earnings per B share for the 2026 financial year to reach between 53.4 and 54.4 cents.

This would represent growth of between 11% and 13% compared with the 48.15 cents recorded in the 2025 financial year.

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Photos of Lyndhurst Square

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