Inframax, the property developers currently involved with R155 million worth of development around South Africa have, in joint venture with Colin Plit, bought the Arcadia Shopping Centre in Brighton Road, Kraaifontein. Recently, Inframax also purchased the Lakeside Shopping Centre.
"Inframax's goal," said Colin Plit, who negotiated both deals on their behalf, "is to build up and add value to a property portfolio which they intend to grow substantially in the short to medium term. This will enable them down the line to have a steady rent producing asset which will give them a satisfactory return in both good and bad economic times and the centre can be expected to appreciate in value at a rate of about 10% per annum."
The Arcadia Centre has 6 584m2 of rentable space, occupied by 40 retailers. - Cape Argus