Village Market Shopping Centre

123-131 Jan Hofmeyr Road |  Westville | Durban  | 3629

Price on Application



Investment highlights

  • Opportunity to acquire a well-established mixed-use retail-led asset

  • Blue-chip anchor tenant, Pick 'n Pay

  • Diversified tenant mix and uses including retail, office and residential

  • Easy access with ample parking space

  • First year’s forward NOI of approximately R3.6 million



The property is located in Westville, a town to the West of Durban. The property enjoys easy access to the busy arterial Jan Hofmeyr Road, and is situated across the road from the Westville Hotel and adjacent to a new HBZ Bank office development. The Westville CBD is located 2km to the West of the property; the King Cetshwayo (M13) highway link is situated 1km to the East of the property.

The property is surrounded by prominent amenities including; Westville Boys/Girls High School, Westville Primary School, Avon Primary School Palmiet Nature Reserve, Westville Country Club and the Bergtheil Museum.




The property comprises 11,752 sqm of retail, office, and residential GLA. The retail component (8,300 sqm) is currently 83% occupied. The office component (3,150 sqm) is 3% occupied, with a major tenant having recently moved out of an office measuring 2,200 sqm. Ten of the nineteen residential units are currently occupied. As a percentage of total GLA, the property is 72% let. Management is actively focused on attracting new tenants, especially for the recently vacated office section, while attending to renewing existing leases.

The property is strategically located within the well-established and popular node of Westville, Kwa-Zulu Natal. It benefits from a high volume of passing traffic, attracting strong footfalls attracted by its wide range of tenants. The centre is anchored by a blue-chip national tenant, being Pick 'n Pay (PnP). PnP hold three separate leases; namely for a PnP Family grocery store, a PnP Clothing store, and a PnP Liquor store. These three leases varied expiration dates with options to renew for additional five-year periods.

The superstructure contains extensive reinforced concrete retaining walls, suspended slabs and column supports. The retail shops are finished in full height aluminium glazed shopfronts with suspended ceilings and standard shop finishes internally. The mall area is well lit and paved in ceramic tiles. The apartments are finished in face brick and plastered brick with flat concrete roofs and pitched IBR over the retail shops.

Parking areas are concrete, and tarmacadam paved, and premises is secured with a variety of brick wall; palisade and weld mesh fencing. Access to the lower level open and closed parking is off David McLean Drive, with controlled access to shops. The office section is accessible off the Old New Germany Road.


Zoning and Title Deed Information

Erf: 2662 Westville Extension 25 & Erf 3046 Westville

Tenure: Freehold

Registered Owner:  Government Employees Pension Fund

Title Deed Number: T07335/2006

Local Authority: eThekwini Municipality 

Extent: 19,692 sqm

Total GLA: 11,772 sqm

Zoning:   General Commercial

Floor Area Ratio:  1.0

Coverage: 80%

Height: 3 Storeys

Parking: Unknown

Building Lines: 4.5 meters

Rentable Areas

Description Area (sqm)
Retail 8,299
Offices 3,150
Residential 19 units
Open Parking 32
Basement Parking 50

The property is developed in a series of tiered levels with a petrol station located on a suspended slab at street level. The petrol station has recently been let to Dunlop on a 5-year lease, commencing on 01 August 2021. The upper level consists of retail shops and the lower level of retail shops and basement parking. The west wing provides for two levels of B-grade office space. 

There are 19 residential flats built over three levels behind and above the centre, benefitting from panoramic views. Loading facilities and additional tenant parking is located at the lowest level of the site.


Competing retail centres

Competing center  Distance from Village Market (km) Size (sqm)
Westville Mall 1.9 12,793
Westwood Mall 3.8 35,000
The Pavilion Shopping Centre 3.9 122,499
Makhabane Shopping Centre 5.4 TBC


Tenancy and Anchor Covenant

Number Tenant Area occupied (sqm)
1 Pick n Pay 3,106
2 FIT 24 1,157
3 Dunlop 873
4 Clicks 456
5 Heathers Schoolwear 275

Number Tenant Monthly Rental Income 
1 Pick n Pay  R250,483
2 Fit 24 R86,777
3 Clicks  R66,793
4 Dunlop  R55,538
5 Heathers Schoolwear R49,107


Pick n Pay stores Limited, through its subsidiaries and associates, operates in the retail sector in South Africa and the rest of the African continent. The company operates through two segments: South Africa and Rest of Africa. Pick n Pay has a footprint in South Africa, Namibia, Eswatini, Botswana, Lesotho, Zambia and Zimbabwe.

The Pick n Pay Group is one of Africa’s largest and most consistently successful retailers, with 1,884 stores. Pick n Pay branded businesses include Hypermarkets, Supermarkets, Clothing, Liquor, Express and Pharmacies.

Tenant: Pick n Pay Family Store

GLA: 2,501 sqm

Lease Start: 01 May 2018

Lease Period: 5 Years

Lease End: 30 April 2023

Current Monthly Lease Rent: R189,881.67 (R 79.76/sqm)

Rental Escalation: 7%

Tenant: Pick n Pay Liqour

GLA: 147.81 sqm

Lease Start: 01 May 2018

Lease Period: 5 Years

Lease End: 30 April 2023

Current Monthly Lease Rent: R24,071.92 (R 162.79/sqm)

Rental Escalation: 7%

Tenant: Pick n Pay Clothing

GLA: 457,87 sqm

Lease Start: 01 May 2021

Lease Period: 5 Years

Lease End: 31 April 2026

Current Monthly Lease Rent: R36,521.06 (R 79.76/sqm)

Rental Escalation: 5.50%


Net operating income


Period March  2022 - February 2023  
Gross income (ZAR) 19,978,479
Gross Expenses (ZAR) 16,387,143
Net Operating Income (ZAR) 3,591,336

Income Assumptions:

  • Assumed 6 months let up to the vacant retail, office and residential areas at varied market rentals in line with the property management stipulated market rates in the tenancy schedule.
  • A full breakdown of the projected NOI is available upon signature of an NDA, along with tenancy schedules, rent rolls and plans where available.

Value-Add Opportunities

The property offers future asset management opportunities that can arise from the refurbishment of the centre. Refurbishment of the centre will attract more tenants, decrease vacancy rates and lead to an overall increase in property income.


The Seller has been registered for VAT (Value Added Tax). It is intended that the sale will be treated as a transfer of a going concern, provided that the purchaser is registered for VAT and the requirements for going concern are met in terms of the VAT Act, No. 89 of 1991.

Sales process

Stage 1:

In this stage of the process interested parties are requested to submit a non-binding Letter of Interest / Intent (“LOI”) to the JLL Empact JV by no later than -

12h00 on Thursday 7 October 2021. Bids are to be submitted electronically to the email addresses of the agents provided herein in the template LOI format provided in the Downloads tab below. Please note that late electronic submissions will not be considered by the PIC.

To submit these LOIs the following Stage 1 property information is available under the Downloads tab:

A downloadable Information Memorandum (which is a summary of the information contained in this property information page);

  • A comprehensive Stage 1 Process Letter (setting out the two-stage Private Tender Process in greater detail);  
  • The Seller’s template / standard Letter of Intent / Interest (“LOI”);
  • The Sellers’ standard Non-Disclosure Agreement (“NDA”). The NDA must be completed if the purchasers wants to view a detailed Tenancy Schedule (if applicable and available). 

Bidders will also be allowed to view the Property, provided 48 hours’ notice is given to the JLL Empact JV. 

To download any of these documents you’ll be required to register to become a subscriber to the South African Property Exchange (SAPX).

Stage 2:

Stage 1 LOIs / bids will be assessed by the Seller and thereafter a select number of bidders will be given permission to participate in Stage 2 of the process. In Stage 2, select bidders are given access to a comprehensive Stage 2 due diligence data room to conduct a more extensive due diligence exercise. FICA or KYC verification will be required and submission of binding offers will be done via the ClicktoPurchase functionality on SAPX or via the submission of PDF signed copy of an approved sale and purchase agreement directly to the agents. The agents will provide selected bidders with instructions that outlines how offers are to be submitted via ClicktoPurchase® or direct submission by providing select bidders with a detailed Stage 2 Process Letter.

In Stage 2 bidders have up to 6 weeks to conduct their DD and submit final binding offers.

Bids will be accessed on four main criteria:

  • Price
  • Ability to perform / track record
  • Conditionality (i.e. speed of performance)
  • Timing of electronic submission of offer.

Empact Group

PJ Muller +27 (0) 82 888 0828
Kedibone Bolofo +27 (0) 83 988 1740




Pepler Sandri +27 (0) 82 445 5496
Thabiso Malibeng +27 (0) 79 183 1153



No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of the JLL Empact JV or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of the JLL Empact JV or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of the JLL Empact JV or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of the JLL Empact JV or the vendor shall not give rise to any right of action, claim, entitlement or compensation against JLL Empact JV or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of the JLL Empact JV or the vendor.