Property Administration – What is new and happening?

MidCity Square

New Tenant: Takealot

We are extremely pleased to announce that we have secured a 5-year lease with Takealot, which will be operational with effect on 1 September 2022. The extensive lease negotiations and required upgrades to the ground floor parking area, shop, and exclusive outside parking area, were all concluded within a space of 2 months by our Commercial Property team. The Takealot franchise will be a pick-up and distribution centre to the public and independent motorbike operators. An estimate of more than 1 400 pick-ups per day will take place when the business is fully operational. This, in turn, means that 1 400 ordered goods/packages will be delivered to the depot every morning.

New Tenant: Oasis

We also welcome Oasis as a new tenant. They completed extensive upgrading and branding of their shop and opened to the public on 1 August 2022. Please support them to build their business.

Possible New National Tenants

Exciting negotiations are currently underway with other reputable national tenants and we hope to conclude and sign leases with them in the next couple of months … watch this space!

New Innovative Tenant Product: Deposit Waiver

MidCity has again lived up to its “Innovation” cornerstone and reputation as being a property leader with the launch of the tenant deposit waiver policy in conjunction with Aruma Insurance Solutions. This innovative product eliminates the high initial cost outlay as a barrier to entry into the residential tenancy market. The deposit waiver policy provides the landlord with peace of mind and protection, guaranteeing 3 months’ rental cover should the tenant pass away or be retrenched, and covers tenant eviction costs.

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