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The Loch Logan Waterfront’s expansion from the current 80 000 m² to 120 000 m² is envisaged to generate tangible economic growth to bolster Bloemfontein’s ailing economy.
The spin-off for residents of the City of Roses would come when work to expand the complex starts early in 2019.
Long-term benefits after completion of the additional phase would come through different reputable international and South African retailers set to trade from the multi-million-rand shopping centre.
The ambitious expansion work of 40 000 m² is a joint venture between owners Michael Trust and Kloppers, one of the oldest businesses in the Waterfront.
Tony Koupis, development director of Loch Logan Waterfront, revealed at the media briefing on Monday (10/12) that the development was a 50–50 partnership between the two stakeholders.
He says business ethics and trust were fundamental to go into a partnership with Kloppers, who would further be 50% shareholding in the shopping complex in sectional title deeds.
Koupis envisages work to complete the new phase would be two years from the commencement date in March 2019. He says approximately R1 billion has been budgeted for the development of the new phase.
“It will make the Loch Logan Waterfront the largest shopping centre in central South Africa,” he says. Currently the Loch Logan Waterfront boasts more than 100 shops and over 17 restaurants. Expansion is expected to multiply business.
Steva Klopper, director of Kloppers, says the expansion means long-term investment for the people of Bloemfontein in creating much-needed sustainable jobs.
“We are excited that the venture is for the benefit of the people,” says Klopper.
Koupis says the Loch Logan Waterfront remains the key driver of the economy of Bloemfontein, servicing people daily from the Free State, Northern Cape and Lesotho.
“We strive to keep money in Bloemfontein. We involve the local community, and all developers and tenders are from within the city,” says Koupis.
