Truworths has renewed its lease over 5000m2 of retail space in a six-storey, mixed-use building acquired by Texton in 2015.
The 11200m2 property comprises four floors of retail space anchored by Truworths, OK Furniture, Cell C and Bargain Basket. Its top two floors are used for offices and storage.
The Truworths store is located with its shopfront on the busy Dr Pixley KaSeme Street (formerly West Street) – bounded by Dr Yusuf Dadoo Street, Joe Slovo and Anton Lembede streets – in the heart of the Durban CBD.
Marius Muller, chief executive of Texton Property Fund, said: “We are pleased to extend our relationship with Truworths for its Durban city store. The property offers Truworths the key advantages of being well situated with high exposure to consumers, which supports its good trading in a well-maintained property with fair lease terms.”
The property is in a desirable retail location, which enjoys robust national retailer demand because of its substantial volumes of pedestrian and vehicle traffic. It is close to commuter networks in a high growth node which has seen plenty of rejuvenation and reinvestment in the buildings immediately surrounding it, including several residential conversions.
Muller added that the long-term lease renewal with Truworths was consistent with Texton’s focus on retaining tenants and attracting new clients.
“In South Africa’s extremely competitive property market, Texton is employing aggressive leasing strategies that incentivise both tenants and brokers.”
Texton also said that the Truworths deal was one of several leasing triumphs recently achieved by the company.