A MOVE by retail-aligned property fund Fairvest into township retail looks set to pay dividends.Fairvest recently spent R12m on revamping Nyanga Junction in Cape Town’s Nyanga township — reinforcing the building’s security, improving lighting, repainting and upgrading tenant signage.Fairvest, which has a market capitalisation of R1.1bn, acquired Nyanga Junction in May 2013 from Momentum Property Investments for R58m.The property has subsequently been revalued at R85m — a 47% increase over the purchase price and a gain of 21% if the revamp cost is worked back.Adam Marcus, CEO of Fairvest, said the 21% increase in valuation was partly explained by Shoprite becoming the anchor tenant."Our focus is to improve the quality of the tenant mix of national and local retailers. Shoprite signed a 10-year lease with us. We are also working with other national retailers to have them look into setting up shop at the centre after the recent renovations."Nyanga Junction is situated parallel to the N...
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