IN a significant development, Emfuleni Resorts and Flanagan & Gerard Group, the co-owners of Boardwalk Mall in Gqeberha, have announced the addition of Dondolo Property Trust and The Capital Hotels, Apartments & Resorts as partners in the mall and precinct, respectively.
The investment by The Capital forms part of a deal to develop a new hotel in the Boardwalk Precinct, which includes the Boardwalk Mall, and Sun International Hotel and Casino.
This addition marks a significant step in realising the vision for the Boardwalk Precinct.
Paul Gerard, the MD of Flanagan & Gerard, extended a warm welcome to the new partners.
“This significant investment will help Boardwalk Mall respond to market demand and further grow this destination, offering the ultimate convenience retail and family entertainment in the Eastern Cape.”
Seasoned executive, Stephen Dondolo, Group CEO of African Pioneer Group, joins Boardwalk Mall as a partner through Dondolo Property Trust, a subsidiary of Dondolo Family Enterprise. Dondolo expressed confidence in the venture, citing the growth potential of the Boardwalk Mall and the creation of new opportunities for entrepreneurs and SMMEs.
Nomkhitha Mfono, executive director at Dondolo Property Trust, echoed her father’s sentiments, highlighting the alignment of the acquisition with their growth strategy.
The Capital Hotels, Apartments & Resorts, founded by CEO Marc Wachsberger in 2008, will bring its expertise to the development of the new hotel, offering standard hotel rooms, serviced apartments, and modern conference facilities.
The Boardwalk Mall, located on a Blue Flag beach in Summerstrand, has recorded double-digit growth in turnover over the past 12 months, with a strong performance from various retail categories.
Gerard highlighted the demand for space from national retail and independent brands, with a long list of big-name retailers waiting to lease space.
The investment by Dondolo Property Trust and The Capital is expected to accelerate expansion plans.
