The plans for the new state of the art Shell Service station on the second property have also been approved and we await licence approval which is now a formality as it was held up due to plan approval. Shell have committed to a 10 year lease with 3 five year renewals and will be spending R8m upgrading the current facility.

This will also feature a new forecourt Kwikspar concept which Spar and Shell are rolling out. This we hope will be up and running by year end and will serve as one of the catalysts required to turn this property around.

Philani Valley is an 11,500m2 shopping centre in Umlazi, we acquired the centre for R40,5m which is effectively R3,500 per m2 for the buildings. We are spending R12m with total costs including acquisition cost being R55,3m.

If we achieve R6,500/m2 as a selling price, which is not unreasonable on completion, we should achieve a selling price of R75m giving us a profit of some R19m which will be close to a 100% return in 24 months.