19/01/2026
We are aware that numerous queries exist regarding the centre.
Here is the final decision.
We were compelled to transition between architects, resulting in a four-month delay last year.
Conradie & Greyvensteyn Architects demonstrated exceptional expertise, successfully integrating all components within two months to compensate for lost time.
Their work on the centre was truly outstanding. However, the initial estimate for constructing the centre exceeded the allocated budget by approximately six times.
Despite sufficient funding, the bank's evaluation of the property, including the new construction and tenant income, yielded a value four times lower than the construction cost.
This led us to re-evaluate the project's financial viability, seeking a builder who could provide a more feasible quote.
Unfortunately, none of the potential builders were able to meet our requirements.
For those unfamiliar, my husband and I operate in the private sector, where decision-making is driven by numbers and result outcomes.
Regrettably, despite exploring various options, it became clear that this project is not financially viable.
While we are confident that the centre could be successfully built, we are unwilling to assume the risk of a potential non-return on investment.
In business, it is essential to ensure a return on investment, particularly in property development, where construction costs must be carefully weighed against the anticipated evaluation upon completion.
Despite our best efforts, the numbers simply do not add up. This is not a reflection on the architects or building companies involved but rather a consequence of the current state of the South African economy, where construction costs far exceed potential earnings.
Therefore, we have made the difficult decision to place the project on hold indefinitely, with the hope that the financial landscape will improve in the future, allowing us to revisit this initiative.
We cannot, in good conscience, pursue a project that may burden tenants with excessive rental costs, as this would undermine the centre's original purpose.
Our intention was to create a hub where small-town businesses could thrive without being overwhelmed by rental expenses.
We hope that circumstances will change, enabling us to revive this project in the future. We extend our gratitude to those who have worked tirelessly alongside us on this initiative.
Kind regards, The Czank’s. 🙏🏻
