The spooky R3.5 billion shopping mall in Pretoria which is completely empty and a tombstone for a failed property scheme

The Villa Retail Park was the flagship project of Sharemax Investments, which collapsed in 2010. The half-built shopping centre has been left to rot.

Sharemax Investments, started in 1999 by Willie Botha, was one of South Africa’s largest unlisted property investment companies.

However, in 2010, the South African Reserve Bank found that Sharemax’s funding models contravened the Banks Act.

In September 2010, the Registrar’s Office issued directives to Sharemax and its property syndication companies to repay the funds obtained from members of the public.

This directive triggered the collapse of Sharemax’s property syndication schemes, in which investors lost millions.

One of the casualties was the The Villa shopping centre, situated on the corner of De Villebois Mareuil Drive and Delmas Road in Wingate Park, Pretoria East.

The four-story Mega Complex is a R3.5 billion development which is currently 75% structurally completed.

It comprises a gross building area of 302,744 square meters, of which 111,285 square meters is zoned.

This zoning includes offices, conferencing facilities, education, training and retail, which include the large shopping centre.

The gross lettable area of the development is 88,693 square meters, with a parking garage already constructed with 5,075 parking bays.

The Villa complex was awarded a Green Star 4-star design rating by the Green Building Council of South Africa.

Construction started in January 2009 and was anticipated to reach practical completion at the end of August 2011.

However, the collapse of Sharemax Investments brought the project to a halt. Sixteen years later, the half-built mall has become a tombstone for a failed property scheme.

The Villa Retail Park today

Newsday visited The Villa Retail Park, and it was clear why residents and the City of Tshwane were not happy with what had happened.

The structure, which has stood abandoned for 16 years, has become derelict and an eyesore for anyone visiting the area.

Wingate Park residents regularly complain about the makeshift fencing, rusted construction elements, and unmaintained boundaries.

The area has become overgrown with wild weeds and vegetation because there is little basic landscaping maintenance at the precinct.

City of Tshwane Metropolitan Municipality Council Member, Daryl Johnston, has previously complained about the situation.

“Since 2010, The Villa has been a constant source of concern as a security risk to neighbouring residents,” he said.

Homeowners and residents in Wingate Park noted that 78 homes were purchased and demolished to make way for the development.

The benefits promised regarding this development never materialised. These include road upgrades and job creation.

The original plans required significant municipal road and infrastructure upgrades around the De Villebois Mareuil intersection.

There were even plans for a sky bridge. However, these plans remain completely frozen because of the failed project.

It also cost the Pretoria East community thousands of anticipated retail, construction, and operational jobs that the shopping centre was expected to generate.

Security is also a lingering concern. Although the precinct is currently under surveillance to curb vagrancy and crime, there are concerns that this may change.

The empty multi-billion-rand structure continues to raise community anxiety about potential trespassing, illegal occupation, or criminal elements using the unlit corridors.

In 2019, former Tshwane Mayor Stevens Mokgalapa said the half-built shopping mall was an eyesore and owed the municipality rates and taxes.

“Moving forward, it might be important to engage the private developers to discuss the way forward for the mall and its future use and options,” he told The Record.

However, a visit to The Villa shopping mall showed that very little has changed over the last seven years.

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The Villa shopping mall photos

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