The Sunday News
OFFICE space at the refurbished up-market Prince’s Business Suites, which are part of Bulawayo Centre’s multi-million infrastructural development project by the National Railways of Zimbabwe’s Contributory Pension Fund has all been taken up.
Work at the Prince’s Business Suites was completed recently.
The taking up of office space at the new building comes against the background that the city’s property sector is experiencing stunted growth as default rates and the number of voids continues to soar unabated due to liquidity challenges.
The Estate Agents Council has been reported as saying activity on the property market remained depressed with estate agents and property owners experiencing low returns from their investment.
Knight Frank managing partner, Mr Oswald Nyakunika, confirmed that all office space at the Prince’s Business Suites which make part of the gigantic shopping mall had been taken.The redevelopment of Prince’s Business Suites, previously a block of flats, was completed last month. The suites would be linked to the original Bulawayo Centre shopping mall along Fort Street, which was the first phase which was completed 16 years ago. The business premises are adjacent to the shopping mall.
“We are through with the second of three phases. The Prince’s Business Suites are already leasing fast. The shops are fully let and tenants have started shop fitting,” Mr Nyakunika said.
NRZ Contributory Pension Fund is one of the country’s major property investors with some of its notable properties being Trust Towers (Harare), Holiday Inn (Bulawayo), CABS properties, Victoria Falls Hotel, Karigamombe Building (Harare), Beverly Court (Harare) and Bulawayo Centre.
Mr Nyakunika said the completion of the third and final phase which entails the refurbishment of the gym and the construction of a flyover bridge linking the Prince’s Business Suite to the original Bulawayo Centre would depend on the availability of funds.
“We hope the refurbishment of the gym will create a further 37 shops which will be linked to the Bulawayo Centre by a flyover bridge and increase the pedestrian flow at the centre.
“The development was phased for obvious reasons. With each completed phase the client starts getting its returns. Thus we cannot give a time frame when the third phase will be completed. It might take some years depending on the availability of funds,” he said.
The Association for Business in Zimbabwe chief executive officer, Mr Lucky Mlilo said the completion of Bulawayo Centre’s second phase was a welcome development in the growth of the city.
“It’s a very good and positive development for the city because we haven’t had much in terms of infrastructural development within the Central Business District for quite some time.
“However, our worry is that at the present moment rentals are high, there are a lot of defaults and voids as most businesses are struggling with a number of them now opting to operate from residential areas,” Mr Mlilo said.
Mr Nyakunika who is also the chairman of the Estates Agents Council said: “The economy is going through a difficult time but property has survived hyperinflation and we have no doubt it will survive deflation. At the moment it is the safest investment vehicle compared to money and equity market. We have recommended our clients to invest in property ready for take-off”.
