New world class mall for Harare Showgrounds

PICS: Coming soon... Harare showground land to house fancy mall - iHarare News

Audrey Galawu

Property developer Terrace Africa has announced a new project to develop a world-class shopping centre at the Harare Exhibition Park area along the Harare-Bulawayo highway.

This project is driven by the strong demand for retail space both in the Central Business District (CBD) and suburban space due to the growing number of retail business.

The development, which is planned to commence before the end of this year, is expected to meet the yearnings of Small and Medium Enterprises (SMEs) by catering for their shopping needs.

Terrace Africa Managing Director Mr Brett Abrahamse said bigger retail groups and premium brands are more tilted towards shopping centres in suburban areas while office parks are preferred by non-retail businesses.

“We have quite an exciting project as Terrace Africa, not all of them will be going to the REAL Estate Investment Trust (REITs) but we are working on exciting projects.

“We think the Showgrounds is going to be an exciting shopping centre with all facilities conveniently located close to town and with international standards.

“The showgrounds will boost world-class facilities in the country, it will be one of the best shopping centres in Zimbabwe,” he said.

The developers seek to invent a new experience for consumers and, at the same time, revive the development of an offer to the frontline of new consumer trends in retail.

Mr Abrahamse said they are also working in smaller towns that are driven by agriculture and mining such as Marondera where they have already made investments that aim to meet the current trends.

Terrace Africa also revealed that they are working on another project in Madokero which is scheduled to be launched before year-end while another is expected to start at the beginning of next year in Zimre Park in Harare.

Terrace Africa is a property development company that has been operating in sub-Saharan Africa since 2011 managing over eight retail centres in the Southern African Development Community.

Terrace Africa's Tigere Property Fund is set to become Zimbabwe's first listed Real Estate Investment Trust following the publication of its prospectus.

Tigere last week on Friday announced to the public that it will be listed on 23 November after the Securities and Exchange Commission approved Tigere REIT in July this year.

“We are delighted to announce the listing of the Tigere REIT, which is an important step in developing and strengthening the capital markets, as well as building a strong real estate sector within Zimbabwe. Our seed assets are already performing exceptionally well, with income and occupancy levels trading ahead of initial expectations,” said Brett Abrahamse.

ZSE CEO Justin Bgoni said that the development signifies economy growth and improves diversification opportunity for investors.

"The listing of the Tigere Property Fund is an exciting moment in the history of Zimbabwe's property sector and the broader economy. It is a culmination of years of work and policy driven by the Minister of Finance and Economic Development, Mthuli Ncube to grow and deepen capital markets that has led to the formation of REITs in Zimbabwe.

"As the ZSE, we are indebted to the ministry's support and believe this listing is a symbol of progress and that Zimbabwe is open for business. We look forward to seeing more REITs list in the near future and congratulate the Tigere team on their achievement and unlocking more value for investors and facilitating economic growth in the country,”said Bgoni