Developments in Namibia signal renewed activity in retail & office sectors

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Artist's impression of '44 on Post Street', providing a perspective showing how the revamped FGI Building will appear. Artist's impression of '44 on Post Street', providing a perspective showing how the revamped FGI Building will appear.

Property development projects in both office and retail sectors are well underway in Namibia´s capital city of Windhoek.

This is a positive indicator for Windhoek, seen against the backdrop of a further boost for the region with the recent announcement by the Mines and Energy Minister, Isak Katali, that an estimated 11 billion barrels in oil reserves have been found off Namibia´s coast, and with further oil and gas exploration anticipated to see this country become a significant producer of oil and gas.

Monica Pienaar, portfolio executive for JHI Properties, reports that we are seeing a dramatic increase in building activity in Windhoek, with new buildings - mostly office buildings - rising out the ground as well as existing buildings being revamped and upgraded.

These include new office buildings well situated close to Maerua Mall as well as a building comprising a showroom with office component well positioned adjacent to the southern industrial area.

Among others, the Namibian Government is building new offices for the Auditor General just outside the CBD, and expanding the office of the ministry of finance. In addition, the new Hilton Hotel opened its doors in June this year (2011), situated close to the landmark Sanlam Centre, and has rapidly become established as the preferred hospitality venue in town."

At the Oshakati Centre in Oshakati in northern Namibia, a new extension project of approximately 2300sqm is planned and scheduled for completion in mid-2012. "This extension, which will take the gross lettable area of this centre to approximately 24 562sqm, will accommodate Woolworths, Clicks, Studio 88, Fashion Express and Musica.

The old Standard Bank building within the centre will be demolished and the road around it will be re-routed in order to accommodate this extension, which will be in a prime location adjacent to the 1508sqm Edgars store, which commenced trading in September 2010. Reporting good turnovers Edgars have requested we investigate the possibility of their current store being expanded by a further 1000sqm," says Pienaar.

Other major tenants in the centre include Pick n Pay, Game, Foschini, Markham, Mr Price, Truworths, Miladys, Uzzi, First National Bank, Commercial Bank, Jet Mart, Sportscene and the Pepkor group including Pep, Ackermans and Dunns.

With a total gross lettable area of 19 566sqm the building also houses on the ground floor retail area South African Airways, Air Namibia, Taag Angola Airlines, Foschini and Markham.

The centre is soon to undergo a major revamp of all the lifts and modernisation of bathrooms, with the bulk of work to be completed next year (2012).

Read more on:

Namibia Property Market  |  Windhoek Property Market  |  Isak Katali  |  Monica Pienaar  |  JHI Properties


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