“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,” says Pienaar.

Since the start of 2011, JHI Properties Namibia has secured new retail and office leases at a total rental value of N$42.5 million and renewed existing leases with a total rental value in excess of N$12 million. Comments Pienaar: “This year we have received a great deal more enquiries for retail space in the CBD while the demand for office space has remained consistent.

“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.”

Based in Windhoek but operating throughout Namibia, JHI Properties manage a number of high-profile properties on behalf of private companies and pension funds, including Sanlam Centre and FGI Building in Windhoek and the Oshakati Centre in Oshakati – each of which is undergoing various expansion or refurbishment projects. Other retail centres managed by JHI are the Maerua Lifestyle Shopping Centre and Katutura Shopping Centre – both in Windhoek, and a shopping centre in Oshikango.

Comments Pienaar: “The entire FGI building, which will be renamed ’44 on Post Street’, is undergoing a major revamp, and we have just secured a new tenant, the National Planning Commission, which has taken 2033sqm of office space. They have already occupied the first floor and we are busy fitting out the second and third floors to their specifications. With a total gross lettable area of 2645sqm, including a small retail component on the ground floor, the building is fully tenanted and well situated in Windhoek CBD close to Wernhill, the largest mall in the city.”

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.

In the well-established Sanlam Centre in Windhoek CBD JHI reports a strong demand for office accommodation, however both office and retail space is fully tenanted, with the only vacant space being two store rooms. “We have a number of companies currently seeking space in this centre, which includes prestigious existing tenants such as Sanlam, Namfisa, the Germany Embassy, and the offices and library of the United States of America, among others. 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).

One of Africa’s largest independent and progressively empowered property management companies, JHI Properties commenced operations in Namibia in early 2005, by forming a partnership with the local BEE group, Omutemo Investment Holdings, which holds 25 percent equity in JHI Namibia. Based in Windhoek, JHI Namibia also operates in Oshakati, Ondangwa, Oshikango, Rundu, Katima Mulilo and Swakopmund and is fully supported by the South African operation and network of offices.