Plans for building a R800 million Shopping Mall in Zimbabwe

Posted On Monday, 09 July 2012 10:11 Published by eProp Commercial Property News
Rate this item
(0 votes)

West property, Augur Investments and McCormick Property Development, are dreaming of building a 68, 000sqm Shopping Mall in Zimbabwe located in Harare’s up market Borrowdale suburb. According to The Zimbabwean online (UK), this represents the biggest shopping mall in Africa, outside South Africa. The tri-partite investment partners say they used their 'gut feelings' and ocal knowledge in deciding to sink their money into Zimbabwe. That's pretty gutsy indeed!

McCormick Property Development

 

 

 

 

 

 

 

 

The partner investors say they were impressed by what they saw in Zimbabwe and never looked back on investing in a country still considered by some investors as a no go area. In fact they have plans for additional developments in other towns and rural markets.

The new retail centre is being developed on a site acquired by Augur Investments in terms of a controversial barter trade deal between the Government of Zimbabwe and Augur Investments; in terms of the agreement Augur is required to finance the design and construction of the Harare Main airport highway.

Although the controversial project is facing resistance from Borrowdale residents and environmentalists, Jason McCormick, Managing Director of McCormick Property Development, said in a recent radio interview that, “it's a juggernaut that cannot be stopped.”

Ken Sharpe of Augur Investments said the, “project is the largest commercial development ever in Zimbabwe.”

When complete the project will see the creation of a R800 million shopping centre made up of over 150 retail outlets occupying 68 000 square metres of space and catering for thousands of shoppers every day.

Before it has even taken off the ground the Mall of Zimbabwe, as it is planned to be named, has already attracted significant tenants and some of them are the big South African retailers, even though it is only likely to open its doors around October 2014.

“The Mall of Zimbabwe will be modeled along Cape Town’s V&A Waterfront. It will have up market restaurants and has already attracted tenants such as ShopRite, Pick and Pay, Spar, Woolworths, Edgars, Truworths, Game and Mr Price,” said McCormick. 

Last modified on Friday, 09 October 2015 10:10

Please publish modules in offcanvas position.