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Thursday, October 20, 2011

Mall of Zimbabwe in Borrowdale




Mall of Zimbabwe

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South African companies have already taken up half the space of the upcoming $100 million Mall of Zimbabwe that is expected to change the local property landscape.

Construction of the world class facility in Borrowdale will commence in June next year.

McCormick Property Development, managing director Jason McCormick said the search was on for tenants to take up the remainder of the space.

“23 000 square metres of the 45 000 squares metres have been taken. We are talking about the likes of Pick’n’Pay, Spar,” said McCormick. “We cannot start to build before getting the tenants first.

“We realised that this development has the potential to change not only the domestic psyche of Zimbabwe towards your own country, but also the manner in which the international community sees Zimbabwe as a nation from outside.”

The construction of the Zimbabwe Mall is a partnership projects between Augur Investment, McCormick Property Development, West Properties and McCormick Property Africa.

Augur Investments shareholder representative, Ken Sharpe, said the company acquired the land from government in exchange of the construction of Airport Road in 2008 estimated at $68 million.

McCormick Property Developers have more than 30 years experience in constructing urban shopping malls, they have constructed 48 malls in Africa and the Mall of Zimbabwe is going to be the 50th after the Mall of Mozambique.

The Mall of Zimbabwe will have 130 shops, in the process generating 1 600 permanent jobs and 1 800 jobs during the construction phase.

McCormick has assets worth $550m under its management and development projects in the pipeline worth $2 billion.

Unveiling the Mall of Zimbabwe, Vice-President, Joice Mujuru, said the mall will decongest the City centre as local communities will be adequately served by mall facilities.

“It is encouraging to note that as work commences, over 1 000 jobs will be created during construction. Sustained employment will be offered as the large and small businesses within mall design start operating,” Mujuru said.

The launch was attended by Local Government minister, Ignatius Chombo, Minister of State in VP Mujuru’s office Slyvester Nguni, Information and Publicity minister, Webster Shamu.

Economic Planning and Investment promotion minister Tapiwa Mashakada and Harare mayor Muchadeyi Masunda also attended.



http://www.newsday.co.zw/article/2011-10-17-mall-of-zim-to-change-property-landscape

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