Namibia sees upsurge in property
Following the recent announcement by the Namibian 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, Windhoek is seeing development projects in both office and retail sectors.
Monica Pienaar, portfolio executive in the region for JHI Properties Namibia, says this is a positive indicator for Windhoek and that since the start of 2011, the company 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.
"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 2011, situated close to the landmark Sanlam Centre and has rapidly become established as the preferred hospitality venue in town.
"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 2033 sqm of office space. It has already occupied the first floor and we are busy fitting out the second and third floors to its specifications. With a total gross lettable area of 2645 sqm, 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."
Northern Namibia gets more retail
At the Oshakati Centre in Oshakati in northern Namibia, a new extension project of approximately 2300 sqm is planned and scheduled for completion in mid-2012.
"This extension, which will take the gross lettable area of this centre to approximately 24 562 sqm, 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 1508 sqm Edgars store, which commenced trading in September 2010. Reporting good turnovers Edgars has requested we investigate the possibility of its current store being expanded by a further 1000 sqm," adds 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.
