Retail vacancies reported low, Namibia
Sep 25th 2013, 12:05
Upmarket property manager, JHI Properties said the property market is performing well with very few vacancies available.
JHI Properties regional executive, Monica Pienaar, said “Within our portfolio of managed properties vacancies are only around 1.8% with annual rental escalations of 8%. We continue to fill the few vacancies at a steady pace and have secured the Ministry of Youth, National Service, Sport and Culture for 2500 square metres of office space in central Windhoek being vacated by the Auditor General at the end of September 2013.”
In the well-established Sanlam Centre, comprising office and retail space and also situated in the Windhoek CBD, refurbishment has been completed with the entrance to the building being changed completely to include a new coffee shop, Street Cuisine, on a decked area close to the pavement.
Pienaar said this has created a great deal more traffic. In the former FGI building, now known as 44 on Post Street, a major revamp has been completed and the National Planning Commission has taken occupation of 2033 square metres of office space.
Regarding the northern market Pienaar said “In Oshakati Shopping Centre we have no vacant commercial space, having recently accommodated Woolworths, Clicks, Fashion Express, Tekkie Town and Studio 88 in a 2362 square metre addition to the centre. We will also be adding a restaurant - Fish and Chip Company, while at the Puma Service Station a Zebros Takeaway outlet has opened its doors to further enhance the tenant mix, making this a convenient, one-stop centre.
Oshakati Shopping Centre has now undergone phase two of its expansion programme, with the entire parking area rehabilitated with a new layout with kerbstones demarcating the parking bays from the driving areas. The road behind the building is completed and in use, while a separate taxi rank has been included in the design. In addition a traffic circle is under construction to further enhance the traffic flow at the centre.
Also in northern Namibia at the Ondangwa Shopping Centre in Ondangwa, Shoprite is expanding its premises from approximately 1562 square metres to a further 600 square metres, and is expected to be trading by December this year. Ackermans has relocated to larger premises in the centre, from 421 to 708 square metres and Pep Home will be trading on 285 square metres by October 2013.
JHI Properties also reports no vacancies in the Katutura Shopping Centre in Windhoek, where refurbishment has been completed. “In addition to Sheet Street and Mr Price we have also opened the first Pep Home in Namibia at this centre earlier this year” said Pienaar.
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