Second
Biggest Mall In Africa Planned For Zim
Harare,
July 06, 2012 - They traded where the angels feared and they seem to
be
reaping the rewards.
While
many investors voted against Zimbabwe with their feet in 2008 leaving
the
country when its economy was on its knees, for them it was the right
time to
invest.
Now they
dream of building the biggest shopping mall in Africa, outside
South
Africa, in Harare’s up market Borrowdale suburb.
West
property, Augur Investments and McCormick Property Development, are
dreaming
of building a $ 100 million Shopping Mall in Zimbabwe.
Although
the controversial project is facing resistance from Borrowdale
residents
and environmentalists, Jason McCormick, Managing Director of
McCormick
Property Development, told Radio VOP that, “it's a juggernaut that
cannot
be stopped.”
The
project is set for a ground breaking ceremony later this year.
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 $100 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.
The mall
will be situated along Borrowdale Road, opposite the famous
Borrowdale
Race Course. Before it has even taken off the ground the Mall of
Zimbabwe
has already attracted significant tenants and some of them are the
big
South African retailers.
“The
Mall of Zimbabwe will be modeled along Cape Town’s V and 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.
The Mall
of Zimbabwe will only open its doors in October 2014. It will
consist
of a closed air-conditioned regional mall made up of shops,
restaurants,
banks, fast food outlets, and other recreational facilities. It
is
estimated that 4000 jobs will be created by the project.
The Mall
of Zimbabwe 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 which augur is financing the
design
and construction of the Harare Main airport highway.
The
tri-partite investment partners say they used their gut feelings to
decide
to sink their money into Zimbabwe.
“While
everyone was running away from Zimbabwe, we used our gut feelings to
invest,
we sought the local knowledge and we felt it was time to put money
into the
country,” said McCormick.
He said
they were impressed by what they saw and never looked back on
investing
in a country still considered by some investors as a no go area.
They
have big plans too.
“We want
to spread our property development to other parts of the country.
In fact
we also want to bring the town to the rural areas,” said McCormick.
Although
they have faced resistance and accusations of cutting corners with
their
investment, the tri-partite investors remain unfazed by that talk.
“We have
the backing of the President, Prime Minister and cabinet ministers
because
they understand what we are trying to do for Zimbabwe and we obey
the laws
of the country,” said McCormick.
In the
meantime they are concentrating on putting up more construction
cranes
on the skylines of Harare and help keep the resurgent economy
ticking.
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