PROPERTY investment and development firm, Mashonaland Holdings has embarked on the construction of a US$15 million commercial centre in Pomona in response to emerging market needs.
The model resonates with the growing trend where office spaces are growingly being developed out of the central business district. Pomona commercial centre will deliver 14 000 square meters of letable space.
Supermarket chain OK Zimbabwe will be the anchor tenant. The construction is expected to be completed and open to the public by November 2024.
According to Mashonaland Holdings, the architectural designs and construction team will be led by chartered architect and arbitrator Mr Richard Beattie of The Stone/Beattie Studio.
“We are here to witness, celebrate and launch the landmark modern development of Pomona Commercial Centre. This development is going to deliver a total of 14 000 square meters of built-up space,” said Mashonaland Holdings chief executive officer, Mr Gibson Mapfidza at the ground-breaking event.
“Our new developments are motivated by the need to respond to market needs. A lot of design work has gone into how best we can profitably and sustainably utilise this four-hectare site.
The Pomona commercial centre project is one of the key undertakings being carried out by the property investment and development company, alongside the almost complete Milton Park Day Hospital Medical facility.
Mashonaland Holdings recently completed construction works on the first phase of the US$3, 6 million MashView Gardens cluster housing development.
Justice, Legal and Parliamentary Affairs Minister, Ziyambi Ziyambi, who was the guest on honour said property development companies were key players in the narrative of Zimbabwe’s turnaround.
“I call it an honour because Mashonaland Holdings Limited has dared to dream, to challenge the status quo and write their own history amongst the trailblazers and visionaries of the local property development industry,” said Minister Ziyambi.
He said Pomona commercial centre would contribute towards the achievement of National Development Strategy 1 (NDS 1) objectives on infrastructure and utilities, which support the broader achievement of Sustainable Development Goals (SDGs) 9 and 11.
Mashonaland board chairperson engineer Grace Bema said: “These developments and others in our pipeline, which include students accommodation, sub-urban office parks, SME facilities, and hospitality sector investments are testimony that Mashonaland Holdings limited and its shareholders are alive to the development agenda being pursued by the Second Republic.”
Mashonaland has hinted at maintaining a focus on portfolio optimisation and diversification to cut losses associated with the concentration of office properties in the central business district.
Herald
