Online Reporter
Judith Phiri, [email protected]
INDUSTRY and Commerce Minister, Nqobizitha Mangaliso Ndlovu, on Wednesday laid the foundation stone for the Fairgrounds Retail Centre, a state- of-the-art retail development set to rise within the Zimbabwe International Conference and Exhibition Smart City (ZICES) in Bulawayo, marking a significant milestone for the city’s investment landscape.
The Terrace Africa project will deliver a modern shopping complex comparable in scale and design to Harare’s Greenfields Retail Centre, which was recently commissioned by President Emmerson Mnangagwa. Construction of the Fairgrounds Retail Centre is scheduled to commence on Monday, with completion expected by the end of 2027.
The development is in line with Vision 2030, which targets the transformation of Zimbabwe into an empowered, upper-middle-income economy through sustained infrastructure development and inclusive economic growth.
Speaking at the ground-breaking ceremony, Minister Ndlovu said the project was a strong demonstration of President Mnangagwa’s “Zimbabwe is open for business” policy.
“Terrace Africa said this will be their 14th project here in Zimbabwe, but I’m sure the bulk of the 13 projects happened in the Second Republic maybe the last five to six years, they have done a fantastic job.
“Two weeks back, when the President was commissioning Greenfields Retail Centre, l saw him speak from the heart when he said this is beautiful, if we could have this right across the country.
“We want to thank them for coming to Bulawayo. In our lifetime, if we could have more of these developments right across this beautiful city, I think that will be a lasting legacy for generations to come” he said.
Minister Ndlovu also commended Terrace Africa for adopting the Real Estate Investment Trusts (Reits) model, which was introduced in Zimbabwe in 2019, to enable investors to purchase shares in income generating property.
He noted that the model offers investors USD returns, dividends and liquidity, while attracting long term investment into infrastructure that supports growth in the commerce sector.
Terrace Africa managing director, Mr Brett Abrahamse, said Bulawayo was experiencing renewed investment momentum, driven by strategic developments such as the ZICES masterplan.
“I think what ZITF Company has come up with in partnership with us, the broader masterplan is a change in tide.
This is a symbolic day not only for the retail centre but for what is going to be created here in Bulawayo.
“This will be our 14th retail centre or project in Zimbabwe and this is not new to us. We have done this over and over. Just two weeks ago, President Mnangagwa unveiled our latest project, which is the Greenfields Retail Centre.
The Fairgrounds Retail Centre project is shaped in very similar skeleton to that one and l think it is going to be as successful if not more successful,” he said.
Mr Abrahamse described Bulawayo as a city rich in history and culture, with significant untapped investment potential. He said the Fairgrounds Retail Centre, which will be Terrace Africa’s first project in Matabeleland, was intended to open the door to further developments in the region.
“I say first because it will not be the last, l can assure you. We don’t take that lightly. The Fairgrounds Retail Centre will have about 40 tenants with strong food, a nice grocery anchor and lots of entertainment. The brands that are coming, we did not approach them but many of them have been knocking on our doors for years saying please can you build us something in Bulawayo.
“Before we sold it to them, they had already signed up for space and I’m proud to say that before we even unveiled the stone we are 92 percent let already. This also means that over 350 permanent jobs are created, that is real formal employment.”
He said the company was pleased to be partnering with the City of Bulawayo in a project that will create employment and contribute to the improvement of livelihoods.
ZITF Company board chairman, Dr Busisa Moyo, said the Fairgrounds Retail Centre represented a major milestone in the implementation of the city’s smart development vision.
“What started off with a couple of papers in a board meeting, we said let us dream of what can be and what is possible. We are happy that the dream is now being realised for our smart city concept,” he said.
Dr Moyo added that the project had received full support from President Mnangagwa and was the result of a collaborative effort involving the Ministry of Industry and Commerce, the Bulawayo Agricultural Society, the Zimbabwe National Chamber of Commerce and Bulawayo City Council.
