Joina City expects full house by year-end

Plc who hold a 40 percent interest in the multi-storey building.
The 24-storey structure provides retail, office and vehicle parking space and is arguably one of Harare’s largest commercial and retail developments. It has been battling to increase its occupancy since its opening in March last year.
But in its latest financial results, Masawara said although the office section of Joina City had not been taken up by December last year, “significant progress” has been made in securing tenants, adding the building should be fully occupied by year-end.
Masawara said 63 percent of the retail section had been taken up by the end of last year.
But the company indicated the percentage could have been higher had a tenant who would have assumed a considerable portion of space not pulled out.
“The biggest unoccupied space in the retail section was the cinema complex, but the tenant that had secured this space pulled out.
“Suitable operators are being approached to lease this space,” read part of the results statement.
Rental income from the retail section in the period under review amounted to US$537 828.
The retail section of Joina City was opened for trade in March last year. The complex’s management says significant progress has been made in securing tenants for the office space, which was completed in February.
“As at year-end, the office section of Joina City was 99 percent complete, and no leases had been signed. However, letters of intent had been received from prospective tenants for a number of the floors.
“No leases had been signed but significant progress has been made post year-end in securing tenants for the office space, and we anticipate that the offices will be fully occupied by September 2011,” said the statement.