Online Reporter
Business Reporter
South African property developer McCormick will expand its regional footprint with the development of the US$100 million Mall of Zimbabwe, one of the largest retail infrastructure investments in the country.
The mall is expected to deliver up to 90 000 square metres of lettable area and host more than 150 local and international brands, bringing world-class shopping, dining and lifestyle experiences to Zimbabwe.
Spearheaded by WestProp Holdings, the project to be located in Borrowdale Harare, is poised to become the largest retail development in the country, with construction expected to kick off early this year.
The project is expected to create thousands of jobs during construction and upon completion, delivering a major boost to the economy.
The mall project comes at a time when Zimbabwe is going through infrastructure regeneration, developing modern shopping malls around the country and creating opportunities for property developers.
McCormick is currently involved in more than 100 000 square metres of retail developments in South Africa in partnership with Exemplar Reit and has a proven track record through projects such as Phalaborwa, Mehlareng and Alexandra malls, which focus on township and regional retail markets.
The company has also developed retail infrastructure projects in Mozambique, Eswatini and Angola.
“It’s going to be all hands on deck, with McCormick handling the property development and Exemplar assisting with leasing. Applications for space in the mall are already piling up and we are working with Zimbabwean partners to finalise the development,” Exemplar chief executive officer Mr Jason McCormick said.
West Property, the lead developer and local partner on the project, said the Mall of Zimbabwe was expected to act as a catalyst for economic growth, creating more than 3 000 direct and indirect jobs, while also stimulating downstream industries and small businesses.
Regional property consultant Kura Chihota of EXp South Africa said the Mall of Zimbabwe, as currently designed, will be the largest single-phase shopping centre developed in the country since the construction of Westgate mall in the late 1990s.
“Most retail developments underway in Zimbabwe are about 7 500 square metres (m2) to 12 000m2; therefore, this will easily be the largest mall built in the past decade,” Chihota said.
Mr Chihota added that retail property, alongside hospitality developments in Victoria Falls, continues to drive property investment in Zimbabwe, attracting institutional investors such as Old Mutual.
He noted that the new wave of retail developments is increasingly targeting more travelled and brand-conscious consumers, with tenant mixes dominated by South African fast-food and casual dining brands, including RocoMamas, Ocean Basket, Spur and Doppio Zero.
“There is a demand for people to spend their money in a relaxed environment, so the out-of-home category has grown tremendously. This shopping mall has to be more than a place to buy groceries, it needs to offer a lifestyle experience and act as a ‘third place’ beyond office and home,” said Chihota.
WestProp acquired the land earmarked for the project about 12 years ago already, waiting for the time to be right for the Mall of Zimbabwe.
