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the next 12 years should the charges remain constant.
The company is expected to fork out US$1,5 million in rentals a year for the 10-year lease agreement, which includes an additional two year notice period.
TN Holdings has already paid Rufaro Marketing US$706 000 rentals in advance for the next six months for the 25 beer halls it is converting into shopping and banking malls in high density suburbs.
The company is yet to pay the balance of US$24 000 being rentals for the first six months of operation.
The figures mean that TN Holdings is renting each bar for almost US$4 800 per month.
The Harare City Council used part of the money to pay outstanding salaries for 500 employees, with the city requiring US$300 000 every month for salaries.
TN Holdings chief executive officer, Mr Tawanda Nyambirai, on Monday confirmed that his company signed a 10-year lease agreement with Rufaro Marketing for the 25 outlets.
Among the outlets are Machipisa in Highfield, Tangai Bar in Dzivarasekwa, Wedza Spaceman Bar in Glen Norah and Harare Gardens and Nenyere in Mbare.
Mr Nyambirai said the idea of venturing into suburbs follows a realisation that Zimbabweans no longer have confidence in banks.
He said the only way that a bank could attract customers was by going to their doorsteps.
“We want our banks to follow the people at their churches, play centres and communities,” said Mr Nyambirai.
“We want the bank to be relevant. People want the bank to be more of a facilitator.”
Mr Nyambirai said the first 10 banking halls would be opened in February after an extensive refurbishment and reconstruction of the bars to meet standards.
Selected branches will have TN Shopping Malls with banking facilities, retail shops and fast food outlets.
Mr Nyambirai said some of the outlets will provide Internet services to communities and virtual offices where traders like the people at Mbare’s Siyaso can have offices and communication facilities.
“We want to formalise the informal market and clothe the traders with credibility,” he said.
“We want them to have business cards and offices where they can retrieve their e-mails.”
The Nenyere outlet will have a boardroom to allow the informal traders to meet clients in privacy to discuss business.
The one near Mbare Musika will have cold rooms where market stall holders can ‘bank’ their green products.
Mr Nyambirai said his company was looking for space in the high density suburbs for some time and was happy when the opportunity to rent the Rufaro Marketing premises presented itself.
Rufaro Marketing board chairman, Mr Philip Mataranyika, recently announced the conversion of Rufaro Marketing into a real estate business following the collapse of the beer selling venture.
Several other companies have been approached to rent the other premises but are yet to respond.
TN Holdings employs over 1 500 people in its 40 outlets countrywide and expects to employ up to 250 people in the Rufaro Marketing outlets. Rufaro Marketing owes its creditors US$5,6 million.
Online Reporter