Londile Moyo
Judith Phiri, [email protected]
IN a turning moment for Bulawayo’s investments, Industry and Commerce Minister, Nqobizitha Mangaliso Ndhlovu, on Wednesday laid the foundation stone for the Fairgrounds Retail Centre, a state-of-the-art retail hub, at the Zimbabwe International Conference and Exhibition Smart City (ZICES) in Bulawayo.
The Fairgrounds Retail Centre is a Terrace Africa project designed to feature a new modern shopping development in the area similar to the Greenfields Retail Centre in Harare recently officially opened by President Emmerson Mnangagwa.
Construction on site is set to start on Monday with completion of the project targeted for end of 2027. The state-of-the-art retail hub in the city speaks to President Mnangagwa’s development vision, encapsulated in Vision 2030, which aims to transform Zimbabwe into an empowered and prosperous upper-middle-income economy.
Centered on the philosophy of “leaving no one and no place behind,” this agenda prioritises infrastructure development, agriculture modernisation, mining growth and inclusive, sustainable economic development.
Speaking at the foundation stone laying ceremony late Wednesday, Minister Ndhlovu said these were the developments President Mnangagwa envisioned when he said ‘Zimbabwe is open for business’.
“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,” he said.
“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.”
Ndhlovu commended Terrace Africa for adopting the Real Estate Investment Trusts (REITs), which are regulated collective investment schemes introduced in Zimbabwe in 2019 to allow investors to buy shares in income-producing real estate, offering USD-denominated returns, dividend income and liquidity.
He said REITs have been crowding in a number of investors who are putting in money into such kind of infrastructure that is driving the commerce sector.
Terrace Africa managing director Mr Brett Abrahamse said there has been a changing tide in terms of investment in Bulawayo.
“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,” he said.
“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.”
Mr Abrahamse said Bulawayo was a great city with so much history and culture as well as a proud identity, while its economy has been waiting for something like this patiently.
“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,” he added.
“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.”
ZITF Company board chairman, Dr Busisa Moyo, said the project was a giant leap for Bulawayo.
“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 said they were also grateful that the President had a buy in for the concept when they went to unpack it at the State House in Harare.
He said they were bringing into fruition a collective dream of their shareholders such the Ministry of Industry and Commerce, Bulawayo Agricultural Society (BAS), Zimbabwe National Chamber of Commerce (ZNCC) and Bulawayo City Council.
Online Reporter