While Namibia’s economy is reportedly on a slow but steady path to recovery, in the office and retail sectors of the property market JHI Properties is performing well with very few vacancies available, reports Monica Pienaar, regional executive in Namibia for the Namibia-based JHI Properties, which operates throughout the country.
“Within our portfolio of managed properties vacancies are only around 1.8 percent, with annual rental escalations of eight percent. We continue to fill the few vacancies at a steady pace and have secured a new tenant - the Ministry of Youth, National Service, Sport & Culture for 2 500 square metres of office space in central Windhoek being vacated by the Auditor General at the end of September 2013,” says Pienaar.
In the well-established Sanlam Centre, comprising office and retail space and also situated in Windhoek CBD, refurbishment has been completed with the entrance to the building being changed completely to include a new coffee shop, Street Cuisine, on a decked area close to the pavement. Pienaar says this has created a great deal more foot traffic and a new vibrancy with tenants in the nearby office buildings visiting as well as tourists. In the former FGI building, now known as 44 on Post Street, a major revamp has been completed and the National Planning Commission has taken occupation of 2033 square metres of office space. Well positioned in the CBD within easy reach of Wernhill - the largest mall in the city, 44 on Post Street, which comprises just over 2 645 square metres is fully tenanted, including the balance of space which consists of retail accommodation.
Says Pienaar: “In Oshakati Shopping Centre in Oshakati, in northern Namibia, we have no vacant commercial space, having recently accommodated Woolworths, Clicks, Fashion Express, Tekkie Town and Studio 88 in a 2362 square metre addition to the centre. We will also be adding a restaurant - Fish and Chip Company, while at the Puma Service Station a Zebros Takeaway outlet has opened its doors to further enhance the tenant mix, making this a convenient, one-stop centre. There is no doubt that the current tenant mix definitely contributes to the success of the centre, which is the first stop for taxis coming in from the northern areas.”
Oshakati Shopping Centre has now undergone phase two of its expansion programme, with the entire parking area rehabilitated with a new layout with kerbstones demarcating the parking bays from the driving areas. The road behind the building is completed and in use, while a separate taxi rank has been included in the design. In addition a traffic circle is under construction to further enhance the traffic flow at the centre.
Also in northern Namibia at the Ondangwa Shopping Centre in Ondangwa, Shoprite is expanding its premises from approximately 1 562 square metres by a further 600 square metres, and is expected to be trading by December this year (2013). In addition, Ackermans has relocated to larger premises in the centre – from 421 to 708 square metres and Pep Home will be open and trading on 285 square metres by October 2013.
JHI Properties also reports no vacancies in the Katutura Shopping Centre in Windhoek, where refurbishment has been completed, including painting of the centre and a revamp of the small mall area in front of Mr Price and Standard Bank where the tiles, ceilings and lights have been updated. Standard Bank has also completed an internal upgrade of their premises. Comments Pienaar: “In addition to Sheet Street and Mr Price we have also opened the first Pep Home in Namibia at this centre earlier this year and they are trading very well. Fish and Chip Company has also opened their new shop, and other small tenants have also opened their doors. The greater variety of stores in this centre has significantly added to the appeal for shoppers and visitors to this centre.”
