PROPERTY developer, Zimre Property Investments is planning on converting some of its properties to a boutique hotel, residential and student apartments, its unaudited half-year financial results reveal.
According to the property developer, plans are underway to turn Harare CBD properties to other uses with the indication that the property at First Street and Nelson Mandela Avenue will be its first port of call.
“ Your company is pursuing possibilities of converting Harare CBD properties to alternative uses such as boutique hotel, residential apartments, and student accommodation. The First Street and Nelson Mandela corner is the immediate target area.
“Technical investigations are advanced and commencement of works could be soon depending on viability profiles,”says Zimre Chairman Mr Jean Maguranyanga.
The company is also pursuing ‘a collaborative and syndicated development approach of the First Street and George Silundika Avenue block’.
Zimre’s plans for the construction of the $1.6million Victoria Falls Lodge are now well advanced.
“The process of securing development permit for construction of a lodge in Victoria Falls is at an advanced stage.
“The project involves the construction of a 40-roomed lodge facility at an estimated cost of US$1.6 million,” revealed the property developer.
Zimre is assured that the Adylin Townhouse and Westgate Development projects works will take off soon.
“ Adylin Townhouse, Westgate Development of this project is expected to commence in the course of the fourth quarter.
“The project is located at Westgate off old Mazowe Road and comprises 80, 2 and 3-bed cluster units. The total expected cost of the project is US$6 million and the project will sell off-plan once preliminary and regulatory issues are cleared.”
However, the property developer bemoaned the advent of the Covid-19 pandemic, currency depreciation, and rising inflation having strained business operations and negatively impacted the property sector.
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