Fairscape Precinct secures 60% occupancy

Pauline Dikuelo | Friday August 21, 2015 14:54

 

The building, which is valued at over P400 million, was designed as a multi-purpose development comprising A grade offices, penthouses as well as two free standing office blocks around a central piazza.

Speaking at the official opening of the building on Wednesday, BDC managing director, Bashi Gaetsaloe said most of the leases are on long-term contracts.

The first phase of the building has been completed while the second phase, which will comprise a five-star hotel with an international brand and apartments, is expected to be completed in the next 24 months.

“We are at an advanced stage in negotiating with a number of potential tenants who want space in the building.

 Already we have BDC occupying three floors, Venture Partners Botswana occupying the whole floor, while the Gambling Authority and the Competition Authority have secured the right and left auxiliary,” said Gaetsaloe.

About 64.5 percent of the building is reserved for office space, while 21.5 percent is for the hotel, 7.4 percent is allocated to residential and the remaining 6.6 is for retail. 

Amongst their strategic plans, Gaetsaloe added that the corporation intends to unlock value in existing industry, stimulate the private sector by growing linkages within the private sector which means part of what they will be doing is reassessing portfolios and giving it back to the private sector.

“We want to generate wealth from outside the country. We have built partnerships across the continent with development finance institutions and we bring them home to co-finance local projects as some of them are very big and need financers,” he said.

“We believe by the year 2016, BDC will return to profitability and be able to double this business in five years,” said Galotsaloe.

For his part, the BDC chief operations officer, Bafana Molomo said after the completion of the second phase, the building would be a centre for blue chip financial services companies. “Fairscape Precinct was awarded two Fulton Awards by the Concrete Society of South Africa in recognition of excellence and innovation in concrete construction,” said Molomo.