Primetime Sees Improved Tenancy
Pauline Dikuelo | Monday April 23, 2018 14:43
“Pep, Ackermans, Clicks and Jet all opened in the first quarter of this financial year and it will still take some time to bed down this centre after its rocky start, but with the new KFC drive-through due to open shortly it is looking more positive,” he said.
The tenanting of Pilane Crossing has been a hurdle with partial settlement of the widely reported trade licence problem only being resolved more than a year after the centre opened. Several large shops stood empty for months, which did put pressure on the initial tenants in the centre.
During the beginning of operation of Pilane Crossing Mall, PrimeTime suffered financially with a total loss of rental income and bad debts in excess of P2 million for the financial year reported on. Kelly added that they would complete their Design Quarter mall at Setlhoa in Gaborone by August adding that the group is also at advanced plans for Pinnacle Park, a commercial centre planned for their second plot in Setlhoa Park.
“Our immediate investment property is progressing well. The Chirundu retail centre in Southern Zambia is opening at the end of this month followed by the Munali Retail Centre, Lusaka in October 2018,” he said.
He noted that the Alexander Forbes lease was renewed for five years, AFA for three years, Botswana Life at Marula House for three years with increased space and in Ghanzi Centre five-year leases have been renewed for Barclays Bank, Lewis Store and Topline. In addition he said the long-term vacancy at Acacia House has recently been filled as well as part of the PwC office Park vacant space in Lusaka.
“The extension at Sebele was completed in time for the Christmas trade with the toy and bike shops both able to open on five-year leases,” he said. He also noted that this included this year’s major refurbishment and maintenance plans are completion of the Sebele Centre and Pilane Crossing extensions both of which have been done. He said the Ramotswa property is also receiving an external makeover to the parking area and negotiations continue to extend some of PrimeTime’s ground leases in Botswana.