Local property management company, Khumo Property Asset Management, has kicked off the development of a “new, prestigious” office park in Palapye, BusinessWeek has learnt.
The urban village has become one of the country’s fastest growing commercial districts, with four retail malls as well as other associated developments, springing up in the last few years.
This week, Khumo CEO, Outule Bale said the development would feature three individual office blocks set in landscaped surroundings with spaces ranging from 350 square meters to 3,300sqm per block.
The project will have up to 450 parking bays with tenants enjoying access to basement parking and on-site parking for staff and customers.
To be known as Palapye Office Park, the development will be located along the A1 highway opposite Lotsane Senior Secondary School.
“The project is in the early stages, so designs and costing are not complete, but an estimate would be in the region of P100 million,” Bale said.
“We are only announcing the start of the marketing now, so no leasing has been done so far.”
The CEO said Palapye Office Park would see Khumo oversee the development process on behalf of the landowners.
“An initial design has been penned by a renowned firm of architects.
“Khumo will undertake the leasing and property management of the park upon completion.
“The project will break ground once all leasing and financing requirements are met and plans have been passed by Council,” Bale said.
Palapye already boasts the Platinum Icon, Palapye Junction, Diphalane and River View shopping malls, lighting up its skyline and bringing the modern shopping experience to the area. Palapye Office Park is expected to add to the urban village’s growing sophistication.
Khumo Property is a joint venture between Botswana Insurance Fund Management and Eris Property Group of South Africa.