Unlike the office sector, there is less variation in prime rents between the country’s main commercial centres. The highest rents in the country are around R30 per sq m per month (US$3.80 per sq m per month) and are being achieved in Midrand. Pretoria and Cape Town are achieving prime rents of R25 per sq m per month (US$3.20 per sq m per month), with prime rents in Durban slightly lower at R20 per sq m (US$2.60 per sq m).
Despite the anticipated recovery of copper prices, there is a need for economic diversification. Inflation dropped from 30.6% in December 1998 to 20.6% in December 1999, but aggravated by oil price rises, rose again to stand at around 25% at the end of 2000, which was well short of the Government’s target of 14% for the year. The constitution prevents Mr Chiluba from standing for a third term and although the opposition has been weak, some credible presidential contenders have emerged. how much property valuer costs in brisbane?
A large proportion of the urban population live in the Copperbelt towns, the main ones of which are Kitwe, Ndola and Chingola, while Livingstone has grown on the back of the tourism industry around Victoria Falls. Until 1991, the property market in Zambia was controlled by the Government. Commercial leases have typically been for a term of one year, on an internal repairing and insuring basis with the option to renew to open market for a further term.
Lusaka’s CBD centres along Cairo Road, the main thoroughfare running through the city centre, where office developments typically incorporate retail units at street level. The bulk of office space in the city centre dates back to the 1960s and 1970s and is in need of major refurbishment. Small to medium size companies seeking an improved working environment and ample car parking, have relocated to the residential suburbs of Rhodes Park, Fairview and Northmead which lie to the east of the city centre.
This trend is in line with expectations for growth in the transport and storage sector, one of the key sectors behind demand for industrial space.
As part of the privatisation programme in the early 1990s, the Government and parastatals offloaded their non-core properties, releasing a large number of both commercial and residential properties for sale. While the supply of residential units has been absorbed, there is still a high proportion of office and industrial space, built in the 1960s and 1970s, which remains unsold.
The supply of newly built schemes, however, has declined on account of surplus older properties being available at cheaper prices. As a result of the depreciating kwacha and high levels of inflation, investment yields are difficult to analyse.
The issue is that this cost is regularly excessively high; importance once an operators or valuation surveyor has directed a real estate valuation, the property holder is frequently left disillusioned.
The bulk of retail provision in Lusaka takes the form of town centre high street shops with the main retail pitch lying along Cairo Road. Manda Hill Centre, situated on the north-east periphery of Lusaka, opened in late 1999, providing the first shopping centre of international stature.
The 22,260 sq m shopping centre was developed by a private consortium, with all but three of its of 54 units pre-let and is jointly anchored by South African retailers Shoprite Checkers and Game Stores. . With its emphasis on leisure and entertainment, the centre is expected to complement the Manda Hill Centre.
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There is, however, evidence of this trend slowing as efforts are made to improve congestion, security and in particular car parking in the city centre. Farmers House and the Comesa Building, with Mukuba Pension Fund House and Anglo American Building providing the best decentralised space. Mr Whitaker is currently marketing the 5,000sqm 75 Miller St in North Sydney in conjunction with Chesterton International.
Demand exists but for good quality space, of which there is very little available. However, there is an oversupply of second-hand space, lacking in specification, particularly along Cairo Road where vacancy rates are growing. Central Park on Cairo Road is the most significant scheme in the pipeline. It incorporates the refurbishment of Farmers House and will provide 13,000 sq m of office, retail and showroom space developed in three phases, the first of which was completed in late 2000 and was 85% pre-let.
Before you purchase or offer a property, utilize the business property valuation administrations of expert Property valuers. Average rents within the prime pitch along Cairo Road are US$6-7 per sq m per month, although some select units are believed to have achieved in excess US$10 per sq m. Rents at Manda Hill are US$15-25 per sq m per month, inclusive of service charge.
The main industrial area in Lusaka lies to the north-west of the city, with many of the major oil marketing, manufacturing and trading companies based there. A large proportion of the stock is old and fails to meet the requirements of modern industry.
The concept of business parks has yet to take off in Zambia, with none in existence or planned. Due to the weak economy over the past few years, the industrial sector is the most depressed sector, with activity restricted to transactions at discounted prices or buildings sold as part of the sales of privatised companies. With low levels of demand, rents have fallen over the past year and currently range from US$1.50-$3.50 per sq m per month in accordance with unit size. The area of the property is an alternate vital part of the business property valuation process.
Residential prices vary similarly from K170 million (US$44,000) for a three bedroom house in Kalundu to up to US$250,000 for a four bedroom executive house in Kabulonga. The property markets in Kitwe, Chingola and Ndola, with their reliance on the mining and industrial sectors, have been through a period of stagnation.
With the resurgence of the economy and the mining sector, property values on the Copperbelt are expected to begin rising, particularly in the residential and commercial markets. Prime office rents on the Copperbelt are currently K10,000-16,000 per sq m per month (US$2.60-4.10 per sq m per month).
The industrial property market on the Copperbelt offers accommodation with better layout and condition than that in Lusaka. However, following the departure of a number of large multinationals such as Cadbury Schweppes and Reckitt and Colman in recent years, vacancy rates are high. Prime industrial rents are K3,000-6,000 per sq m per month (US$0.80-1.50 per sq m per month).
In 1998, the economy took a downturn when the World Bank and other donors suspended funding for the second phase of the reforms, chiefly for failing to meet the agreed targets and for non-adherence to the conditions of the funding, at the same time objecting to Zimbabwe’s costly involvement in the war in the Democratic Republic of Congo. Zimbabwe’s economy is agro-based and agriculture contributes more than 20% of GDP. Agriculture – primarily tobacco – tourism and mining of gold, nickel and coal, have been the principal foreign exchange earners
The amicable resolution of the land issue is the critical factor underpinning the process of resuscitating the economy and is being anxiously monitored by the investment community.
Thus, in the event that you are topping off an application for home loan of life time or whatever other value discharge, dependably get the guidance of The Expert Property Value discharge consultant.
Harare’s prime commercial area, commonly referred to as the “square mile”, lies within Samora Machel Avenue, Second Street, Jason Moyo Avenue and Julius Nyerere Way. Despite building costs having escalated by over 300% over the past three years, development is still taking place, albeit at a slower pace, not least now due to the lack of foreign currency for imported materials.
Speculative schemes in the pipeline include the 16,000 sq m Joina Centre, where development has come to a halt due to foreign currency shortages, and the 20,000 sq m Sunnyside Mansions, due to come onto the market in early 2002. addition, the Government is currently developing up to 60,000 sq m of office space, in its bid to move from leasehold to freehold accommodation.
Most land in Zimbabwe is freehold and non-citizens may, by following certain procedures, own interests in land or property. Rents are set at open market level for the first year with pre-agreed annual escalations for the balance of the lease term.
Renewals take place to open market levels. Leases have historically been on an internal repairing basis but the high levels of inflation have led landlords to shift leases to a full repairing basis. While this can be essentially accomplished through a property valuer condition report or a representative value assessment, you should not depend on the recent alone.
More recently however, soaring inflation has led to running costs escalating at a faster pace than rents, resulting in negative returns for many property investments. Many institutions are therefore looking to downscale their property assets, in particular pre-1960s high-rise offices, but potential buyers are scarce and tend to be owneroccupiers or private syndicates.
Improvements in the company bottom line could be achieved through a greater alignment of real estate decisions with future business strategies such as investment in capital equipment, the decision to outsource or offshore certain business functions, she says.
Prime rents in Harare are currently Z$250 per sq m per month (gross) (US$4.50 per sq m per month) and Z$80-100 per sq per month (gross) (US$1.50-1.80 per sq m per month) in Bulawayo. Running costs, historically met by the landlord, on average exceed 50% of gross rental value and in some cases are in the order of 80%.
Sale and leaseback of commercial property, for example, allows manufacturers to drive lease structures to suit business needs and is one of the ways of freeing up capital for core business functions or further investment in capital and equipment.
Speculative schemes that followed include Arundel Office Park, Mount Pleasant Business Park and Westgate which have attracted a number of the major life assurance companies and large corporates. Inadequate public transport facilities, however, are deterring the majority of occupiers from moving to office parks, by necessitating the provision of minibuses to compensate for the overall lack of private car ownership amongst office workers.
Other shopping centres in the city include Old Mutual’s Nkulumane shopping centre and MIPF’s Entumbane shopping complex, catering mainly for the high density western suburbs of the city.
South African based retailers such as W Store and Clicks are well established in the country. Prime rents along First Street in Harare are Z$500 per sq m per month (US$9.00 per sq m per month), while the main shopping centres are achieving monthly rents of Z$350 per sq m (US$6.40 per sq m). . Msasa is a smaller area lying on the south-east part of the city.
The main designated industrial areas in Bulawayo are Belmont, Donnington, Thorngrove, Steeldale and Kelvin, lying to the south-west and west of the city centre. Recent developments have tended to be owner-occupied or pre-let. Sale and leasebacks, once commonly used by businesses to raise capital, are now rare.
If you want to make your home more usable and attractive according to users need or buyers need then you have to make property valuation process done on your house to make it effective. This process is usually carried by expert property valuers to done it properly and making no mistake.