Increased voids and downward rent reviews have negatively impacted on property investment and development company ,Mashonaland Holdings revenue for the four months to January 2018 after recording $1.58 million- 3 percent below the same period last year.
According to group chairman, Ronald Mutandagayi, voids increased by 2.6 percent with businesses moving out of the Central Business District due to noise pollution and traffic congestion.
The marginal decline was mainly due to downward rent reviews and increased voids, as at 31 January 2018 were at 29.3% an increase from 27.6% as at year end.
“Voids increased by 2.6% from the same period last year the company has managed to attract a few tenants but has not been able to completely fill in the space that has vacated,” said Mutandagayi.
He added that their highest vacancy levels were in the Harare office sector as business avoid noise pollution and congestion that has characterized the Central Business District (CBD).
“Generally, the highest vacancy levels were in the Harare office sector as business avoid noise pollution and congestion that has characterized the Central Business District.
“Management is actively engaging Harare municipal authorities to ensure regeneration and improved management of the CBD.
“It is hoped that the ongoing Local development plan review of the Harare CBD will make the CBD more attractive and improve occupancies,” he said.
Mutandagayi said the company is in the process of finalizing the tender process for the servicing of 24 stands in Ruwa and the project is expected to be complete in 8 weeks.
