PROPERTY developer, Mashonaland Holdings Limited bolstered its investment properties portfolio by US$10,9 million last year, raising the total valuation of these properties to US$91,6 million.
In its financial year results for the period ended December 31, 2024, the group recorded capital gains property capital gains of US$742 907 and investments of US$10,1 million for its property development projects.
“The group performed an open market valuation of its investment properties as at December 31, 2024. The investment property portfolio was valued at US$91,6 million compared to US$80,7 million in December 2023,” Mashonaland board chairperson Grace Bema said in a statement attached to the group’s financial results under review.
“The growth in the asset base was due to property capital gains of US$742 907 and investments of US$10,1 million which were made into property development projects during the year.”
The group’s major property developments include the Pomona Commercial Centre Development Project, Milton Park Day Hospital and Chiyedza House SME Centre.
“The construction works on the Pomona Commercial Centre Development commenced in the third quarter of 2023 and were completed in the 4th quarter of 2024.
“The complex is designed to offer prime wholesaling and flexible warehousing space with a total lettable area of 14 000sqm [square metres],” Bema said.
“The Pomona Commercial Centre was designed to provide a modern mixed-use facility in an environmentally friendly manner ensuring ground water recharge and optimal usage of renewable energy and natural lighting.
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“The development was delivered at a total investment value of US$14,6 million using a sustainable balance of debt and equity financing.”
She said the development was successfully pre-leased with a pre-opening occupancy of 82%.
“The Milton Park Day Hospital is a 2 134sqm modern hospital facility that was built under a develop and lease arrangement with one of the leading medical insurance and hospital brands,” Bema said.
“The hospital is now under the management of the operator under a long-term lease. The investment into the hospital facility was in line with the group’s plans to achieve a balanced property portfolio while also making socially responsible property investments which enhance societal well-being.”
NewsDay Business understands that the company also repurposed office space at the Chiyedza House to offer SME retail facilities.
“The facility comprises of 60 offices that are furnished and equipped with complimentary Wi-Fi, telephones, boardrooms and a shared reception,” Bema said.
“The retail facility also provides decent trading space to 40 retailers drawn from various trades. The facility was fully let out during the year.”
Mashonaland Holdings’ total assets grew to US$94,9 million during the period under review, up from US$88,63 million in the prior year, following the valuation of its investment property portfolio.
