Prime Time Achieves Quality tenant base
Primetime Property Holdings Limited, a property investment corporation has managed to stay afloat with only 3percent of their property not being let. In their Preliminary Unaudited Summarised Consolidated Financial Statements for The Year Ended 31 August 2021, they have reported that Several key leases have been re-geared supporting property values in the longer term.
“As it was for 2020, 2021 has also been a testing year for PrimeTime with the management of the pandemic still affecting certain sectors of the economy, Chairperson of the company Petronella Matumo said. She said that they continued to assist impacted tenants navigate their way through trade restrictions and or the tougher economic conditions, emphasizing that they believe they are starting to see the green shoots of recovery coming through.
“Our overall strategy throughout the last two years that of working together with our tenants and other stakeholders to support the survival of all – is reflected in our low vacancy levels of below 3 percent , the property improvements made during the year and the successful opening of our new Lobatse Junction retail centre post year end which has received tremendous support from tenants and consumers,” the Cahirperson said.
Our portfolio in Botswana, consisting of 22 properties representing 64 percent of the Group market value, saw a reasonable uplift in value at year end. According to the result Pinnacle Park Phase I in Setlhoa, which was completed at the end of the prior year, has experienced strong tenant demand and they have achieved a quality tenant base made up of parastatals, mining companies and some smaller professional tenants such as engineers and software consultants. Matumo explains that there were challenges along the way such as delays in fit-outs exacerbated by labour and supply chain issues due to the lockdowns, but full occupancy was reached with the final unit let post year end.
Pinnacle Park Phase I, the office park at Plot 75782 Setlhoa, Gaborone was completed at the end of the prior year. At the current year end the total estimated costs to complete the development being remaining tenant fit-outs was P1 205 168. At the prior year end the total estimated cost to complete the development was P4 571 070. Lobatse Junction, a retail shopping centre development at Plot 14076 Lobatse was commenced during the prior year. At the year end the total estimated cost to complete this development was P25 489 048. At the prior year end the total estimated cost to complete the development was P78 958 068. The acquisition of Plot 54359 in the Gaborone CBD was made in 2019.
The results indicate that Some initial consultants fees were incurred during the prior year and the bulk earthworks commenced in the current year. At the year end the total estimated cost of committed fees for these initial works was P3 814 658 (2020: P258 493). A refurbishment of South Ring Mall, a retail shopping centre at Plot 50423 Gaborone, commenced in the last quarter of the financial year. Estimated to complete by the end of December 2021, at the year end the estimated cost to complete this work was P1 653 512