Zimre to turn Nicoz House into students quarters

Zimre to turn Nicoz House into students quarters
Published: 10 April 2018
Financial services group, ZIMRE Holdings, will soon start refurbishment works on its Nicoz House building in Selbourne Park, Bulawayo, which is being turned into living quarters for tertiary students.

The students accommodation project is currently awaiting regulatory approvals from the Bulawayo City Council.

"The key project under our portfolio is the Selbourne Park in Bulawayo, which is a project for student accommodation located just across the road and (directly opposite) the National University of Science and Technology (NUST).

"We are in the process of getting regulatory approvals from the city council and once that has been secured we will be bringing the project on board," said Zimre Holdings chief executive Stanley Kudenga recently.

The site measures 24 997,48 squares and is wholly owned by Zimre Property Investments (ZPI), a subsidiary of Zimre Holdings.

The project concept is to provide residential accommodation for tertiary students' residing off-campus. The facility will constitute four blocks for undergraduate students and one block for post graduate students, which will accommodate 954 students.

It will also include a convenience centre for support services.

The project is meant to provide accommodation to tertiary students due to its proximity to NUST, as well as the Zimbabwe School of Mines and Hillside Teachers College.

Zimre has also forged a partnership with TM/Pick n Pay in a deal where the insurance company's property development projects, going forward, will have the giant retailer as its anchor tenant.

The partnership is part of the financial services group's efforts to reconfigure its property portfolio into predominantly commercial and retail.

Mr Kudenga said Zimre had sold its property, Zimre Centre in the capital Harare, as part of the group's property portfolio reconfiguration and the funds will be channelled towards projects in Victoria Falls and Bulawayo.

In Victoria Falls, Zimre Holdings through ZPI, will be constructing a $13 million shopping mall as part of its diversification plans.

The group's Bulawayo CBD project entails the refurbishment of Nicoz House to cater for students accommodation in the  second largest city. ZPI has already handed over the Nicoz House to the contractor ahead of commencement of the refurbishment exercise.

The building will have capacity to hold 200 beds.

The project, which will cost approximately $1,4 million, will be for proper student accommodation, as opposed to the current situation where some students stay in places that are not conducive for learners.
- the herald
Tags: Zimre,


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