Currently, this property situated in Solwezi, North Western Province measuring 3,515m² is the only property on REIZ books outside Lusaka. REIZ also secured an additional 1,717 m² on lease from Total Zambia Limited to arrive at a combined total extent of 5,232 m² for development of Solwezi Square a mixed use business park. The Board believes that this property is a strategic investment as there is significant demand in Solwezi for such properties, and will extend the Group’s geographical spread outside Lusaka. The Board believes that considerable further growth of the Group can be achieved in the North-Western region which has seen substantial investment by the mining companies. Lay-out drawings for development of the Solwezi land have been finalised for this property.
During the year, illegal occupants of the land who delayed development of the site were successively evicted through a court process.
The Solwezi property was valued by Knight Frank Zambia Limited at 31 December 2018 at K1.3 million.