Breaking News

300% rental hike for commercial tenants

by Staff reporter
12 January 2019 | 471 Views
PROPERTY agents in Bulawayo have increased rentals for commercial premises with tenants operating at the Bulawayo Centre Mall having to pay three times more at the end of this month.

Bulawayo Centre Mall, which comprises 55 shops is owned by the National Railways of Zimbabwe Contributory Pension Fund and managed by Knight Frank.

Knight Frank managing partner Mr Oswald Nyakunika confirmed the development yesterday, saying they were accepting all modes of payment from the tenants.

The rentals vary with the sizes of the shops but most tenants who were paying $600 will now fork out $1 800 while those who were paying $1 000 will now have to pay about $3 000 including 15 percent tax and operating costs.

The tenants received letters early this week informing them that rentals had been increased by about 300 percent. In the letters, Knight Frank said the economic situation had forced them to increase rentals, which had been stable since 2009.

"As you're aware the economy has been very stable since dollarisation in 2009 and most landlords have effected a zero percent rent increase or even reduced rentals in most instances.

"However, the recent FCAs split into Nostro FCAs and RTGS FCAs has resulted in price increases for most commodities and services. As such our mutual client/ your landlord has no option but to review rentals taking into account what appears to be a devaluation of RTGS FCAs averaging 300 percent plus," reads part of the letter.

The tenants agreed to meet yesterday evening and set up a committee that will engage Knight Frank over the issue. They told Chronicle that they were in the process of engaging Knight Frank over the issue, as they were already struggling to pay the current rentals due to low business and the current economic situation.

"We received letters from Knight Frank informing us that they have increased rentals due to the prevailing economic situation. We understand that the economic situation is changing but Knight Frank also needs to understand that everyone is affected.

"We were actually struggling to pay the current rentals. We increased prices for our products and services but business is very slow because there's little money circulating," said one of the tenants who refused to be named.

Another tenant said the move by Knight Frank was a way of evicting people from the shops because the new rentals were not affordable.

Rent Commercial Tenants

Source: chronicle


Latest News

Rocks from mountain crush huts in Zimbabwe

by City Press | 24 March 2019 | 1680 Views

'Tax reforms to rescue debt-distressed Zimbabwe'

by Staff reporter | 24 March 2019 | 535 Views

Afreximbank grants Zimbabwe interbank forex trade loan

by Staff reporter | 24 March 2019 | 621 Views

Zimbabwe volcano fears - The Civil Protection Department (CPD) in Masv...

by Staff reporter | 24 March 2019 | 2319 Views

Mnangagwa goes Biblical: 'Zimbabwe accepts will of God'

by Staff reporter | 24 March 2019 | 938 Views

Open letter to President Mnangagwa

by Viniel Deredza | 24 March 2019 | 757 Views

Warriors ease into Afcon finals

by SuperSport | 24 March 2019 | 509 Views

Rights Commission finalising probe into Zimbabwe army crackdown - THE ...

by Staff reporter | 24 March 2019 | 137 Views

3 lawyers banned from practising - THREE lawyers have been banned from...

by Staff reporter | 24 March 2019 | 511 Views

Jabulani Sibanda to bounce back?

by Staff reporter | 24 March 2019 | 706 Views

Questions over Mnangagwa's choice of advisors - ON three occasions, Pr...

by Staff reporter | 24 March 2019 | 203 Views

Potraz board okays tariff increases

by Staff reporter | 24 March 2019 | 175 Views

Horror Cyclone destruction trail unravels - THE human toll of Cyclone ...

by Staff reporter | 24 March 2019 | 114 Views

LIVE: Zimbabwe vs Congo Brazzaville

by Staff reporter | 24 March 2019 | 3424 Views

Zimbabwe debt should be audited - ZIMBABWE should not rush to pay its ...

by John Kachembere | 24 March 2019 | 790 Views

Zimbabwean couple hijacked in Durban, wife missing since Monday - A Zi...

by Staff reporter | 24 March 2019 | 3660 Views

Mnangagwa's days numbered

by Staff repo | 24 March 2019 | 7750 Views

Zimbabwean man dies during sex with SA mistress - A  67- year-old...

by Staff reporter | 24 March 2019 | 3494 Views

Zimbabwean company donates laptops to needy SA varsity students - Zoro...

by African News Agency (ANA) | 24 March 2019 | 1010 Views

Gweru prophet sets up school of spiritual gifts - Gweru-born Prophet G...

by Staff reporter | 24 March 2019 | 469 Views

Potraz brings toll free platforms to rural folk

by Staff reporter | 24 March 2019 | 161 Views

Mnangagwa pledges support for Gukurahundi victims

by Staff reporter | 24 March 2019 | 387 Views

Zimbabwe banks must support the interbank trading - THE interbank mark...

by Andrew Lampard | 24 March 2019 | 260 Views

Robbing the poor in the name of patriotism - The post-Robert Mugabe ad...

by Tawanda Majoni | 24 March 2019 | 216 Views

'Using Air Zimbabwe will pose logistical problems for Mnangagwa' - Dep...

by Staff reporter | 24 March 2019 | 399 Views


Andy Muridzo promises new album

by Simbarashe Sithole | 18 March 2019 | 308 Views

Kwejani band is back! - AFTER an eight-year hiatus, Victoria Falls' su...

by Staff reporter | 13 March 2019 | 1189 Views

Moyo revives Pantsula genre

by Staff reporter | 10 March 2019 | 430 Views

Majaivana's sad farewell

by Bruce Ndlovu | 10 March 2019 | 6756 Views

Nceku shifts base to SA

by Staff reporter | 09 March 2019 | 826 Views

Baba Harare abandoned by band members - Jit musician, Baba Harare has ...

by Staff reporter | 04 March 2019 | 2050 Views

Winky D pays the price

by Staff reporter | 03 March 2019 | 5482 Views

Greatsoftline For All Of Your Software Needs

coupon and promo codes: greatsoftline for all of your software needswhile some online sellers have promotional services that reduce the overall amount you spent, others do not .you need to be on the lookout for the best outlets in order to chase th... Read More
ITnews 25 February 2015 ago

Ios 9 Features Inspired By Android

apple announced ios 9 on monday, and while watching the keynote, i had just a little bit of déjà vu. most of ios 9's new features seem to be squarely aimed at apple's biggest rival in mobile: android. specifically, they were about catching up to ... Read More
Sergey 13 June 2015 ago