SUNBIZ

Shop N Save Wins Old Nausori Market Site Bid

Shop N Save has won the tender to sublease the old Nausori Market site for the next 50 years. The Minister for Local Government, Housing and Environment, Parveen Kumar, made
06 May 2015 10:11
Shop N Save Wins Old Nausori Market Site Bid

Shop N Save has won the tender to sublease the old Nausori Market site for the next 50 years.

The Minister for Local Government, Housing and Environment, Parveen Kumar, made the announcement yesterday.

The proposal by Shop N Save will see a $40 million investment in the proposed Rewa City Shopping Centre complex.

The project shall provide 100 car parks, two floor retail centres, two floor office centres, two floor hotel/apartment centres and cinemas as well.

The offer has been made to Shop N Save and Mr Kumar said they have three days to either accept or reject the offer.

Once Shop N Save accepts the tender offer, the lease agreement will be signed which is expected to take place within two weeks.

Following the lease agreement signing, Shop N Save will then have six months to begin construction which Mr Kumar said the Ministry will monitor closely in terms of timeframe.

In the case Shop N Save does not accept the offer, Mr Kumar said they will go to the second best bidder.

He, however, did not wish to reveal who the second best bidder was.

 

Terms and conditions

Under the terms, Shop N Save will pay a premium of $2 million to the Nausori Town Council upfront which will be a one-off payment.

Mr Kumar said they will also pay annual rental of $100,000 per year which shall be reassessed and increased by up to 10 per cent at the interval of every five years.

“The first 10 years rental assessment shall be paid in advance,” he said.

In addition to these, Shop N Save will be required to pay annual town rates.

“They shall commence construction as soon as the architectural, engineering and documentation process are completed,” Mr Kumar said.

Mr Kumar further said Shop N Save will have to ensure the architecture as provided shall be used which is unique and shall contribute positively in improving Nausori Town Landscape.

 

Tender evaluation

The Ministry received six expressions of interest and at the end of the tender process, all six applications were assessed.

Mr Kumar said evaluation took into account design, type of products and services to be introduced, car parking spaces to be provided, level of investment, premium to be paid to the council and annual returns.

“I know people will be very happy when they hear that we are not just dealing with grocery shops but a mixed sort of development,” he said.

“We will make sure that work will commence six months after the signing of the lease agreement.”

Feedback: rachnal@fijisun.com.fj

 



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