Vanuabalavu Invests in $3.2m Venture
“The building will symbolise the investment of the people of Vanuabalavu and friends that everyone can be proud of,” Mr Finau said.
Tuesday 16 July 2024 | 12:51
The new Vanuabalavu House located at the corner of Ratu Sukuna Road and Crawford Avenue in Nasese, Suva. Photo: Laiseana Nasiga
Vanuabalavu Vision Limited is looking at increasing its revenue to more than $800,000 a year with the opening of its newest investment, the Vanuabalavu House this week.
The two-storey commercial complex is at the corner of Ratu Sukuna Road and Crawford Avenue in Nasese.
The project cost more than $3.2 million.
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Business and property manager Tomi Finau said Vanuabalavu Vision Limited own three properties.
This included the Mualevu House (formerly Quality House) at 6 Gorrie Street, Suva, two executive residential apartments in Viti Towers, Wailoku, and the new Vanuabalavu House, in Nasese.
Mr Finau said the objective of building the Vanuabalavu House was to help increase revenue for Vanuabalavu Vision Limited and its stakeholders.
“Last year, our total revenue for the company came to more than $400,000 and with the Vanuabalavu House, this should take up our total revenue to more than $800,000 a year,” Mr Finau said.
“That’s quite good for the business as we are into the property and equity investment area and we are looking at ways to increase our revenue and profits for our shareholders.”
Vanuabalavu House was designed as a commercial retail complex by Ulaiasi Baivatu of Clear view Architect.
Funding for the project was by equity contribution and bank financing from Bank South Pacific.
Mr Finau said construction of the project started last February.
Challenges in the supply chain and shipping issues of steel frames from China to Fiji delayed the completion of the project to June 2024.
“Once the steel frames arrived, it took the contractor five months to bring the building up. It was quiet amazing watching the project complete stage by stage,” Mr Finau said.
The Vanuabalavu House has a floor space of 483 square metres and offers four tenancy units for bakery and coffee shop, restaurant and two office spaces.
“The building will symbolise the investment of the people of Vanuabalavu and friends that everyone can be proud of,” Mr Finau said.
“This is our first property offering commercial retail. We are seeking fine dining iTaukei food restaurant for Vanuabalavu House. Somewhere the corporate or expatriate community can take their clients for a meal on a quiet evening. Suva lacks fine dining in true iTaukei cuisine.
“Vanuabalavu House has a ground level and top floor. The two-office spaces are on the top floor. It is ideal for accountants, lawyers or professionals who want to remain close to the CBD without the traffic congestion.”
Vanuabalavu House is scheduled to open for business on Friday, July 19.
Representatives and families from the Tikina of Lomaloma and Mualevu in Suva will be present to officiate the opening of Vanuabalavu House.
Feedback: laiseana.nasiga@fijisun.com.fj
