The city’s newest shopping and lifestyle destination
The second phase of the Novare Twin Palms mall in Zambia’s capital, Lusaka, has opened for business. Now with 12 000-square metres of prime retail space, the centre adds another dimension to Lusaka’s dynamic retail sector – as well as greater choice and convenience for the shopping public.
Novare Twin Palms is situated in Lusaka’s bustling Salama Park, offering visitors a wide variety of shops and restaurants. The second phase of the development has significantly extended the centre.
The development is home to some 40 commercial retail outlets including supermarkets, a food court, entertainment zone, fashion and cosmetics boutiques, technology and electronics stores, speciality shops and banking services – along with a 400-bay car park.
The anchor tenants are Africa’s biggest supermarket retailer, Shoprite, as well as Woolworths. Other tenants include Pep, Jet, Spur, Ocean Basket, Debonairs Pizza, Sheet Street, Bata Shoes, Zara and Zanaco Bank.
Developed by private equity group Novare Equity Partners, Novare Twin Palms was completed on time and within budget of $22.8 million. The project employed over 300 people during the construction period, and adds to the diversity of Novare’s investment portfolio of commercial properties.
Ola Leepile, CEO of Novare Holdings, commented: “Zambia is one of sub-Saharan Africa’s most highly urbanised countries, and its capital one of the region’s fastest growing cities.
“A busy metropolis that has benefitted from private sector and government investment, Lusaka is where Novare saw an important opportunity to expand its portfolio of commercial properties in sub-Saharan Africa.”
Novare’s properties are intended to meet growing demand for a modern shopping and office experience in African markets that are amongst the world’s most under-serviced in terms of commercial real estate facilities.
Novare subscribes to EDGE (Excellence in design for greater efficiencies) certification – a green building rating system for new residential and commercial buildings in emerging markets created by International Finance Corporation (IFC), a member of the World Bank Group.
“This affirms our commitment to sustainable design. We believe in building green, which reduces our consumption of natural resources and the environmental impact of our buildings, while lowering operational costs and boosting property values. By building green, Novare can ensure a lower carbon footprint and the enhanced wellbeing of communities, which also strengthens our corporate brand and environment, social and governance (ESG) principles,” said Mr Leepile.
In addition to Novare Twin Palms, other Zambian assets in the Novare portfolio of properties are Novare Great North, Novare Pinnacle and the Standard Chartered Bank Head Office.
The second phase of the Novare Great North mall opened in March last year when it became the first centre in Lusaka to host both Shoprite and Pick n Pay. Novare Great North is located along the Great North Road, in prime position as the first mall on the way into Lusaka from the north and the last centre on the way out of the city towards the Copperbelt region.
The Novare Pinnacle mall is centrally located in a prime area of Lusaka that is home to residential areas, embassies, churches, top schools and sporting facilities – as well as strong road networks.
The centre has brought a premium and convenient shopping experience to the city and the Woodlands and Kabulonga suburbs. Africa’s biggest supermarket retailer, Shoprite, is the anchor tenant, having introduced its premium specifications in a store that occupies 3 000m2 of the total floor space of 9 500m2 at Novare Pinnacle
Novare is developing of Standard Chartered Bank’s new head office in Lusaka. Construction started in July 2018 and the building is scheduled to open in 2020.