The Parkway Property is a new development currently being undertaken by Arcades. The property is situated along the Kafue Road in Lusaka and is made up of 33,300m2 of land which is being developed into a shopping centre with a GLA of 12,000m2 (developed area 15,000m2). Arcades has purchased the land (two adjoining plots, both on title).
The ongoing development on the Parkway Property is made up of all earthworks, foundations to underside of slab level, curbs enveloping the three main structures, storm drains to secure the site from rains onset, a borehole and two septic tanks and soakaways.
Arcades has initiated discussions with potential tenants for the occupation of the building on completion. The expected timeframe for completion of the building is March 2013, and the expected gross rentals expected for the first year of occupation are US$1.89 million.
The Parkway Property will complement Farmers House’s Eureka Park, which is situated on the immediate neighbouring property, as the provision of such services as a deceleration access lane to the properties will be recoverable from the two developments.