Tender for Nicoz House refurbishment

Published: 29 August 2017

Zimre Property Investment (ZPI) will soon be going to tender for the refurbishment of Nicoz House Bulawayo into a student accommodation facility that will offer 94 beds, managing director Edson Muvingi has said.

Speaking in an interview with The Herald Property Guide, Mr Muvingi said the company has already been granted permits for the change of use for Nicoz House and was now waiting for approvals of drawings.

Mr Muvingi said the project, which will cost approximately $1,4 million, will be for specialised student accommodation unlike what is happening now where they are seeking accommodation in places that might not be conducive for learners.

He said funding for the project will come from the company's own resources and a bit of debt. ZPI is also working on another student accommodation facility at Sebourne Park in Bulawayo, which is meant to accommodate 900 students.

"Designs for this project have already been done," said Mr Muvingi adding that funding for the project will be done through a Real Estate Investment Trust (REIT) structure allowing more investors to be involved in funding the project.

The student accommodation market is looking lucrative at the moment with local universities looking at accommodating more than 152 529 students.

Higher and Tertiary Education, Science and Technology Development permanent secretary Machivenyika Mapuranga, is on record saying the ministry critically needed investment in physical infrastructure that includes student accommodation.

"The higher and tertiary education sector has 20 universities, 15 teachers colleges, eight polytechnics and five industrial training centres with a combined student population of 152 529 and staff population of 18 153 requiring at least 562 student hostels and 10 836 staff houses."

In an effort to close the gap, the Ministry of Higher and Tertiary Education Science and Technology Development has since awarded CBZ a tender to structure and issue infrastructure bond of up to $2 billion to the country's institutions of higher learning.

According to the 2016 National Budget Midlands State University is the hardest hit with 28 240 students in need of accommodation, followed by Great Zimbabwe University with 17 412 students in need of places to stay as they attend college.

Out of the 117 137 in need of accommodation, only 10 709 are said to be in hostels, which means about 107 000 students in the country are renting rooms outside college facilities.
- the herald

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