Fijian Holding Limited's $17 million CBayview commercial development at the junction of Khalsa Road and Princes Road is expected to provide landowners with direct ownership and business opportunities while creating employment for surrounding communities.
Speaking at the ground-breaking ceremony, Minister for iTaukei Affiars Ifereimi Vasu says the two-storey complex development will have a total floor area of 4,516 square metres, including 3,678 square metres of leasable space for 15 office and retail tenants.
He says this will also include dedicated space for the Dokoisuva Police Post, 88 car park spaces, a car wash facility and backup water and electricity services.
Vasu says one of the important aspects of the development is providing facilities for landowners to operate small businesses, including a dedicated outdoor sheltered market where landowners can sell vegetables and other local produce.
The Minister says there will also be opportunities for landowners to operate taxi businesses, car washing, security and cleaning services.
Vasu says landowners will benefit in three ways, through lease payments, dividends from their 40 percent shareholding and direct opportunities to participate in economic activities generated by the development.
He says the landowners will hold 40 percent shareholding while the Fijian Holding Limited will hold 60 percent shareholding and provide investment for capital and project development expertise.Â
He says the project is also expected to generate opportunities for contractors, tradespeople, suppliers and service providers during construction and once operational, the shops and businesses within the complex are expected to create further employment and enterprise opportunities.
Vasu says the long-term success of CBayview will depend on sound governance, professional management, transparency and accountability.
He says success should not only be measured by the completion of the complex, but also by whether it attracts and retains tenants, remains commercially sustainable and delivers lasting value to its shareholders and beneficiaries.
The Minister encourages landowning communities to strengthen their governance, improve their commercial knowledge and obtain professional advice when considering development opportunities.
Meanwhile FHL Group Chief Executive Officer Jaoji Koroi says the project is expected to take about 18 months to complete and contribute to wider economic activity.
He says the location was selected because of its strategic position at a junction and because the land was contributed by the landowners as part of the joint venture.
Koroi adds that RB Patel will be one of the anchor tenants, while businesses including Hot Bread Kitchen and others are also expected to take up tenancy within the development.
