Broll Advocates Massive Retail Dev’t
Jim Baiden (right) Deputy MD of Fidelity Bank and Kofi Ampong, CEO of Broll Ghana in a handshake at after the cocktail
Broll Ghana Limited, an international construction consultant, has recommended the promotion of local investment in retail property development following the competitive income and capital returns in the sector.
Kofi Ampong, Chief Executive Officer (CEO) of Broll Ghana, who made this known during a maiden cocktail for CEOs of companies in the financial and retail development sectors Friday in Accra, also called for proper planning for the development of retail facilities that were springing up in the country.
‘Our direct involvement in retail broking services and retail management has brought to the fore enormous opportunities that majority of us are not taking advantage of and which we would like to recommend to the financial institutions.’
The occasion was themed: ‘Financial Institutions and Retail Development.’
He said Broll Ghana Limited for the past eight years has been involved in all property related consultancy services with the exception of property development, adding that the company started with two services – property management and facilities management services.
The company is now a multidisciplinary professional service firm providing property consultancy services in seven core areas namely; Retail Management, Commercial Broking, CRES, Valuation and Advisory, Residential Property Management, Real Estate Consulting, Market Research and Retail Broking.
Mr Ampong noted that Ghana exhibited good demographics and possessed highly skilled labour force that created the necessary environment for good investment.
He said that Accra was identified as the sub-Saharan African city with the highest potential for growth over the next five years by the MasterCard African Cities Growth Index.
Making reference to the African Retail Development Index (2014), he said Ghana was among countries which dominate the list of fastest growing economies in the world and the potential for growth is still high.
‘More than 10 years ago, there were strictly speaking no shopping malls in most West and East African cities. Now cities like Nairobi, Dakar, Accra and Lagos boast of Western-style shopping centres thanks to property developers from South Africa and United Kingdom.’
Mr Ampong said retail properties in Ghana are commanding rental rates from $7.00 – $25.00/m2 per month exclusive of service charge, while prime retail properties in Accra, which were principally neighbourhood and community shopping centres, commanded the higher bracket of rental rates from $25.00 – $55.00/m2 per month.
Service charges for retail properties range from 10 per cent to 20 per cent rental rates.
Broll Ghana is involved in the leasing of top-rated retail and office space in locations like Movenpick Hotel, the office component of the new Stanbic Heights.
Broll was also actively involved in providing varying real estate services to some upcoming developments like West Hills Mall, Achimota Mall, The Junction Mall, Meridian Mall, The Exchange and Accra WaterFront in and outside Accra.
By Samuel Boadi
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