Several banks are leaving Harare’s central business district (CBD) which is becoming increasingly informalised.
They are establishing their headquarters in the affluent suburb of Borrowdale, escaping overcrowding and traffic congestion, The Independent reported citing reports by property experts. The publication quotes a Harare-based real estate professional Kura Chihota as saying:
The Harare CBD is in transition from all in one financial, political and commercial centre to a city premised on increasingly informalised retail and a transport hub.
The city council relaxed zoning requirements and allowed commercial uses in neighbouring suburbs of Milton Park, Alexander Park, Eastlea and Belgravia to name some. Smaller corporates and individuals chose to buy and convert existing houses to commercial uses.
The stand sizes are somewhat restrictive and users of larger space needed to look elsewhere.
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Chihota highlights that tenants in Harare’s CBD have taken on the responsibility of water, power, and refuse removal due to the municipality’s struggle to provide these services. The CBD is experiencing congestion exacerbated by the influx of affordable ex-Japanese vehicles used for public transport.
Chihota’s report, titled “Banking on Borrowdale – A commentary,” mentions banks like Stanbic Bank Zimbabwe, NMB, First Capital, and Ecobank considering relocation or already having moved. Stanbic is constructing a 7,600…
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