Mashonaland Holdings pivots to housing as CBD yields drop

Masholds is ditching the old CBD strategy and betting big on suburban housing after watching businesses flee the city center.

Shifting focus to the suburbs

• Businesses are ditching Harare’s CBD for hubs like Newlands and Mt Pleasant.
• Suburban office yields are at 9% while CBD assets lag at 6%.
• Masholds is repositioning its portfolio to match what the market actually wants.
• Grace Bema said they’re improving building equipment to boost tenant experience.

New projects are already moving

• The Pomona Commercial Centre hit 60% occupancy after opening in December.
• They’re building 30 upmarket apartments on Coronation Avenue in Greendale.
• Construction starts this quarter with all approvals already locked in.
• A 26.7-hectare site near Shurugwi will yield 445 medium-density stands.

Revenue and occupancy are climbing

• Rental income jumped 12.6% to US$6.3 million last year.
• Chiyedza House is now 90% full with 90 SME offices and 40 retail shops.
• Total revenue grew 13% to US$8.1 million.
• Profit after tax landed at US$4.01 million, up 8% from 2024.