FMP targets retail property development
CLOUDINE MATOLA
Real estate developer First Mutual Properties (FMP) is accelerating its push into retail property development, earmarking its Golden Stairs land bank for a flagship project after completing its US$6m office block at Arundel Office Park, Business Times can report.
Speaking at the company’s annual general meeting recently, managing director Christopher Manyowa said Golden Stairs had secured town planning approval for retail development, making it the group’s next major growth project.
“We are shifting our focus towards retail development, and the land bank best positioned for that is Golden Stairs because it has already obtained the necessary town planning permission,” Manyowa said.
“Our strategy is centred on unlocking value from our two strategic land banks, Arundel Office Park, which comprises about 20 hectares, and Golden Stairs, which spans approximately 24 hectares.”
Manyowa said the development would be implemented in phases, beginning with feasibility studies and the appointment of a professional team to determine project costs, timelines and the optimal development mix.
“We are currently undertaking the necessary feasibility studies and appointing the professional team so that we can determine the investment required and establish implementation timelines before breaking ground,” he said.
He said the initial phase would focus on retail-related infrastructure, including a supermarket, food courts and a service station, with the final development plan to be refined once feasibility studies are complete.
The retail property strategy follows the completion of FMP’s US$6m office block at Arundel Office Park and reflects the company’s drive to diversify its property portfolio towards high-demand commercial assets.
Meanwhile, revenue for the five months to May 31, 2026 increased by 6% to US$8.85m from the comparable period last year, while property operating expenses declined 40% to US$1.4m from US$1.6m.
The Zimbabwe Stock Exchange approved FMP’s voluntary delisting with effect from July 2, 2026, following a shareholders’ resolution passed on June 2, 2026, in line with the exchange’s listing requirements.
