Source: Byo eyes major face-lift with US$7,7m Ascot Precinct project – herald
Nqobile Bhebhe nqobile.bhebhe@chronicle.co.zw
THE Bulawayo City Council is courting investors and developers to spearhead the comprehensive development of the 60-hectare Ascot Precinct, with the infrastructure servicing component of the mixed-use project estimated at US$7,73 million.
The local authority has issued an Expression of Interest (EOI) inviting qualified investors, developers, consortia and investment firms with the capacity to plan, finance and deliver the entire Ascot Precinct as an integrated development.
The project, which is planned for a large open area of the former Ascot Racecourse near the central business district (CBD), is expected to unlock a prime piece of land and establish a new investment hub incorporating commercial, residential, hospitality, healthcare, retail and entertainment facilities.
According to the City’s EOI notice, the overall infrastructure servicing cost is estimated at US$7 728 649,54, with roads accounting for the bulk of the expenditure.
Road infrastructure is projected to cost US$7 031 672,49, inclusive of contingency and value-added tax, while water and sewer infrastructure is estimated at US$696 977,05, also inclusive of contingency and VAT.
The successful developer will be required to finance the servicing of the site, including roads, water, sewer, stormwater drainage, electricity and other infrastructure needed to make the precinct development-ready, subject to statutory approvals and city council standards.
Council is seeking a single master developer or development consortium capable of delivering the entire precinct in line with the approved planning framework and its long-term development vision.
“The city is now seeking a single master developer or development consortium capable of planning, financing, developing and delivering the entire Ascot Precinct as an integrated mixed-use development in accordance with the approved planning framework and the city’s long-term development vision.
“Potential investors should be prepared to fund servicing of roads, water, sewer, stormwater drainage, electricity and any other infrastructure requirements to make the site development ready, subject to relevant statutory approvals and Council standards,” council said.
The proposed land uses include commercial and office developments, hotels and hospitality facilities, townhouse residential developments, medical and health facilities, retail and entertainment facilities, an amusement centre, local authority offices, public open spaces and supporting infrastructure, fuel service stations and other complementary developments consistent with the approved
Local Subject Plan No. 20.
The City said the Ascot Precinct presented an opportunity to develop a world-class urban precinct and deliver a landmark mixed-use development under one integrated vision.
Its strategic location adjoining the CBD is expected to strengthen the investment proposition, while the planned infrastructure will provide the foundation for subsequent private-sector developments.
However, Bulawayo-based ConsultWorld Enterprise business strategist, Mr Busani Malaba, urged the local authority to undertake rigorous due diligence when selecting the master developer to ensure the project is implemented within agreed timelines and delivers value to the city.
Mr Malaba said council should prioritise reputable and financially sound firms with a proven track record of delivering large-scale infrastructure and mixed-use developments, warning against awarding the project to investors without the capacity to execute.
“Council needs to be very deliberate in selecting the developer because the success of the Ascot Precinct will depend largely on the technical, financial and project management capacity of the successful investor.
“We have seen projects such as the Egodini Terminus experience delays and the city should draw lessons from such experiences to ensure that Ascot does not suffer a similar fate,” said Mr Malaba.
He added that the local authority should also put in place clear milestones, performance obligations and monitoring mechanisms before construction begins.
“Given the scale and strategic importance of this project, there must be clear timelines, measurable deliverables and consequences for failure to meet agreed milestones.
“The objective should be to ensure that the investment translates into actual infrastructure, businesses, jobs and economic activity rather than remaining a proposal on paper,” he said.
Potential investors are required to demonstrate proven experience in planning and implementing comparable developments, financial capacity to undertake the proposed investment, technical and management expertise, innovative development concepts, commitment to sustainable and phased implementation, and the ability to deliver an integrated master-planned precinct to international standards.
The Ascot development comes as the local authority seeks to mobilise private capital for strategic urban projects, expand Bulawayo’s economic base and strengthen the city’s investment profile.
The precinct could add a new commercial and residential node to the city while creating opportunities for businesses, property developers and service providers and generating employment through both construction and subsequent economic activity.
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