Capricorn is moving 350 employees to its new 13-storey central business district head office in Windhoek, boosting local supply chains and supporting city centre revitalisation efforts.
The development represents one of the more prominent recent private-sector construction projects in the central business district (CBD), which started in 2024 and provided work for local businesses during its construction.
More than 200 people were employed directly on the project, while contractors, suppliers and other service providers were involved in the wider construction chain.
According to Bank Windhoek, about 95% of the project budget was spent on local trades and vendors.
The figures provide an indication of the economic activity generated by the development, particularly for businesses involved in construction and related services.
The building will house several Bank Windhoek and Capricorn Group teams, with facilities including offices, meeting areas, boardrooms, customer facilities, a canteen, coffee bar and retail services.
Bank Windhoek’s main branch business banking customer services will also relocate to the new building.
The move keeps the bank in the CBD, where its main branch on Independence Avenue has operated for more than 40 years.
The arrival of hundreds of employees is expected to increase the number of people moving through the area during working hours, potentially benefiting businesses operating around the building.
However, the development also comes against a broader challenge facing Windhoek’s CBD, where businesses and property owners have raised concerns over vacancies, declining activity and the need to attract more investment into the city centre.
Bank Windhoek managing director James Chapman says the decision to remain in the CBD was linked to the bank’s long-standing presence in the area.
“The Capricorn-on-Main building is a statement of belief in the heart of Windhoek,” he says.
Chapman says the development was intended to support the bank’s employees and customers while contributing to activity in the city centre.
“It reflects our commitment to our people, customers, local businesses and the continued revitalisation of the CBD,” he says.
