THE Windhoek Municipal has, in principle, approved a N$100 000 monthly lease for Grow More Investments CC, a Rani Group International subsidiary, to rent portions (7) and (8) of Farm 466 (Ramatex Textile Namibia) at Otjomuise.
The decision was made at the council’s ordinary meeting on Tuesday.
Rani intends to use the portions for logistics operations and manufacturing purposes over a period of 25 years.
The two portions measure approximately 41 258 and 42 306 square metres, respectively, and accommodate two existing warehouse structures, known as the Tai-Wah warehouses.
This is contained in a statement issued on Friday.
“While the initial proposal set a monthly rental of N$100 000 per portion amounting to N$200 000 for both portions with an annual escalation aligned to the Namibia inflation rate (not exceeding 10%), council’s approval does not include the rental price.
“Instead, the council resolved that the final rental amount be determined through negotiations between the two parties.
“With the agreed price to be submitted to the council for consideration upon conclusion of the negotiations,” reads the statement.
Grow More Investments cc, currently owns and operates 56 retail shops and eight manufacturing outlets, employing an estimated 3 500 people nationwide.
The company aims to expand its workforce to approximately 10 000 employees.
The approval is expected to enable the company to continue its operations at the site while contributing to job creation and local economic development, notes the statement.
It further says the council has resolved that, should the applicant fail to finalise the lease by 13 September, the structures must be removed and the land rehabilitated to its original state at the applicant’s cost.
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