Government has awarded a tender agreement to Shop N Save to redevelop the existing municipal market site into the new Rewa City Shopping Centre.
Minister for Local Government, Housing and Environment Hon. Parveen Kumar, while making the announcement in Suva today, said Shop N Save would be subleasing the site for the next 50 years.
Minister Kumar said people of Nausori looked forward to the development, which would be unique and contribute positively in improving Nausori Town?s landscape.
?Shop N Save shall pay a premium of $2million to the Nausori Town Council upfront and shall pay annual rental of $100,000 per year which shall be reassessed and increased by 10 per cent at the interval of every five years. First 10 years rental assessment shall be paid in advance,? Minister Kumar said.
The project developers under private partnership arrangement will pay annual town rates to the Nausori Town Council.
Shop N Save has committed to invest $40million in the shopping centre project and will commence construction as soon as the architectural, engineering and documentation processes are completed.
?The construction will start within six months of signing the lease agreement and we are looking at two weeks to sign lease agreement.?
?This is an offer to Shop N Save as the successful bidder to redevelop the existing Nausori market site and they have three days to come with acceptance to undertake the project development,? Minister Kumar said.
The project will provide 100 car parks, two floor retail centres, two floor office centres and two floor hotel/apartment centres with a cinema.