Broll hosts maiden CEO cocktail on retail development

Broll Ghana has organised a maiden Broll Ghana Limited Chief Executive Officer (CEO) cocktail, for the business community to principally share information and knowledge about development of Retail facilities that are springing up in the country.

“Broll Ghana Limited has been compelled to initiate promotion of local investment in retail development based on the competitive income and capital returns from this sector.

“Our direct involvement in retail broking services and retail management has brought to the fore enormous opportunities that majority of us are not taking advantage of and which we would like to recommend to the financial institutions, “Mr Kofi Ampong, CEO of Broll Ghana said in his inaugural address in Accra on the theme: “Financial Institutions and Retail Development.”

The event attracted personalities like Reverend George Nimako, Broll Ghana Board Chairman, as well as representatives from HFC Bank, International Commercial Bank, First Atlantic Bank, Barclays Bank, Cal Bank Ltd, Universal Merchant Bank, Property Express, Star Assurance, Access Bank, GT Bank, Fidelity Bank, Vanguard Assurance, Zenith Bank Ghana and Ghana Shippers Authority.

Broll Ghana Limited for the past eight years has been involved in all property related consultancy services with the exception of property development.

The company started with two services namely; property management and facilities management services. Broll Ghana Limited is now a multidisciplinary professional service firm providing property consultancy services in seven core areas namely; Retail Management, Commercial Broking, CRES, Valuation and Advisory, Residential Property Management, Real Estate Consulting, Market Research and Retail Broking.

According to the African Retail Development Index (2014), Ghana is among the countries which dominate the list of fastest growing economies in the world and the potential for growth is still high.

Ghana exhibits good demographics and possesses highly skilled labour force creating the necessary environment for good investment, says Mr Ampong.

He said Accra, was identified as the sub-Saharan African city with the highest potential for growth over the next five years by the MasterCard African Cities Growth Index.

“It is an undeniable fact that up until late 2004 investors had focused more on residential and office developments than Retail Development and it is gratifying to state that there has been a paradigm shift of late,” he said.

He said although demand for land for residential developments is relatively high in growth, the last few years have seen great inroads and strong demand for land for commercial property developments especially in most major cities in Ghana.

“More than 10 years ago, there were strictly speaking no shopping malls in most West and East African cities. Now cities like Nairobi, Dakar, Accra and Lagos boast of Western style Shopping Centres thanks to property developers from South Africa and United Kingdom.”

Mr Ampong said retail properties in Ghana are commanding rental rates of from $7.00 – $25.00/m2 per month exclusive of service charge.

Prime retail properties in Accra which are principally neighbourhood and Community Shopping Centres, however command the higher bracket of rental rates from $25.00 – $55.00/m2 per month. Service charges for Retail properties range from 10 per cent to 20 per cent rental rates.

“That notwithstanding, Anchor tenants generally are able to negotiate relatively lower rates than the above rentals. This is mainly due to the fact that they occupy larger space (usually more than 1,000m2) and have the ability to draw a lot of foot traffic, thus resulting in increased visits to the Centre to the benefits of the line tenants.

Broll Ghana is involved in the leasing of top-rated retail and office space in locations like Movenpick Hotel, the office component of the new Stanbic Heights. Broll was also actively involved in providing varying real estate services to some upcoming developments like West Hills Mall, Achimota Mall, The Junction Mall, Meridian Mall, The Exchange and Accra WaterFront, in and outside Accra.

In addition to Retail Brokerage and Property Management, the Company provides Valuations/Advisory Services, Residential Brokerage and Management, Facilities Management, and Corporate Real-Estate Services.

Broll Ghana’s clientele list includes but is not limited to – Atterbury/Sanlam (Accra Mall Limited, West Hills Mall Ltd), RMB Westport, Social Security and National Insurance Trust, SIC Insurance Company, Hollywood Developers, Primrose Homeowners Association, Hawkrad Construction, Polocourt Homeowners Association, Amerigan Resources, Ghana Heights, Ecobank and Check Point.

The company directly employs more than 70 people and indirectly employs several hundred through the various service providers. Broll Ghana also embarks on several social intervention programmes.

Broll Ghana for the past four years has been adjudged the best property/facilities management company and recently was awarded the Property Management Company at the Sixth Annual Ghana Property Awards ceremony held in November, 2013.