Sam Levy’s Village up for US$120m sale after 34 years of family ownership

HARARE – In a significant commercial property transaction, Sam Levy’s Village, Zimbabwe’s premier shopping centre, is being offered for sale for a staggering US$120 million.

Located in the upscale Borrowdale suburb of Harare, the shopping complex has been a landmark destination for shoppers and shrewd business people alike since its construction in 1990 by the late Sam Rahamin Levy, a renowned Jewish businessman.

After 34 years of family ownership, the Levy family has decided to put the iconic property on the market.

Leading independent real estate group, Pam Golding Properties, are spearheading the selling of the property.

“Pam Golding Properties are honoured to have the opportunity to present what the population of Zimbabwe safeguard as their most prestigious shopping complex in the entire country, none other than SAM LEVY’S VILLAGE.

“Spread across 30 acres of prime land in the leafy suburb of Borrowdale, Harare, this once in a lifetime opportunity to own a remarkable investment portfolio is now available to the astute investor with a unique vision and we are here to help with the acquisition process.

“Sam Levy’s Village, Zimbabwe’s premium shopping and dining destination, has continued to deliver the highest standards when it comes to service delivery over the last & decades, when it comes to security, ambiance second to none thanks to its open air feel, a wide range of retail outlets and friendly people who work in the retail spaces,” Pam Golding Properties said in a marketing flier.

Investigative journalist Hopewell Chin’ono said the family will accept US$95 million cash, but the payment must be made offshore.

He further stated that the centre lost its appeal due to frequent power outages, leading tenants to use of generators, which creates a noisy atmosphere unlike other premier shopping malls.

“His family is selling the shopping complex after owning it for 34 years. Insiders in real estate say the family will accept US$95 million cash, but it must be paid offshore.

“The shopping complex has lost its shine due to electricity shortages, as many of its tenants now use generators due to the incessant power cuts.

“Unlike many premier shopping malls worldwide, you would be welcomed by the noise of generators,” Chin’ono said.