Vanuabalavu Vision Limited aims to boost its annual revenue to over $800,000 with the launch of its latest venture, Vanuabalavu House, this week.
Located at the corner of Ratu Sukuna Road and Crawford Avenue in Nasese, the two-storey commercial complex cost over $3.2 million to build. Business and property manager Tomi Finau stated that Vanuabalavu Vision Limited owns three properties: Mualevu House at 6 Gorrie Street, Suva, two executive residential apartments in Viti Towers, Wailoku, and the newly opened Vanuabalavu House in Nasese.
Mr Finau emphasized that the main goal of constructing Vanuabalavu House is to boost revenue for the company and its stakeholders. “Last year, our company earned over $400,000, and with Vanuabalavu House, this should increase our total revenue to over $800,000 a year,” he said. “This is advantageous for our business as we are involved in property and equity investments, always seeking ways to enhance revenue and profits for our shareholders.”
Designed as a commercial retail complex by Ulaiasi Baivatu of Clear View Architect, Vanuabalavu House was financed through equity contributions and a loan from Bank South Pacific. Construction began last February but faced delays due to supply chain issues and shipping challenges for steel frames from China to Fiji, pushing completion to June 2024. “Once the steel frames arrived, it took the contractor five months to assemble the building, and it was quite amazing to see the project develop stage by stage,” Mr Finau remarked.
Vanuabalavu House spans 483 square meters and offers four tenancy units, including spaces for a bakery and coffee shop, a restaurant, and two office units. “The building represents the investment of the people of Vanuabalavu and their associates, something everyone can be proud of,” Mr Finau said. “This is our first commercial retail property. We are looking for a fine dining iTaukei food restaurant for Vanuabalavu House, suitable for the corporate or expatriate communities to enjoy a meal in a serene setting. Suva lacks fine dining venues offering authentic iTaukei cuisine.”
The complex comprises a ground level and a top floor, with two office spaces on the upper floor, ideal for professionals like accountants and lawyers seeking proximity to the CBD without dealing with traffic congestion.
Vanuabalavu House is set to open on Friday, July 19, with representatives and families from the Tikina of Lomaloma and Mualevu in Suva to officiate the ceremony.