Vanuabalavu Vision Limited aims to boost its annual revenue to over $800,000 with the inauguration of its latest investment, the Vanuabalavu House, this week.
The two-storey commercial complex is located at the corner of Ratu Sukuna Road and Crawford Avenue in Nasese.
The project had an investment of more than $3.2 million.
Business and property manager Tomi Finau stated that Vanuabalavu Vision Limited owns three properties. These include Mualevu House (formerly Quality House) at 6 Gorrie Street in Suva, two executive residential apartments in Viti Towers, Wailoku, and the new Vanuabalavu House in Nasese.
Mr. Finau explained that the primary aim of constructing Vanuabalavu House was to boost revenue for Vanuabalavu Vision Limited and its stakeholders.
“Last year, the company’s total revenue exceeded $400,000, and with Vanuabalavu House, we expect to increase our total revenue to more than $800,000 annually,” Mr. Finau said. “This is a positive development for us as we are involved in property and equity investments, looking for ways to enhance our revenue and profits for our shareholders.”
Vanuabalavu House was designed as a commercial retail complex by Ulaiasi Baivatu of Clear View Architect. The project was funded through equity contribution and bank financing from Bank South Pacific.
Mr. Finau mentioned that the construction project started last February. However, supply chain challenges and shipping delays for steel frames from China to Fiji pushed the project’s completion to June 2024.
“Once the steel frames arrived, it took the contractor five months to erect the building. It was quite amazing watching the project progress stage by stage,” Mr. Finau said.
With a floor space of 483 square meters, Vanuabalavu House provides four tenancy units for a bakery and coffee shop, a restaurant, and two office spaces.
“The building represents the investment of the people of Vanuabalavu and their friends, something everyone can be proud of,” Mr. Finau said. “This is our first property offering commercial retail. We are specifically looking for a fine dining iTaukei food restaurant for Vanuabalavu House, a place where the corporate or expatriate community can bring their clients for a quiet evening meal. Suva lacks fine dining in true iTaukei cuisine.”
“Vanuabalavu House features a ground level and a top floor, with the two office spaces situated on the top floor. It’s ideal for accountants, lawyers, or professionals who want to stay close to the CBD without dealing with traffic congestion.”
Vanuabalavu House is scheduled to open for business on Friday, July 19.
Representatives and families from the Tikina of Lomaloma and Mualevu in Suva will attend to officiate the opening of Vanuabalavu House.