Vanuabalavu Vision Limited aims to boost its annual revenue to over $800,000 with the launch of its latest investment, Vanuabalavu House, this week.
Located at the corner of Ratu Sukuna Road and Crawford Avenue in Nasese, the two-storey commercial complex has been built at a cost exceeding $3.2 million.
Tomi Finau, the business and property manager for Vanuabalavu Vision Limited, stated that the company owns three properties: Mualevu House on Gorrie Street in Suva, two executive residential apartments in Viti Towers, Wailoku, and the new Vanuabalavu House in Nasese.
According to Mr. Finau, the primary goal of constructing Vanuabalavu House is to enhance revenue for Vanuabalavu Vision Limited and its stakeholders. “Last year, our total revenue surpassed $400,000. With Vanuabalavu House, we expect this to rise to more than $800,000 annually,” Mr. Finau said. “This growth is significant for the business as we focus on property and equity investment, seeking ways to increase our revenue and profits for our shareholders.”
The Vanuabalavu House, a commercial retail complex, was designed by Ulaiasi Baivatu of Clear View Architect. The funding for the project came from a combination of equity contributions and bank financing from Bank South Pacific.
Construction commenced last February, facing delays due to supply chain issues and shipping problems with steel frames from China to Fiji, pushing the completion date to June 2024. “Once the steel frames arrived, it took the contractor five months to erect the building. Watching the project complete stage by stage was quite amazing,” Mr. Finau added.
The Vanuabalavu House spans 483 square meters and offers four tenancy units, including spaces for a bakery and coffee shop, a restaurant, and two office spaces. “The building will represent the investment of the people of Vanuabalavu and their friends, an achievement everyone can be proud of,” Mr. Finau said.
“This is our first property offering commercial retail. We are looking for a fine dining iTaukei food restaurant for Vanuabalavu House, a place for the corporate or expatriate community to take their clients for a quiet evening meal. Suva lacks fine dining in true iTaukei cuisine.”
Vanuabalavu House has a ground level and a top floor, with the two office spaces located on the top floor. It is an ideal location for accountants, lawyers, or professionals seeking proximity to the CBD without the traffic congestion.
The official opening of Vanuabalavu House is scheduled for Friday, July 19 and will be attended by representatives and families from the Tikina of Lomaloma and Mualevu in Suva.