Vanuabalavu Vision Limited aims to increase its annual revenue to over $800,000 with the opening of its newest investment, 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 cost over $3.2 million.
Business and property manager Tomi Finau revealed that Vanuabalavu Vision Limited owns three properties: Mualevu House (formerly Quality House) on 6 Gorrie Street, Suva, two executive residential apartments in Viti Towers, Wailoku, and the new Vanuabalavu House in Nasese.
“The aim of building Vanuabalavu House is to boost revenue for Vanuabalavu Vision Limited and its stakeholders,” said Mr. Finau. “Last year, our total revenue reached over $400,000. With Vanuabalavu House, we expect to increase our total revenue to more than $800,000 a year. This is quite beneficial for our business, as we are focused on property and equity investment and are constantly exploring ways to increase revenue and profits for our shareholders.”
Vanuabalavu House was designed as a commercial retail complex by Ulaiasi Baivatu of Clearview Architect. The project was funded through a combination of equity contributions and bank financing from Bank South Pacific.
The construction of the project began last February but faced delays due to supply chain challenges and shipping issues with steel frames from China to Fiji. The project is now set to be completed by June 2024.
“Once the steel frames arrived, it took the contractor five months to erect the building. It was remarkable to see the project progress stage by stage,” Mr. Finau commented.
The Vanuabalavu House features a floor space of 483 square meters and offers four tenancy units for a bakery and coffee shop, a restaurant, and two office spaces.
“The building will symbolize the investment of the people of Vanuabalavu and their friends, something everyone can be proud of,” said Mr. Finau. “This is our first property offering commercial retail space. We are seeking a fine dining iTaukei food restaurant for the Vanuabalavu House, a place where the corporate or expatriate community can bring their clients for a meal in a quiet setting. Suva lacks fine dining options for true iTaukei cuisine.”
Vanuabalavu House comprises a ground level and a top floor, with the two office spaces located on the top floor, ideal for accountants, lawyers, or professionals who want to stay close to the CBD without dealing with traffic congestion.
The official opening of Vanuabalavu House is scheduled for Friday, July 19, with representatives and families from the Tikina of Lomaloma and Mualevu in Suva set to officiate the event.