30 May 2015 17:30pm
WINDHOEK, 30 MAY (NAMPA) Paragon Investment Holdings (PIH) executives have expressed disappointment in the City of Windhoek (CoW) for delaying the approval of application to purchase a piece of land for over eight years.
The company applied to buy Erf 8389 in consolidation with Erf 7413 along Garten Street in the capital for the development of a 14-storey building with apartments, offices and a hotel in.
Speaking to Nampa on Thursday immediately after the monthly City Council meeting in which the purchase was approved, Paragon Executive Director Lazarus Jacobs said they are disappointed that the process took about eight years to be finalised.
We appreciate the fact that eventually they (CoW) have applied their minds and looked at it in a bigger picture, he said.
Jacobs explained that they have applied for Erf 8389 in order to expand their development from Erf 7413, where there is currently no development because the company was waiting for the approval for Erf 8389, he said.
Desmond Amunyela, also a Paragon executive director, expressed unhappiness that the CoW took long to approve their application after the company appealed the first decision not to grant them the land.
We are not happy; its absolutely nonsense. What they are recommending is what they rejected many years back. We appealed and now for some reason, they say okay, what you have originally offered us, we now want after seven years, he said.
According to the Council meeting agenda document, councillors recommended that PIH note that the CoW will only sell Erf 8389 to them, provided that they avail office space as initially offered to CoW.
The size of the office space is yet to be determined.
Erf 8389 is currently housing the CoWs Human Resources Department, specifically the Occupational Health, Safety and Wellness as well as Organisation Performance Management Division.
It is also recommended that Paragon be informed that it must accommodate the current occupants at their (applicant's) cost until the proposed sale and development has taken place and the proposed office space has been availed to the CoW by the company.
PIH is a local private equity and business management company with diverse holdings in, amongst others, investment; property development; duty-free operations; oil and gas exploration; publishing and hospitality.