Shop and Save Limited has been awarded the tender for the redevelopment of the existing Nausori market site and they will also be subleasing the site for the next 50 years.
Local Government, Housing and Environment Minister, Parveen Bala made this announcement in a press conference saying they have made this offer to Shop and Save Limited and are now waiting for a response from them.
He says Shop and Save Limited have committed to invest $40 million on the project.
The company will be required to pay a premium of $2 million to the Nausori Town Council and an annual rental of $100,000 per year which shall be reassessed and increased by 10 percent at the interval of every five years.
Bala says the rental for the first ten years shall be paid in advance.
Six companies had forwarded their expression of interest and according to Bala, evaluation took into account design, type of products and services that will be introduced.
He adds the new Nausori market is expected to open next month and they will start clearing the existing market site soon after.
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