Building housing multi-storey car park and offices opens in Victoria |30 January 2016
The Seychelles Pension Fund (SPF) has opened the first multi-storey car park and offices in Victoria yesterday under the name ‘Maison Collet’.
It was guest of honour Vice-President Danny Faure who unveiled the plaque to inaugurate the building in the presence of the chief executive of the Fund, Leka Nair.
Also present were theSpeaker of the National Assembly, Dr Patrick Herminie; the President of the Court of Appeal, Francis MacGregor; ministers; chairman and trustees of the SPF Board and other dignitaries.
The event coincided with the 10th anniversary of the SPF which started operations in January 2006.
The building, which has cost R140 million, was constructed by Allied Builders and designed by Tirant and Associates. Construction lasted fourteen months.
Maison Collet is a combination of multi-storey car park facilities and office premise.
The Seychelles Revenue Commission and the Ministry of Agriculture and Fisheries are already confirmed tenants.
At a rate of R400 per sqm inclusive of service charge for the offices, the SPF expects a 9.15% rate of return on this investment with a payback period of 11 years.
The parking facilities are situated on the first three levels. The first two floors can accommodate up to 50 cars each while the third floor can provide parking to 54 cars making a total of 154 parking spaces.
The ground floor parking facilities is for public parking and visitors to the building and will be chargeable by the hour with the first hour being free. Thereafter a fee is applicable for payment depending on how long the vehicle is parked.
The first and second floor parkings are reserved for tenants who are charged on a monthly basis. The associated fees chargeable for pay parking are per slot at R800.00 per month. While all other floors of the building can be accessed through lift and staircases, there is no lift access to the second level parking. The parking facility is restricted to vehicles below 1.9m high. SPF will have parking attendants stationed at the parking to assist members of the public until 10pm daily.
Why the name Maison Collet? The primary objective of the SPF is to ensure that its members retire in basic comfort. This noble social cause was shared by Charles Evariste Collet, a brilliant scholar who studied at St Louis College but was not awarded a scholarship despite his remarkable performances. He subsequently studied law and was called to the Bar in 1943. He is known for constantly pleading for social reforms and working for the poor working class in Seychelles. Upon his return in 1947 he became Attorney-General whereby he transformed Seychelles by introducing modern laws reforming the tax system and improving the living conditions of Seychellois.
The SPF is now in its 10th year of existence. Its aim is to continue to provide financial security to its members, the Seychellois workers, on retirement to live in basic comfort or to their close dependents in case of death before and after retirement.
The Maison Collet is another investment in addition to the Unity House and Providence Warehouse on Mahé, the Pension Complex on Praslin, the La Passe Pension House on La Digue.
The SPF expects to announce the opening of its forthcoming residential apartments at Huteau Lane in the near future.
After going through the SPF history and its achievements during the past 10 years, Mrs Nair described the opening of another SPF project as another milestone in the long term plan of the Fund and of its quest to remain sustainable and strong.
“The SPF has taken it upon itself to prove otherwise, by combining such facilities with office space, not only rendering the investment viable, but also addressing the country’s need for public parking space in town and in a major shopping area. Unlike other car parks, this one is modern, airy and spacious, and one that is driver-friendly with none of the tight little corners that are the misery of urban life,” she said.
She added that Maison Collet is the second phase of the development of that area, having built Unity House in 2012 as phase 1. It will be followed by a third phase with the building of commercial structures at Huteau Lane site.
“This speaks volumes about our commitment and denotes the continued progress that we are making, both in our investments and as part of our social responsibility. Prudent and cautious investments, for any pension fund, is crucial for its survival. As you are all aware, SPF places huge emphasis on its investment programme, particularly in property development, which it embarked on right from the beginning in 2006,” said Mrs Nair.
