As the TFA experienced great difficulties under the socialist regime associated with the take-over of major commercial operations including TFA’s, and twenty years later, the overwhelming number of new competitors in the farm inputs sector as the economy was liberalised, many opportunities arose for TFA to reposition itself. Opportunities to commercialise the accumulated landed property assets of the Association presented themselves. These however required much time, planning, designing and capital to consummate.
The first shops at the TFA Arusha Shopping Centre were ready for occupation by the internationally renowned retail chain of Shoprite & Checkers as the anchor tenant in October 2002. Since then 70 shops and offices of varying sizes have been completed and are let out in what is the only comprehensive shopping centre in Tanzania outside of Dar es Salaam. The TFA Arusha Shopping Centre, “a new and exciting shopping experience in Tanzania”, boasts secure and ample parking, is fully serviced and has 24 hour back up power & water as well as many clean public amenities around the centre. The centre provides direct employment to some 350 people as well as revenue to both the Central Government and the Municipality in taxes and rates.
A key element of the new Corporate Strategic Plan is to further develop the property assets of the Association to maximise the value for Members and provide a stable source of revenue along side the more volatile income associated with agriculture and the Trading Division. This diversification will provide a stable platform for TFA to further build its reputation for long term reliability and ensure it prospers for at least another 70 years.
Over the next 4 years or so the Property Division will be expanding the shopping facilities at its TFA Arusha Shopping Centre. It will also be developing at least two other regional shopping centres to cater for the growing demand for such facilities in other regional cities and towns. TFA will be aggressively looking for prime opportunities and financial support to increase its investments in commercial property.
TFA’s Board and management recognise that the cornerstones of success in property developments are; prime location, suitable design and a keen focus on the needs of the customers, both the tenant and the shopping public.
“TFA’s Property Division aims to be the largest Tanzanian owned commercial property business in Tanzania while providing a reasonable total return to our owners,”