Redevelopment of Ratu Cakobau House starts in 2023

Cost permitting the proposed refurbished Ratu Cakobau House is designed with a facade to promote architectural features associated with the iTaukei culture. Malakai Naiyaga Tailevu Holdings Company PTE Limited chairman

The redevelopment of Ratu Cakobau House will begin next year. Tailevu Holdings Company PTE Limited chairman Malakai Naiyaga said the cost of the project currently estimated at $2.5million. “The redevelopment of Ratu Cakobau House will consist of an upgrading and an extension, for additional commercial space, with compliance alone costing an approximate $1.0million,” Mr Naiyaga said.

“A recent valuation reported Ratu Cakobau House as having a value of $1.8 million. Cost permitting the proposed refurbished Ratu Cakobau House is designed with a facade to promote architectural features associated with the iTaukei culture. This is not a primary feature, but can be explored as an element that makes the flagship building unique from all the other buildings in Nausori Town. Hence a featured landmark owned by the people of Tailevu.”

He said Ratu Cakobau House projected revenue of an annual income of $279,990. “Notwithstanding the costs, the proposed refurbishment of Ratu Cakobau House has a projected revenue of an annual income of $279,990 compared to the current $143,899. Hence, a 95 per cent increase, assuming Tailevu Provincial Council pays the market rent,” he said.

“A feature of the renewed Ratu Cakobau House is the retail component on the ground floor which Tailevu Holdings is capitalising on as it commences diversifying its properties portfolio in line with its strategic plan.

“The project timeline indicates a total of approximately 18 months to completion. A number of financing options has been considered for the redevelopment of Ratu Cakobau House.”