Bulawayo CBD Blaze: A Wake-Up Call for Investors – Don’t Get Burned!

On no day is it easy to have to swallow a USD 400’000 write-off brought about by a blaze. The recent fire that substantially damaged a building in Bulawayo’s Central Business District serves as a stark reminder of the importance of taking precautions when investing in commercial properties. My preliminary review of the building (Autoquip between 4th and 5th Avenue Bulawayo) did not put it in the black box but the damage was costly. Let’s go through a small checklist, shall we?

The Incident

The building which had been under some renovations caught fire in the early morning hours, leaving tenants reeling and the fuel station next door spooked. Firefighters on the scene believed the fire had started 2-3 hours before they got called in by a nearby resident. The Chronicle has a longer situation update. While investigations and assessments are still ongoing, this incident serves as a reminder to protect your investments, commercial or residential.

Mitigating the damage

 

There are ways to make good planning stand out in a bad situation. Ensuring your insurance is covering your building from crime as well as fire damage is surely one way. Insurance processes and costs whilst tedious, do provide saving grace when things are looking bleak.

As I usually advise clients at Stonebridge Real Estate, make sure that your tenants also insure their merchandise and that your lease agreement stipulates the need for them to insure their own goods. Not doing this potentially opens you up to costly legal liabilities, especially if the cause of the fire is murky.

Mitigating Fire Risk

Most building owners have fire extinguishers and exit points well laid out. That’s all good and welcome. That Auto-quip fire however makes you wonder how you could protect your building against a fire when nobody is around. Active fire systems while important only really protect you when there are people to raise the alarm.

Passive fire systems such as automated sprinklers, detectors and alarm systems play a vital role in mitigating fire spreading. Have you installed them in your portfolio? Here are a few more pointers

  • Conduct regular fire safety inspections and address any potential hazards
  • Ensure that your property has a functioning fire suppression system
  • Regularly inspect and maintain electrical systems
  • Use fire-resistant materials in construction and renovations

Having a solid working relationship with the fire department also aids your case. In cases where you are carrying out phased construction or renovations, make sure your electrician is covering for fire risk. It happens too often that I get on a construction site and have to instruct builders to clean up and switch off power mains when leaving a site. Builders and electricians won’t always have fire safety in mind when working.

In ending

Buildings, residential or commercial are massive investments, do not leave their protection up to chance. Winters will come in harsh and demanding, your tenants will rely on power more. Make sure your building’s electrical wiring is ready to take the load (inspect your cabling) and your insurance partner is ready to step in at the worst.

Safeguard your investment and ensure a secure hedge or return on investment. Bulawayo’s Fire Department as well as private players are available to give you fire risk assessments for your portfolio. Utilise them.

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