Karen Shopping Centre Joint Venture construction for development of office block.
Karen shopping centre is located 12 km from Nairobi city Central Business District.
Currently, there are 3 new office/commercial blocks which have come up recently in Karen, namely The Hub, Watermark business park and Zamani Business park.
Sale value is in the range of 120,000 to 150,000 per square foot of built up area.
The current land for development is 5 acres.
The construction plinth area is set at 60,000 m2.
The cost of construction without land value is kes 4.3 billion.
The land value is kes 500 million.
Joint venture take home.
The land owner has a possibility of taking home kes 2 billion including land value after the Special Purpose Vehicle deal is completed.
This represents a whooping 200% increase for the land owner from the initial contribution of kes 500 million.
This kes 2 billion take away represents a very profitable deal for the land owner.
Architect Francis Gichuhi kamau.