…the
30-storey complex will house offices and rental space…
The construction of the tallest building
in Kenya to date, a grade “A” office tower by Britam, is on course as the Group
seeks to expand its property development portfolio to consolidate its position
as the leading financial services provider in Kenya and the East African
region. The target clientele is the multi nationals, institutions and even
Government bodies.
The company filed
an application for the construction of the 30-storey tower with relevant government
authorities as well as environmental and survey authorities. Approvals have been
received from the Local Authority, Ministry of Lands, Ministry of Housing,
National Environmental Management Authority (NEMA) as well as the Association
of Land Surveyors of Kenya.
Speaking
about the proposed project, Benson Wairegi explained that the design of the
30-storey tower, standing on 1.5 acres of land; comprises two buildings linked
by an atrium with the tower housing office accommodation on the top levels, and
retail facilities including banking halls, restaurants and shops on the ground
and mezzanine levels. The roof has been designed as a viewing deck and an
entertainment area. The annex building
is a 10-storey parkade as well as retail facilities on the ground floor. At the
roof of the tower will be a wind turbine which other than being an iconic
feature will also generate electricity to power part of the building.
The Britam Group
Managing Director, Mr. Benson Wairegi said the construction period is estimated
to be three years with the office space, in excess of 350,000 square feet and
parking bays in excess of 1,000 in number, is expected to be offloaded to the
market towards the end of 2015.
“This is our
flagship project within the property development portfolio and it is driven by a
rigorous research that showed great need for Grade ‘A’ properties in Nairobi. I
am happy to note that the board of directors have approved all costs relating
to this project. This project sets the pace for other similar projects that we
have planned in the next five years, “said Wairegi.
The company
has also identified a real estate company, Acorn Group, to manage the
construction of the property as well as engaged other Consultants with both
local and international expertise to both design and ensure successful
implementation of the project.
The total
investment that Britam has put towards the project is in excess of Kshs 5
Billion.
In a bid to ensure that the tower is not detrimental to the
environment, the designs of the environmental engineering components will ensure
compliance with international environmental regulations. The tower design will
incorporate green features including a wind turbine to generate electricity to
power the common areas of the building. To this end, an Environmental Engineer
of renowned international repute has been appointed to the Project to ensure
that it meets all the requirements of Green construction.
Earlier
this year, Britam announced, that it was
setting up a Ksh 10 billion property fund subject to statutory approval targeting
high net worth individuals to pool funds for multi-billion shilling investments
in the property sector.
The
strategy to diversifying from government securities, equities and bank
deposits, was with the aim of expanding the company’s product offering while
responding to client’s appetite for assets that have little more stability like
real estate and private equity.
Past Real Estate Investments by the
Company:
Britam
has a long history of property development which includes:
Britam Centre - an 8-floor office building with
over 85,000 square feet lettable area situated in Upper Hill area of Nairobi constructed
in the early 1990s when Upper Hill area was still largely a residential area.
The area has since revolutionized and is considered the Financial Hub of
Nairobi and East Africa in general. The building has over the years enjoyed
full occupancy with clients of good repute amongst them multinationals,
government bodies as well as diplomatic missions.
Thompsons Glade- These are apartments for residential
accommodation that were completed by the Company in early 2010 and full sold
off in just over a year.
Apple Walk Park – This too comprised of residential
apartments that were constructed for outright sale and were sold off in under a
year.
Hurlingham Park- Also residential apartments
developed and successfully sold off by the Company.
The
Company has recently unveiled its real
estate investment strategy which looks at extending its real estate
investment across the different property divides as well as beyond the Kenyan
borders
Ends..........
No comments:
Post a Comment