COMMERCIAL PROPERTY IN UPPER HILL, NAIROBI
Land value is approximately KES 200,000,000 per acre=KES 50,000 per square meter.
Assuming 50% ground coverage on construction for 10 floors, this will be approximately 2000m2 x 10 floors =20,000 m2.
The fraction of the cost of land within the built up area will therefore be KES 200,000,000 divide by 20,000m2 =KES 10,000 per m2.
Cost of construction.
The average cost of construction for a high-rise building in Nairobi is KES 60,000 per square meter.
Estimated cost of construction for 10 storey building will be KES 60,000 X 20,000m2 =KES 1.2 Billion.
The total cost of construction will be cost of land plus cost of construction = 60,000 plus 10,000 =KES 70,000 per square meter.
Total cost of the project will be KES 1.2 Billion plus KES 200,000,000[Land] =KES 1.4 Billion.
Return on Investment.
Office sale value is approximately KES 13,000 per square foot=KES 130,000 per square meter.
Total sales from 10 storey building will be KES 130,000 per square meter x 20,000 square meters = KES 2.6 Billion.
The profit margin is KES 130,000 minus KES 70,000 =KES 60,000.
Profit will be KES 2.6 Billion – KES 1.4 Billion =KES 1.2 Billion
This represents an 85% Return on Investment hence a very viable option to develop offices for sale.
NEXT TO NIC BANK HOUSE, UPPER HILL
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This building has a front façade clad in natural stone.
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The interior floor is finished with Granite tiles.
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The windows are made of UPVC.
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Available space: 3rd floor-3800 sq. ft.
Ground Floor-1400 square feet.
Rent: KES 120 per square foot sharing kitchen and toilets.
KES 140 per square foot with own kitchen and toilet.
Parking available.
GEMINIA INSURANCE BUILDING, UPPER HILL
This building is located opposite the Embassy of Japan and Coca Cola Africa Headquarters.
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| From Upper Hill |
Available space-2,500 sq. ft.
Rent: KES 100 per square feet.
The building is arguably one of the best designed in Nairobi.
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The architects used a school of thought popularly known as ‘deconstruction’ in architecture circles.
See more about deconstruction on Wikipedia here
http://en.wikipedia.org/wiki/Deconstructivism
Deconstruction is a modern style whereby the building is designed to avoid the usual and normal vertical and horizontal planes that we are used to seeing. The walls, ceilings and all other surfaces are tilted slightly off the usual plane.
In Geminia Insurance building, this theme has been used on the exterior and interior partitioning.
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The floors are finished with granite tiles.
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Walls around the lift lobby are finished with glazed tiles
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There are beautiful vista views from the building towards the surrounding Upper Hill architecture.
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The neighbors include the Coca Cola Africa headquarters.
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Francis Gichuhi Kamau
Architect.
info@a4architect.com
www.a4architect.com
+254721410684
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