0.87 ACRES LAND FOR SALE IN UPPERHILL-NAIROBI.
The plot is regular shaped red soil and has a gentle slope. The plot is held under a leasehold term of 50 years from 1st July 2005. Mains water, electricity and sewer are connected to the property. The site is developed
with a few derelict buildings and has connection to mains water, electricity and sewer.
The redevelopment potential of the site is considerable and the excellent location, size and shape makes this one of the best sites available in Upper Hill. The prominence of the location lends the site well to construct
a regional headquarter building for a major corporate or potential for a developer to consider a mixed use scheme incorporating much needed residential and serviced apartments accommodation to the district.
Upper Hill falls under Zone 1E of the Nairobi City Council planning regulations where the development of both residential apartments and commercial buildings are permitted. The minimum subdivision permitted is 0.05 hectares with a plot ratio of 300% and ground coverage of 60%. However significantly higher high plot
ratio have been achieved on a case by case basis. To put the uniqueness and scale of the site into context the high rise developments such as Britam Tower for a plot ratio of 580% on 1.6 acres Britam got approvals
to construct the Britam Tower which has a lettable area of 309,721 sq.ft across 33 floors and White Lotus got approvals for plot ratio of 600% on 3.3 acres where they are constructing The Pinnacle across 70 floors with a lettable area of 873,000 sq.ft. Based on the increased flexibility of the existing zoning regulations currently ongoing within the Upper Hill corridor, we are of the opinion that the subject property is more inclined towards a redevelopment in line with
similar developments in the immediate neighbourhood with a view to unlocking the economic value of the land.
The property is located in the heart of Upper Hill off Matumbato Road. The upgrading of Elgon Road and Hospital Road into dual carriageways is complete, making accessibility within Upper Hill easier. Major roads in Upper Hill such as Upper Hill Road, Matumbato Road, Menengai Road, Chulyu Road are under construction with a targeted completion in circa 10 months. This will allow better access to the major corporate HQ’s located there and re-inforce Upper Hill as a major office location and the recognized financial
centre for Nairobi and the wider region.
Upper Hill is considered one of the prime commercial districts within Nairobi. The following major financial institutions, multinationals and insurance firms all have their headquarters in close proximity to the site; KCB ,
Equity Bank, Citi Bank, Victoria Commercial Bank, World Bank, Coca Cola, International Finance Corporation, World Health Organization, CBA Bank, Old Mutual, UAP and Britam.
Other buildings, hotels and organizations in close proximity to the site include; Japan Embassy, Oxford University Press East Africa, GEOPMAPs, Corporate Business Centre and Renaissance Corporate Park.
Major international hotel brands such as the Crown Plaza and the new Radisson Blu are in close proximity to the site confirming this location as a major corporate/business hub providing much needed amenities such as
Hotels, Cafes & restaurants, banks and gyms.
PRICE: KSHS. 320M