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Private equity investor Actis is investing US$22mn into the expansion of the Nairobi Business Park
The works, scheduled for completion in March 2013, will create an additional 15,000 sq m of modern, environmentally-friendly low-rise office space, while also providing the highest parking ratios in Nairobi.
Michael Turner, managing director of Actis East Africa, said, “Set in a unique location next to the Ngong Race Course, the prestigious office park has successfully attracted high corporate tenants and enjoys an excellent reputation in the market.”
Among the current tenants of the park are Nokia Siemens Network, Coulson Harney, John Deere, DHL and Hello Properties.
New businesses expected to take up office space include Java, Wines of the World and Barclays.
The expansion of the park has been prompted by the ongoing construction of the Nairobi Southern Bypass and the upgrading of the Adams Arcade-Karen – Ngong-Bomas roads.
The park, which is located a few kilometres west of the city centre, was brought to Kenya’s property market in 2004 by Actis and Mentor Management.
According to James Hoddell, CEO of Mentor Management East Africa, road expansion in the area around the park will reduce travel time from the Jomo Kenyatta International Airport from about one hour to less than 25 minutes.
The expansion will also include new leisure facilities such as cafes, restaurants, banking facilities, convenience shops and fitness shops.
The site area extends to 4.55 hectares and currently comprises of three office buildings totalling 7,970 sq m of the built-up area, while Phase 2 consists of six new blocks totalling 15,000 sq m of additional floor space and further basement parking.
The new buildings will be among the greenest in their class, added Turner.
Included will be water recycling, rain water catchment and storage and energy efficiency systems.
“Tenants will benefit from considerable cost savings on operating expenses and a healthier work environment,” said Turner.
In the last decade, Nairobi has witnessed massive development of commercial, residential and rental properties within the Central Business District and on its outskirts.
Specifically, Westlands, Karen, Nairobi West and Community Area have seen corporate entities establishing their headquarters away from the bustling city centre.
Among the companies that have moved to the outskirts are Equity Bank, British American Insurance, Safaricom and Barclays.
Development of northern, eastern and western by-passes has opened up prime real estate properties for development by investors in the commercial and residential houses segments.