Realty developer Cytonn Real Estate has decided to sell a 4-acre land parcel in Kilimani.
Cytonn had planned to construct a KSh20 billion (US$199 million) Mixed-Use Development dubbed Cytonn Towers, however, Nairobi City County’s (NCC) 2018 resolution that cancelled its construction.
“Cytonn Real Estate has been retained to dispose of prime property in Kilimani; a 4-acre corner plot with access to Argwings Kodhek and Elegeyo Marakwet Roads on two sides,” it said in a notice via its social feeds.
The realtor says the property ‘remains one of the largest corner plot parcels in Kilimani today.”
Selling the largest vacant plot left in Kilimani… 4 acres, a corner plot with two access roads on Argwings and Elgeyo, and located smack in the middle of mass affluence. Email email@example.com://t.co/fMy7vgHg89
— Edwin H. Dande (@ehdande) January 6, 2021
Cytonn Towers was designed to be a 150-meters and 35 stories each, with 30 floors of 174,139 square feet (16,000 square meters) office and commercial space available to lease.
The complex was also planned to include 180 hotel rooms, 160 serviced apartments, three-bedroom duplex apartments, and penthouse suites as well as three basement parking levels that could fit 1,500 cars.
The tower was expected to host one of Kenya’s highest suspended restaurants, as well as a large elevated infinity-edge pool, a massive ballroom, a double horizon fitness club, and an observatory deck.
Its construction was to commence in Q4 of 2018 and whose completion was scheduled for December 2022, was to be funded by local and global investors’ funds, with Finnish asset manager Taaleri Plc as the main investor.
Kilimani area of Nairobi has a high capital appreciation for both commercial and high rise residential.
Cytonn ranked Kilimani second-best performing node with average rental yields of 4.8% compared to the market average of 4.0% in its Nairobi Metropolitan Serviced Apartments 2020 report.
This was, however, a decline of 4.7% points attributed to 31.6% decline in occupancy rates and 20.5% correction in the monthly charges per SQM.