0.180 For Sale In Nairobi

Nairobi

KES 530,000,000

Description

  • The building was substantially renovated in 2016 and comprises retail spaces on the lower
    floors and offices on the upper floors. One of the prominent retailers in the building is Bata Shoe Company. Ancillary structures within the demised property includes a generator block and two
    ablution blocks. One passenger lift is in place to facilitate access to the upper floors and CCTV cameras have been installed and placed at vantage points on each floor and a security room is
    situated on the 1st floor.

    Mains water supply is connected to the property and an underground water storage tank with a
    capacity of 70,000 litres has been installed. Additionally, another water storage tank on the roof top
    with a capacity of 36,000 litres has been installed.

    Mains electricity services are connected to the property. This has been supplemented by 232 KVA
    backup generator and the drainage is to the mains sewer.

    The property accommodation details are as follows:

    Ground floor
    • Entrance Lobby
    • Lift Lobby
    • Store below staircase
    • 10 No. Shops
    • Restaurant with fitted kitchen

    First floor
    • 2 No. Staircases to Landing
    • Lift Lobby
    • Garbage duct room
    • Passageway
    • Partitioned spaces
    • Common Ladies cloakrooms
    • Common Gents cloakroom

    Second Floor
    • 2 No. Staircases to Landing
    • Lift Lobby
    • Garbage duct room
    • Passageway
    • Partitioned spaces
    • Common Ladies cloakroom
    • Common Gents cloakroom

    Third Floor
    • 2 No. Staircases to Landing
    • Lift Lobby
    • Garbage duct room used as an office
    • Wing A with 10 No. partitioned spaces and passageway leading to a fire escape
    • Wing B with 6 No. partitioned spaces and passageway leading to a fire escape
    • Common Ladies cloakroom
    • Common Gents cloakroom

    Fourth Floor
    • 2 No. Staircases to Landing
    • Lift Lobby
    • Garbage duct room
    Wing A with 10 No. partitioned spaces and passageway leading to a fire escape
    • Wing B with 6 No. partitioned spaces and passageway leading to a fire escape
    • Common Ladies cloakroom
    • Common Gents cloakroom

    Fifth Floor
    • 2 No. Staircases to Landing
    • Lift Lobby
    • Garbage duct room
    • Passageway
    • Partitioned spaces
    • Common Ladies cloakroom
    • Common Gents cloakroom

    The key investment characteristics that highlight the capital value of Philadelphia House:
    • Excellent location within Nairobi CBD.
    • Strong income stream – Fully let.
    • The property enjoys heavy foot traffic as it fronts Tom Mboya Street and Hakati Road and is
    close proximity to the bus station and the railway station.
    • It is situated in an area with high demand for shops/ stalls and offices due to the heavy foot
    traffic.
    • The building is currently fully let.
    • The current passing rents for the shops and offices leases and licenses is paid quarterly in
    advance, an equivalent of KES 40.5 Million per annum. The rents for both the leases and licenses are escalating at 5% annually.
    This equates to a gross initial yield of circa 7.6%.
    A full tenancy schedule can be provided on request.

    After benefiting from the rental income from the existing leases and licenses to the tenants, due
    to the strategic location there is significant redevelopment angle. The plot could be re-developed
    to a high rise mixed use building which would be its optimal use. To put the uniqueness and scale
    of the site into context, high rise developments such as Development House, Cooperative House, Times Towers, Afya Centre which are in close proximity have lettable spaces in excess of 100,000 square feet. This would be its o
    •  

Plan

0.180
Listing Date : 15, Jun 2022

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