Britam To Build a Shopping Mall Along Mombasa Road

November 19, 2013

Nairobi’s Mombasa road is attracting high profile investments due to the growing number of middle-class Kenyans building homes in the South East of Nairobi.

Investment firm Britam is the latest to join the list of investors on the busy road. The firm is set to start construction of a shopping mall, having already acquired the land.

The firm’s chief executive Benson Wairegi told the Business Daily that the company is buying 10 acres of land near Mlolongo to build the mall. 
“We have signed a sale agreement for the land which will cost us about Sh300 million,” Mr Wairegi said.
“We plan to build a shopping mall to cater for the middle class residing and commuting through that area.”
He did not disclose how much construction will cost, but investors estimate that it costs between $35 million (Sh3 billion) and $60 million (Sh5.1 billion) to build a mall in Africa.

Nairobi is seeing a rise in the number of shopping malls, with at least 7 under construction or recently opened. 
Thika Road Mall and Mountain Mall have both been recently opened along Thika superhighway. They have Nakumatt and Naivas as their anchor tenants respectively.
Still on Thika road, the 12 billion Garden City mall is currently under construction. This will be East Africa’s largest mall with 50,000 square metres of space.
This is larger than Sarit Centre with 30,000 and Junction with 26,000 metres.

Additional reporting by Business Daily©
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