Davies Motors has put on sale its 1.14-acre piece of land on Mombasa Road. PHOTO | FILE
What you need to know:
The 1.14-acre piece of land on Mombasa Road in Nairobi has a three-storey building with a gym and a small workshop on an acre.
Davies Motors has put on sale its 1.14-acre piece of land on Mombasa Road for Sh1.2 billion making it one of the priciest land transactions this year.
A three-storey building currently sits on the property with one of the occupants being Chinese motor company, Foton, who have a showroom on the ground floor. The top-floor has a gym associated with the land owners, Davies Motors. The rest of the land, one acre, has small workshops.
Kenya Valuers and Estate Agents, who are contracted to conduct the sale note that development of a multi-storey building is ideal for the land.
The asking price for the land is equivalent to what the same agency is asking for a two-acre piece of land located at Second and Third Avenue on Ngong Road.
Foton said the sale would not affect their operations as they had a lease agreement running to the end of next year and expected any new owner to respect the arrangement.
“Foton owns a 10-acre plot at Mlolongo and we intend to move all our operations there so by end of our lease we will have made plans to move,” said Foton Motors sales manager George Osewe.
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