The Law Society of Kenya (LSK) plans to build a Sh4.1 billion mixed-use development property in Nairobi as it moves to diversify its revenue streams.
LSK’s Development Investment Committee says in a recent report to members that the facilities, will be built on its 2.2-acre piece of land on Gitanga Road and South C estate in Nairobi. The Gitanga Road facility will comprise the LSK Secretariat's office, office for sale, or subletting to members and the general public. It will also have a parking space and a restaurant.
The South C property will sit on a one-acre piece of land. It will comprise of a residential and hospitality units and an office block. It will also have four blocks of apartments consisting of one, two and three-bedroom apartments built in phases with priority given to those that will yield quick returns on investment.
“The highest and best use proposal for Gitanga Road has been professionally estimated to cost Sh2.7 billion, while the South C property development is expected to cost Sh 1.4 billion," said the Chairperson of LSK Development & Investment Committee Mr Hosea Kili.
Mr Kili says in the document that the apartments in South C will measure between 60-120 Square metres. They will be sold at between Sh 5.5 million and 14 million in a plan that will see LSK tap into the services of aggressive sales agents.
The Gitanga Road property expected to sit on a 1.2-acre piece of land will be completed in 18 months, says Mr Kili. The proceeds from the project will be used to build phase two of the project.
"The ownership structure for both development projects will comprise the Law Society of Kenya, Law Society of Kenya Investment Cooperative Society, and strategic investor," says Mr Kili.
LSK is tapping into the real estate business at a time when land and house prices in Nairobi have increased at the fastest pace in two and three years respectively.
