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Coca-Cola puts its Upper Hill complex on sale

Coca-Cola building
The Coca-Cola building in Upper Hill, Nairobi. FILE PHOTO | NMG 

One of Nairobi’s most modern buildings located in Upper Hill business district owned by beverages giant Coca-Cola has gone on sale.

The three-storey complex covering 116,350 square feet on 3.26 acres has been placed in the market by realtor Knight Frank, who invited prospective tenants and buyers to place bids on or before July 4.

“The Grade A office building with 130 parking spaces is strategically located in the business district...Where it occupies one acre with the rest undeveloped. It has a sound-proof auditorium, gym, fitness studies and a cafeteria,” said the firm.

The notice described the property as suitable for a headquarter ‘office campus’ or as an asset management and development opportunity.

The property served as a regional headquarter for Coca-Cola Central East and West Africa overseeing operations in 14 African countries.

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The company has since moved to newly-built 90 James Gichuru.

Its regional general manager Ahmed Rady had said the shift was meant to redefine their working space ‘more open and less formal’ that is closer to residential areas giving employees the best work experience.

The Atlanta Georgia US-based multinational company is one of richest in the world.

When contacted Knight Frank management declined to disclosed the price but vacant parcels of land within Upper Hill go for between Sh500 million to Sh600 million per acre.

While the Coca-Cola headquarters cost about Sh700 million, it remains to be seen how much the bid price will be based on its modern and green architecture that improves natural lighting, ventilation and harnesses water harvesting for its greening programme.

Earlier reports indicated Coca-Cola was looking for over Sh1 billion.

For those planning to lease, rent within the locality ranges between Sh130 to Sh200 per square foot but the property could fetch more owing to its former client, Coca-Cola, putting up a world-class facility.

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