Sanlam set to sell iconic CBD office for Sh460 million

Listed financial services group Sanlam Kenya Plc #ticker:PAFR is selling its five-storey headquarters building on Nairobi’s Kenyatta Avenue, as it prepares to move to its new Westlands home.

The Sanlam House — formerly Pan Africa Life House — is a preserved historic monument.

The firm, which put the asking price for the iconic property that stands on 0.34 acres at Sh460 million, said it plans to vacate the premises latest April 1 next year. It is ready to get a short-term contract with the new owner pending relocation.

The building whose construction began in 1928 and completed three years later was designed by Chudha International — then under the stewardship of architects Joginder Singh Chudha and Harpal Singh Pawa who parted ways in 1972 after the later retired from active service.

According to the custodian the National Museums of Kenya, the building’s grand style was intended to proclaim the permanence of “lofty ideals of the British rule”.

It once housed the Ministry of Agriculture headquarters before it became home to the Teachers Service Commission (TSC).

READ: Sanlam’s 18-floor Waiyaki Way block targets end of year occupation

Sanlam said it had retained real estate firm JLL to sell the old headquarters with September 21 set as the deadline for potential buyers to file bids.

Sanlam has set up a Sh2.7 billion green building, rising 18 floors in Westlands. The building is expected to be ready for occupation by December 2017.

Group chief executive Mugo Kibati said more office space at Sanlam Towers would enable them consolidate the wealth management, life and general insurance units into one outfit to be served by a soon to be established client service centre.

Listed Sanlam is majority owned by South African Sanlam Group after it took over Pan Africa Insurance largely owned by indigenous investors.