The upcoming Limuru-based 400-acre industrial-cum-residential facility Tilisi has reduced the acreage for sale to one- and two-acre plots targeting Small and Medium Enterprises(SMEs).
Tilisi Developments co-chief executive Ranee Nanji said the reduction from the previous minimum of five acres was aimed at fast-tracking uptake at the 90 acres reserved for industrial park.
"This has prompted rapid sales as the smaller units give SMEs a way to put in place new facilities that transform their costs, whereby an acre in the serviced logistics park going for Sh35m will be able to house an average of six warehouses of 7,000 square feet each," she said.
While estimating the sale of the remaining 33.5 acres could yield Sh1.172 billion, Ms Nanji said the firm is also looking at the possibility of building warehouses for onward leasing to individual SMEs.
"The smaller size option has provided a more accessible route to better warehousing at a time when SMEs are largely unable to raise bank finance for larger purchases. The new ‘kidogo’ warehousing plots provide a Grade A logistics facility for large and mid-sized companies," she said.
Co-chief executive Kavit Shah said 49 acres had since been sold to Africa Logistics Properties, 2.5 acres went to incoming Chinese furniture maker-investor Jiayuan Investment, Prosell Limited, two acres to an outdoor signage maker while a 3-acre plot has been sold to an unnamed local retailer.
Mr Shah reported the industrial park had since undergone a Sh700 million infrastructure development with Sh64 million dedicated to flood protection.
Tilisi’s masterplan has reserved space for an industrial park, luxury homes, hospitals, fun parks as well as commercial and retail uses.
The management has obtained approvals for electricity, boreholes, tarmacked roads, secure fences and landscaping enabling buyers to launch constructions within the shortest time possible.