Britam Holdings Plc, an investment holding company which engages in the insurance, investment management, private equity, and property businesses in Kenya as well as other countries in East and South Africa has announced the partial opening of its main investment building.
The Britam Tower- 32-storey tower, with advanced features including earthquake resistance technology- , arguably the tallest building in Kenya and the third highest in Africa has started welcoming tenants in a move that will continue to the end of the year.
Located in the upmarket Upper Hill area, the ultra-modern tower has a total available space of 350,000 square feet with 1,000 parking bays and is ready for occupation by diplomatic missions, multinationals, private companies, and financial institutions.
Its construction started in 2013 and ended in September 2017 at a cost of Sh7 billion.
Britam Tower won an Excellence in Design for Greater Efficiencies (EDGE) award from the International Finance Corporation (IFC), which rewards developers who implement strategies to save energy and water use in their building.
Upper hill area of Nairobi is one of the fastest growing in the country and hosts similar already operational and upcoming projects. Due to its proximity to Nairobi’s CBD, this region has attracted massive investments despite it being one of the most expensive commercial property in Africa. The area was a residential area a decade ago.
Other buildings coming up in the region include The Pinnacle which is under construction and is expected to be the tallest building in Africa once completed. Other skyscrapers include Crowne Plaza, KCB Towers, the UAP-Old Mutual Tower and the proposed Kilimanjaro Towers.
Nairobi has continued on a growth sprout outperforming its neighbouring capitals like Dar es Salam in rental yield from commercial offices despite constrained performance as a result of oversupply.
A latest survey by Cytonn Investments indicates that Nairobi beats Dar Es Salaam, generating an average dollarized rental yield of 8.5 per cent , against an average of 6.4 per cent in Dar Es Salaam.