Tiara Properties Limited intends to develop an exceptional and contemporary commercial development with a remarkable and distinct architectural character. The site’s strategic location next to Lavington Green, the commercial and social centre of Lavington (which is currently upgrading its facilities by building a four storey mall), is a big plus in establishing Lavington as a high-end and prominent centre. The proposed building will exemplify and showcase modern architecture within Lavington Green hence attracting a wide range of potential purchasers given its distinct and unique setting. The commercial centre is to consist of 2 blocks, at the front a six storey block along the South East boundary and a five storey block at the rear North West boundary. The blocks are seamlessly linked by a central Grand Atrium that doubles as a main entrance and lobby giving the building its distinct character. Construction is scheduled to start in October 2012.
Looks like that area around Lavington green is fashioning itself into a new commercial node. Almost like what Westlands did 30 years ago after Sarit centre opened its doors.
Real-estate firm Acorn Group and NSE-listed Crown Paints have broken ground on a Sh1.2 billion office block in Lavington, Nairobi.
The development is part of the Acorn’s Sh40 billion properties planned over the next two years.
The two firms through a joint venture, Tiara Properties, have begun developing Tiara Office Park, an upmarket six-story office block with 88,000 square feet space set for completion in January 2016.
Acorn Group chief executive Edward Kirathe said the block will target multinational corporations and local companies seeking high quality office space in the increasingly popular part of Nairobi.
“With the commencement of construction of Tiara Office Park, we have begun implementing our real-estate deal pipeline that seeks to meet the demand in quality office space,” said Mr Kirathe.
“The growth of commercial buildings being witnessed in areas like Upper Hill, Westlands and now Lavington is a testament to this demand.”
Quality office space
Tiara Office Park is the second project under the joint venture and there is a possibility of a third in the second half of 2015.
“We did Tiara 1 Office building, this is our second and we will be talking again beginning July as we plan for a third project providing quality office space,” said Tiara Properties chairman Hussein Ramji.
China Zhonzing is the main contractor while South African firm Boogertmann and Partners are the architects. China Zhonzing also constructed the 18-storey Cardinal Otunga Plaza in Nairobi.
Acorn did not give a breakdown of how Tiara Office Park would be financed but it has previously said typically 60 per cent financing comes from debt, 20 per cent from equity and the balance from a mix of the two.
Recently, the company said that it would partner with private equity firm Cytonn, which would search for funding leaving Acorn to concentrate on its core activity of development.
the site is behind lavington mall saw it last week which made me to think..there has been court battles between arcon and britam where by the 40billion real estate project that were to be done together.and the courts had stopped all projects...but by the looks of tiara the construction is going on strong..i hope all the other projects will start..especially the splendid aboreturm square..only time will tell
construction is commencing on well and it looks like they will hit their Jan 2016 target date.sadly i cannot upload a picture i took over the weekend as my posts have not reached the limit but will do once i reach the posts required.
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