SkyscraperCity banner
1 - 5 of 5 Posts

·
real gooner
Joined
·
4,651 Posts
Discussion Starter · #1 ·
East Gate. The Good Life! Mall will be located within Eastlands, Nairobi.

The Mall has space for an Anchor Supermarket Chain and Commercial Bank.



The total lettable area is 78,091 Square Feet approximately.



Solid Tenant selection to offer low turnover and long term leases





Proposal

Proposal Date of Construction Commencement: November 2008

Scenario: 60% Equity Financing 40% Debt Financing



Property Details

Property: East Gate. The Good Life! Mall

Property Location: LR No. 15400/5 & 7, Nairobi;

Size of Plot: Approximately 1.00 Acre



Project Information

Property Type: Commercial Retail (Shopping Mall)

Project Value: (Kenya Shillings Two Hundred Seventy One Million Ninety Two Thousand) (Kshs. 271,092,000/=)

Number of Tenants: Approximately One Hundred Eleven (111)

Supermarket, Bank, Food Courts; Alcohol Free Disco;Hospital;Health Club; Shops; ATM Lobby, Cinema Hall and Church.



Project Costs

Hard Costs - Main Contractors Works; Kshs. 198,000,000.00

Soft Costs - Consultancy; Kshs. 19,800,000.00

Land Kshs 20,000,000.00

Cost of Finance Kshs 33,292,000.00



Loans

Option 1

Equity Partners: Kshs 108,436,800.00 (40% of the project cost)

Virgin Estates Limited: 20% Kshs 54,218,400.00

Loan Amount: Kshs 108,436,800.00 Term: 15 Years: Interest Rate: 14% Monthly Repayment: Kshs 1,471,206.90 per Month (40% of the project cost)



Income & Expenses (Year 1)

Annual Gross Operating Income: Kshs 53,751,670.25

Annual Total Expenses: Kshs 24,748,200.08

Gross Operating Profit (before tax) Kshs 29,003,470.17

Projected Income returns; Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

0% 10.7% 10.7% 13.29% 13.29% 16.26%

Year 6 Year 7 Year 8 Year 9 Year 10

16.26% 19.68% 19.68% 23.62% 23.62%

Investment details

Type of investment: Equity

Investment Price: Kshs 108.4368 M

Share holding: 32 shares

Minimum Investment: Kshs 3.388650 M


INFORMATION



East Gate. The Good Life! Mall is the first shopping Mall in Eastlands Nairobi. Eastlands has neighborhoods occupied by approximately 2.5 million middle to upper lower income to low income earners.



East Gate. The Good life! Mall is situated between 4 major estates namely Donholm, Umoja, Komarock and Jacaranda. These estates are within a radius of approximately 3 kms from the proposed Mall’s location and have a total population of about 600,000 people i.e 120,000 households .These households spend approximately Kshs 5,000/= Per Month for Fast Moving Consumable Goods, adding up to a total of approximately Kshs 600 Million per Month. The enterprises in East Gate. The Good Life! Mall will target 10% of this available disposal income per month, approximately Kshs 60 Million. The Mall shall target only 7.5% of the businesses’ income as rent.



East Gate. The Good Life! Mall expects to collect approximately Kshs 4.5 Million as the net monthly rental income.



East Gate. The Good Life! Mall offers to the people of Eastlands- Nairobi, a glimpse and experience of a life of glamour. a life to aspire for and an orderly yet informal and relaxing city like environment. A place in Eastland where you can get everything you can get from down town Nairobi in huge volumes, high quality and affordably. The Mall’s aesthetics will stand out as a gem encouraging other developers in Eastlands to develop high quality architecture. A place where children will enjoy the good life playing on the entire roof top freely ,teens will have their good life in entertainment spots, the adults and all shall relax, enjoy, shop and do business the good life way.



East Gate. The Good Life! Mall shall rival in commercial and good life value the best malls in Kenya!



Tuskys Supermarkets, Kenya Commercial Bank, Safaricom, Zain, Bata, AAR and Kenchic will be anchor tenants and will occupy approximately 40,500 sq ft with long term leases offering low tenant turnover and uninterrupted cash flows. The remaining 37,591 sq.ft will accommodate the most successful Eastlands based enterprises.



The leases shall have conditions that encourage the tenants to continuously market the Mall by way of quarterly promotions. Some conditions shall encourage entrepreneurs to sell at lower than normal prices thus leveraging the big volumes in Eastlands. Extra conditions in the leases will encourage tenants to operate way into midnight everyday.




__________________
A KENYAN FORUM IS NEEDED!!!!!
 

·
Registered
Joined
·
94 Posts
Thanks desert burner for all these updates :)
 

·
Registered
Joined
·
12,281 Posts
I was told that this mall is complete. Anchor store is Tusky's. Though I need someone to verify this since I haven't seen the mall myself.
 
1 - 5 of 5 Posts
Top