Sunday, June 16, 2024

88 Nairobi: Meet owner of one of Africa’s tallest residential buildings in Nairobi

Since the turn of the century, the construction of skyscrapers and high-rise buildings has redefined Nairobi’s skyline, succinctly transforming the urban landscape.

Many architectural marvels hosting office spaces, residential units, and commercial establishments have been constructed.

Co-Op post

The 88 Nairobi Condominium Tower has been under construction for quite some time on the 2-acre parcel of land at the junction of Bishop’s Road and 4th Ngong’ Avenue in Nairobi city. It is near the Israel Embassy.

Reportedly, construction of 88 Nairobi will cost Sh. 6.8 billion. It is 150 metres tall, measures 610,000 square feet, has one helipad, seven lifts, 9 heated pools and 500 car park spaces.

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88 Nairobi will feature a Studio, 1-bedroom and 2-bedroom apartment. There will be a total of 288 houses, all aligned with the UN Security Standards and European Union Safety requirements.

It is anticipated to be a high-end luxury apartment, designed to cater for the top cream of society with sky suites, a penthouse, executive and executive plus rooms. Executive units will be fully furnished with Turkish Interiors.

Renting a space at 88 Nairobi will cost Sh. 480,000 per month. Interested buyers will need to fork out between Sh. 17.7 million ($110,000) and Sh. 56.4 million ($350,000).

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Who owns 88 Nairobi Condominium?

This elite apartment is the brainchild of Jonathan Jackson, the founder of Lordship Africa and Lordship Europe. Born and raised in Kenya, he established Lordship Real Estate and Investment company in 1989.

Jonathan is seeking to replicate his success in UK, by offering ideal and unmatched home experience in Kenya.

His business model is one he believes not to be available in the market. Mr Jackson revealed that 88 Nairobi will be giving him an ROI of close to 20%.

“Your return on annual investment is nearly 20 per cent and in this market it is a phenomenon return and you can actually charge that in dollars, even if you rented it for 135, 000 which is really cheap if the market was going down you are still making 9% which is way above the market average in Nairobi, as you know the market average in Nairobi is around 4 – 5% so your annual yield return is extremely good.”

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