Retailers blame profit dents on fast rise in rental rates

Players in the retail industry have blamed skyrocketing cost of rental spaces on their thinning profit lines.

Speaking during a retailers' forum convened by Retail Trade Association of Kenya, Muchiri Wahome, Deacons Group CEO said they face uncertain and rising costs on many of their rental agreements which leave them vulnerable to a fluctuating local currency.

“Many of the rental agreements are quoted in dollar rates, yet the retail landscape is increasingly changing, necessitating periodic risk assessments,’’ said Muchiri.

Rental costs, according to the retailers, have risen in all major towns in the country. They were also concerned about exorbitant charges for parking space for their customers, marketing fees including rates for branding and advertising, maintenance and security which they said eat into their profits.


- See more at: http://www.the-star.co.ke/news/article-186768/retailers-blame-profit-dents-fast-rise-rental-rates#sthash.WUsWBFSA.dpuf

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Nairobi’s priciest home up for sale at Sh565 million

Posted  Monday, August 4  2014

In Summary

  • The Hogmead residence in Karen has six large ensuite bedrooms, six ensuite garden rooms, 12 staff rooms, a standby generator and a water treatment plant.
  • Real estate market followers say the house, if sold, will reaffirm city’s position as a prime real estate destination in East Africa.

A country house valued at $6.5 million (about Sh565 million) has been put up for sale in Nairobi’s Karen neighbourhood.

 

Set on a ten-acre estate, the Hogmead residence is now one of the priciest commodities in Kenya’s residential property market, confirming the growing status of Kenya as a prime real estate location in eastern Africa.

http://www.businessdailyafrica.com/Nairobi-priciest-home-for-sale-at-Sh565m/-/539552/2407290/-/hoeusj/-/index.html

 
Centum property revaluation lifts its credit rating

George Ngigi/Tuesday, July 29th  2014/

Centum Investment has doubled valuation of the Two Rivers project in its latest financial report, indicating the real-estate project has grown six-fold even before phase one is completed. The investment firm that has now received a credit rating upgrade from GCR valued the project at Sh3.1 billion up from Sh1.5 billion last year and Sh576 million in 2012.

http://www.businessdailyafrica.com/Centum-property-revaluation-lifts-its-credit-rating/-/539552/2401970/-/8uviac/-/index.html

 
Nairobi orders Runda to remove road blocks

Posted on Friday, July 4, 2014 ·

The upmarket Runda estate will be open to all after the Nairobi County Assembly ordered seven manned barriers put up along three roads removed.

The assembly approved a motion by Karura ward representative Kamau Thuo asking Runda Residents Association to remove the barriers put up on the public roads seven years ago.

Mr Thuo said that the association had violated conditions formulated by the defunct City Council of Nairobi and allowed the erection of barriers on Pan African Insurance Lane, Ruaka and Githogoro roads.

According to the rules, set up in 2007, the roads are supposed to be accessible to all human traffic and cars including public utility vehicles.

The barriers have made it difficult for residents of neighbouring areas to go through the estate, forcing them to drive around it.

- Business Daily.

 

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