‘Jobless Corner’ soon to be developed

There are few sitting areas within Nairobi town’s Central Business District. The smooth stone structure outside Hilton hotel is one of them. [Photo: Courtesy]

The Government is now seeking to develop a plot in the Central Business District popularly known as ‘Jobless Corner’.

The plot next to the Hilton Hotel is popular with Nairobians who sit on the circular concrete bench to while away the time.

But this is all set to come to an end after the Government began the process of identifying a private developer to put up a commercial structure.

The State – through the Tourism Finance Corporation (TFC), which owns the plot – says it is looking for a strategic partner/investor interested in developing the property through a joint venture.

Some of the main components of the project are a multi-storey office/retail space complex/mixed use facility, exhibitor space, leisure and recreation zone, orchestra hall and parking facilities.

The site earmarked for development, referred to as LR. 209/7933, measures 0.16 hectares and is located on Watalii Street.

The tenure of the leasehold is 99 years from August 1, 1981, with the value of the plot estimated at Sh500 million. The successful firm shall be given a lease of between 30 to 35 years.

“The objective of the project assignment is to undertake market and financial viability of the project, carry out detailed design, sourcing for finance, construct, operate and transfer at the end of agreed period.

“The corporation shall provide the land for development and shall not be involved in developing the property, but only be involved in overseeing the project progress as a joint beneficiary of the final returns,” TFC says in an Expression of Interest advert.

Interested firms have been given up to May 11 to return their bids either individually or as a consortium. They are required to provide their audited accounts for the last three years and must be financially sound with a turnover of Sh1.5 billion annually.  

The plot is among several properties that the TFC is expected to either dispose or enter into a joint venture to develop. Others include the Mombasa Beach Hotel and Kisumu’s Sunset Hotel.

The TFC is, however, waiting for final approval from the Treasury before advertising the remaining properties for development.