Sheria Sacco to Build Sh2bn Twin Tower in Upper Hill

Sheria Savings and Credit Cooperative Society (Sacco) is seeking regulatory approval to build a twin tower in Upper Hill, Nairobi, as it seeks to boost returns for its members.

The Sacco, whose members are mainly pooled from the Judiciary, expects to obtain the approvals from the Sacco Regulatory Authority to allow works to begin by end of next month.

The project that will be located at Matumbato Close in Upper Hill is estimated to cost Sh2 billion. It will involve construction of commercial residentials, shopping centres, and offices on a one-acre parcel of land where Sheria Sacco offices are located.

The Sacco chairman Justice Patrick Kiage said the society was sitting on prime property and there was need to convert the land into an income-generating asset.

“There is also need to modernise the Sacco’s offices which come under this project,” he said.

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In the past two decades, Upper Hill has cemented its position as Kenya’s most expensive zone, with an acre of land going for more than Sh530 million.

This has been the case due the high demand for offices among local companies and multinationals seeking space outside the city centre.

High profile exits

However, the influx of institutions has congested the area, making it undesirable for people who value offices with ambient environment.

Little expansion of roads has also led to traffic congestion.

These factors have in recent years compelled high profile organisations to depart from Upper Hill, with Westlands, Gigiri, Lavington, and Karen being the biggest beneficiaries of the exits.

Some of the notable exits include that of Coca-Cola, European Union Delegation for Kenya and PricewaterhouseCoopers, which relocated to Delta Corner on Waiyaki Way in 2014.

Four years later, in November 2018, Coca-Cola said it was moving its regional offices from Upper Hill to Lavington, a “more open and less formal” environment to afford its staff creativity and innovation.

This came shortly after the European Union Delegation for Kenya signed a long-term lease for the transfer of its headquarters from Upper Hill to Dunhill Towers on Waiyaki Way.

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