Expensive Nairobi Mall Offers 6-Month Free Rent Space in Bid to Attract Tenants
An expensive shopping mall located in Nairobi's upmarket Runda estate has announced it is offering free space in a move aimed at attracting tenants.
This comes after the mall allegedly failed to attract businesses in what spells trouble for property developers in the Kenyan capital.
A release by Knight Frank Kenya, the firm managing Rosslyn Riviera Mall, says it is offering free space for a period of six months after which tenants will get 50 percent discounts on rent for an additional six months.
“The discount is available to retailers who will sign up within the short window, with a view to enriching Rosslyn Riviera Mall’s tenant-mix and shopper experience,” Ashmi Shah, retail portfolio manager at Knight Frank Kenya told the Business Daily.
The Sh2.7 billion three-level shopping complex that sits on a 4.5-acre parcel of land was launched in early 2017, targeting residents of Rosslyn, Muthaiga, Runda, Nyali, Gigiri, and Rwaka estates.
“We believe that Rosslyn Riviera will be a successful neighbourhood mall because of its location, size, concept, convenience, accessibility and target market,” Knight Frank’s head of marketing Mwihoti M’Mbijjewe said then.
Monthly rent at the mall ranges between Sh180 and Sh275 per square feet. Chandarana Supermarket is the anchor tenant at the mall, with Newscafe, Java House and Nairobi Hospital being other tenants.
Comments (8)
There are many many malls having problems attracting clients. This mall is a stone throw away from Two Rivers and Village Market. They draw from the same people living in Runda,Gigiri, Nyari, Kitusuru, Rosslyn, Peponi and Red Hill. There aren't enough people to patronize the three malls. Apparently, the inhabitants of close by Ruaka, Banana and Gachie only fill the places during the weekends to take pictures. Garden City Mall on Thika rd isn't doing well either.
I concur on Garden City mall. I passed by there twice last week and the food court looked empty, and there are not too many people patronizing the businesses there. TRM mall just about a mile away and Naivas seem pretty busy by comparison.
Is it marked for demolition? Many buildings goes for years without having tenants. A good idea
Those are some of the properties which must and will be confiscated/seized by the revolution.Why can't EACC inquire how 30 year old Gethi built the expensive mall if they are investigating jambazi Kidero?Why not investigate how majambazi Uhuru,Kibaki & Kirubi built shs 13b,TWO RIVERS?Why not investigate how Mututho build shs 200m.residential house while investigating 08/09 maize scandal?And many others including Raila's shs 1.5b mausoleum for his father & son-expired Jaramogi and expired Castro,Ruto's shs 1b.residential house in Eldoret etc.REVOLUTION TU.
Seized by whom??? Be careful what you wish for...Revolutions are working really well in Iraq, Syria, Somalia, Southern Sudan and Libya. We are too polarized to be ripe for a revolution.
Working very well in Rwanda.
Rwanda has two major tribes, the Hutu and Tutsi and one minor tribe, the Twa. I live in an area of the states with lots of Tutsis and even they don't invest in Rwanda. They are too afraid that the tables might flip in the absence of Kagame. Rwanda's peace and tranquility is artificial. The majority Hutu are rumored to be regrouping outside Rwanda.....
The mall rents are unrealistic. They are way too high. Why should I rent a space for 180/sqf while I can get the same space at the CBD for 150/sqf,ground or mezzanine floor and more business?
This particular one has started on the right footing for now, only time will tell the viability of their strategy.