Mbaazi Avenue, Lavington, Nairobi>
The site is a fairly level L-shaped plot measuring approximately 2.33 acres and has a freehold title. The property's location, size, shape and a wide road frontage offer a rare opportunity for redevelopment into a comprehensive scheme subject to obtaining necessary approvals from the relevant government authorities. Mbaazi Avenue has witnessed a development character change largely into residential apartments.
The subject property is therefore best placed to offer the greatest potential for maximum site utilisation to capitalise on the enhanced density within the immediate neighbourhood. The property is presently developed with 8 older style townhouses, the majority of which are currently rented out and has enjoyed an excellent occupancy track record over the years with only a few registered voids. The rents being generated from these units offer a secure stream of income that buyers could utilise whilst they process or consider their development plans.
Consequently, a buyer can choose to renovate the current improvements to modern standards so as to increase their economic life and retain the property as a long term investment. Mains electricity and water are connected to the property as well as a borehole to supplement the mains water supply.
Lavington Estate falls within Zone 5 of the Nairobi City County Government Zoning Regulations, which permits a ground coverage of 35% and plot ratio of 75% on plots connected to mains sewer. Mbaazi Avenue is part of the larger Lavington estate which have traditionally comprised low density single dwelling residences. However, Lavington has generally, in the last few years, experienced a development character shift from the traditional single residences to enhanced densities of townhouses, apartments as well as commercial offices. The permitted densities however, are approved on a case by case basis which seems to depend on the exact location of the property within Lavington. Generally, the character of this neighborhood has changed into a mixed use locality. Along Mbaazi Avenue, there are several residential apartment developments. The subject property could therefore be redeveloped into similar densities within the immediate area.
Property information from this agent
Knight Frank - Nairobi
Lion Place, Ground Floor, Waiyaki Way, Westlands Nairobi 00623, Kenya
Property reference NAI190053. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Knight Frank - Nairobi. Please contact the selling agent directly to obtain any more information.
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