Pinnacle Tower
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Nairobi's aspirations to host Africa's tallest skyscraper have encountered a significant setback, as the construction land for the Pinnacle Tower is now on the auction block.
A local court has authorized a bank to auction the land, effectively halting what was poised to be a landmark development in Kenya's capital. A recent notice in a local publication announced that the plot designated for the Pinnacle Tower project is available for bidding, encouraging interested parties to submit offers. This sought-after parcel, located in the Upper Hill area, is owned by One Upper Hill Towers Limited along with other stakeholders.
The notice provides specific details about the property's location, detailing its strategic position in proximity to Nairobi’s city center. Covering approximately 1.002 hectares, the land was initially excavated for the foundational work of the ambitious 70-storey Pinnacle Tower. Despite the project commencing in 2017 under former President Uhuru Kenyatta, it has faced a seven-year delay. The proposed skyscraper aimed to include a Hilton hotel with 255 rooms over 45 floors, as well as a rooftop bar on the 43rd floor.
However, the prolonged stagnation has culminated in the decision to auction the land. Prospective bidders are required to submit a cash or banker’s cheque deposit of Sh10 million to participate in the auction. The land is offered with a 99-year leasehold title and is equipped with essential utilities including electricity, water, and sewer services. In addition to the Pinnacle Tower plot, the New Al-Hamdu Palace Hotel in Eastleigh, Nairobi, is also set for auction.
Managed by Garam Investments Auctioneers, this prominent six-storey commercial block, located at the intersection of 14 Street and Eastleigh Second Avenue, is registered to Abdi Mohamed Ali and Mega Wholesalers Limited. The property features modern accommodations, commercial stalls, and amenities such as a mosque and a spacious reception area, along with a freehold title and robust connections to essential utilities.
These auctions illuminate the dynamic and often unpredictable nature of Nairobi's real estate market, characterized by a blend of ambitious development projects and the complexities that accompany them. The sale of these key properties not only signifies a shift in Nairobi's real estate landscape but also raises pertinent questions regarding the feasibility and sustainability of large-scale urban developments.