Veteran administrator Joseph Kaguthi is among a group of Nairobi investors putting in Sh7 billion into an 18-floor twin-block housing project in Nairobi’s Westlands.
Mr Kaguthi’s investment vehicle, Westlands Skye Development Limited, which brings together a number of Nairobi professionals, is seeking to provide modern office space for companies on one block and high-end homes on the other.
The company’s seven directors have requested National Environmental Management Authority (Nema) to approve the entire project, but indicated the first phase will be the office block set to cost Sh375 million, taking 36 months to complete.
The block located opposite Citadel Plaza will have a three-star hotel on its first floor and provide tenants with three basement levels to accommodate 120 motor vehicles.
The regulatory filings show one of its directors, IT millionaire Henry Njoroge, has since pledged to move his company’s headquarter to the new facility upon completion.
Mr Njoroge is the chief executive officer of Xtranet Communications.
Other promoters include Kenya School of Monetary Studies executive director Prof Kinandu Muragu, Kenya Tea Development Agency director Joseph Wakimani, financial and tax consultant Catherine Ngurani, investment consultant Nguru Mutegi and audit firm WIA partner Joseph Irungu.
Westlands Skye Development, a has an authorised share capital of Sh1,100,000 comprising 11,000 ordinary shares mainly subscribed by two limited liability companies—Karimari Ltd and Dominion Securities Ltd.
Mr Kaguthi is former Provincial Commissioner for the defunct Nairobi and Nyanza provinces. He’s currently chairman of the government-backed community policing or Nyumba Kumi system.