[Source: The Standard, by Jacinta Mutura]
Situated on the edge of Nyeri, Meru and Laikipia counties, Nanyuki has emerged as a favourite spot for real estate development, tourism and trade, and is growing at a fast pace.
Its strategic position provides easy access to northern and central Kenya, making it an ideal destination for investors looking to put their money in residential and commercial property, holiday homes, hotels and adventure parks.
The upgrading of the Great North Road to a dual carriageway between Kenol and Marua, and the revival of the old metre-gauge railway line from Nairobi to Nanyuki is expected to further boost growth.
Real estate experts project that the rapid development of the town that hosts Laikipia County headquarters and its metropolitan nature could effectively steal the thunder from neighbouring Nyeri town, formerly the Central Provincial headquarters.
Abel Marite, a real estate developer, confirmed that there has been an influx of property investors from Nairobi and the neighbouring Nyeri, Meru, Isiolo and Nyandarua counties who are eyeing Nanyuki as a commercial hub.
He said the uptake of business space has increased rapidly compared to five years ago when devolution was just picking up.
The town’s proximity to Isiolo is also expected to spur further development as some investors opt to put up stores in Nanyuki and transport items to Isiolo for sale.
Marite, however, said office space is yet to record sufficient quality developments. His observations are in line with findings of a study by Cytonn Investments last year that showed the town’s office space sector was struggling.
Out of the property managed by Marite Enterprises in Nanyuki, only about five per cent is office space – about 20 buildings out of the 400 in the town.
Land prices in Nanyuki town are highly dependent on proximity to roads and the central business district, and as a result of high demand from developers, have risen as much as 10-fold in the last seven years, with a quarter acre going for Sh25 million compared to seven years ago when the same size was being sold at about Sh2.5 million.
An acre within the town is at an average price of up to Sh100 million, while on the outskirts it costs approximately Sh1.6 million.
Nanyuki hosts key attractions, such as the Ol Pejeta Conservancy, Mount Kenya National Park, Sweetwaters Game Sanctuaries and Ol Jogi Conservancy, making tourism one of the highest contributors to the county’s economy and promoting the country’s hospitality sector.
[Full article: The Standard, by Jacinta Mutura]
