THE Institute of Certified Public Accountants of Kenya, the founder of KCA University, plans to give the main campus of the privately-owned university a facelift.
Its implementation will start after the completion of the CPA Centre, along Thika Superhighway, which has already invited bids from potential tenants.
ICPAK targets new residences and lecture theatres.
Chief executive Patrick Ngumi said some of the old blocks will be demolished to pave way for the development of the new ones under the plan to be implemented in two to three years.
“The development will still be done in the same facility that houses the KCA University and ICPAK. The master plan foresees the bringing down some of the current old buildings that were constructed in the seventies in order to create some space for the phase two,” he said in an interview.
The project will cost about Sh450 million, Ngumi said.
According to ICPAK, the residential units will mainly target the rising student population. It will also put up apartments for residents working around the Central Business District.
The new project is the second phase of its investment plan in real estate. The first phase involved the 12-storey CPA Centre at a cost of about Sh950 million.
The complex has approximately 80,000 square feet of space. The rent ranges from Sh100 to Sh125 per square foot.
Ngumi said the new office block is undergoing the final finishes.
“We hope the partial handover will take place before the end of this month so that the tenants can start doing partitioning,” he said.
He said about 40 per cent space has beenbooked and Spring Board Capital is one of the confirmed tenants, while the institute will take two floors to accommodate its secretariat.
“We hope to have more than 90 per cent occupancy by June next year. We are negotiating with banks, state corporations and small and medium practitioners who also want to come on board,” he said.
ICPAK expects earnings from rent to boost its revenues significantly due to the high demand for office space in Nairobi.