Late billionaire Nelson Muguku’s family selling Waterfront Mall in Karen for Ksh20 billion

Waterfront Mall
The Waterfront Mall in Karen. [Photo: Naihaps]

The late Kiambu billionaire Nelson Muguku’s family has put their prime Waterfront Mall property in Karen up for sale with a price tag of Ksh20 billion.

The Waterfront Mall sits on a 50.6-acre piece of land all in a highly prime area for mixed development use.

The Muguku’s opened the Waterfront Mall in 2018 and has since housed reputable investors such as Builders Warehouse and a string of coffee shops and retail supermarkets.

The Waterfront Mall sits on 13.8 acres of land. It’s a striking beauty with a man-made lake taking up 3.5 acres.

“This is a goldmine that can be converted into an ultra-modern mixed-use development featuring high-end residential, commercial and recreational facilities, creating immense value for an investor,” the advert reads in part.

Muguku was the third-largest shareholder in Equity Bank at the time of his death in 2010.

His net worth was estimated to be Ksh10 billion. He runs a successful poultry farm in Kikuyu and a school among other investments spanning to Real Estate.

Since its opening in 2018, Waterfront Mall has had issues with some of its main tenants among them Game, a giant South African retailer who exited after a short tenancy and exited the Kenyan market.

Botswana retailer, Shoprite took over but exited unceremoniously pitting the management of the mall against it over the contractual breach. Naivas took over space after Shoprite’s exit.

Land prices in Karen have lowered slightly following changes in zoning laws which gave a green light to the building of apartment block in certain zones.

An acre of land in Karen going by the latest market prices by HassConsult could const Ksh62.1 million making it the cheapest in Nairobi’s suburbs.