Church investment project seeks new revenues from parking bay expansion
The project, being implemented by Chinese contractor China Zhongxing Construction Company, seeks to develop a four- floor parking facility, enabling the church enjoy new revenue from its investment.
Nairobi’s Holy Family Minor Basilica Catholic Arch-diocese is to increase its revenues sourced from leasing parking spaces once a multi-storeyed parking bay under construction is completed. In its communique to parishioners, the church, with a capacity to host 3,000 people initially had space for 120 vehicles but an ongoing project will see parking slots increase to 536.The project, being implemented by Chinese contractor China Zhongxing Construction Company, seeks to develop a four- floor parking facility, enabling the church enjoy new revenue from its investment.According to Cytonn Real Estate report released on Monday, demand for parking bays has an average yield of 9.1 per cent due to growing number of vehicles in Nairobi.
Motorists usually pay an estimated Sh9,500 per bay per month on average with the lowest being parking bays at Grade C office blocks that charge as low as Sh4,000 in sparsely populated areas like Mombasa Road and as high as Sh13,000 in upmarket areas such as Parklands, Kilimani and Upper Hill.“Offices in the Central Business District have high parking rates due to inadequate public parking spaces where the Nairobi County Government charges Sh300 daily,” it says.Nairobi’s CBD area is the most lucrative region to own and operate parking bays that rake in an average of Sh12,000 a month, Karen (Sh10,862), Parklands (Sh10,500), Gigiri (Sh10,500) and Upperhill Sh9,500.