Home BUSINESS NEWS Hope for multi-billion mall as KRA relocates offices : The Standard

Hope for multi-billion mall as KRA relocates offices : The Standard

by biasharadigest

There is a glimmer of hope for the multi-billion shilling Lake Basin Development Authority (LBDA) mall after Kenya Revenue Authority (KRA) relocated its offices to the facility.
The move is expected to increase traffic to the mall by more than 1,000 people daily after years of controversies.
The mall had remained deserted for three years before the Communications Authority moved in to occupy one of the offices in the vast property that has also been grappling with huge debt.
A spot check by Home & Away established that the taxman has occupied two floors, a move hailed by LBDA Chairman Odoyo Owidi as a major breakthrough.
M Owidi noted that the taxman will now act as an anchor tenant as a supermarket finalises plans to occupy another vast space in the facility.
“We are happy with the progress the mall is making. Occupancy now stands at 75 per cent,” said Owidi.

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The LBDA chair noted that despite businesses feeling the pinch of Covid-19, the mall has continued to attract tenants, with some penning deals to occupy the facility after completion of the Kisumu-Kakamega road.
“Despite the tough times the country facing, none of our tenants has pulled out. A number of entrepreneurs have expressed interest in occupying the mall,” he said.
The mall which has been projected to generate about Sh230 million annually has since its completion in 2016 been struggling to find tenants with large swathes of spaces lying idle.
Measuring about 60,000 square feet, the five-floor mega-investment has been hailed as one of the major investments likely to transform Kisumu’s economy.
And with the latest development, the mall could just a shot in the arm for the region’s economy.

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Lake Basin Development Authority

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