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The Owners Of The Popular NextGen Shopping Mall

NextGen Mall ranks among the largest shopping malls along the busy Mombasa road. This article takes a look at-among other things- the past squabbles between the developers of the project and the owners. 

Here is the interesting read about NextGen Shopping Mall as told by WoK.

Nextgen Mall

This is a state of the art mall located in South C. The mall sits on about two acres of land that is part of a 12.5 acre mixed use development that includes residential apartments. The shopping and retail mall provides quality, affordable and convenient services to the residents and motorists around Mombasa road. NextGen has eight floors with 200 retail units occupying three floors, four floors of office space and one floor occupied by restaurants, lounges and a food court. It is occupied by different local and international brands including Carrefour Supermarket, Oppo shop, Sunlife pharmacy, Maasai market, Dominoes, Burger King and Pabiros coffee shop among many others. Visitors can also enjoy fun activities and games such as bowling in the Playland Amusement park inside the mall. The facility has ample parking spaces available and tight security to ensure the safety of the visitors.

Also Read: The Owners Of The Ksh2 billion Imaara Mall

Nextgen mall Founders

Nextgen mall was established by businessmen Mr Navin Shah and Mr. Amlani through their company NextGen Office Suites Limited. Upon completion of the mall, the duo chose the less traveled path of selling the various outlets and floors to potential investors instead of leasing them out as it is the norm with other malls. Despite the sale of some units, Office Suites still retains control and ownership of the mall until all units and floors are sold out. At that point, the proprietors will transfer ownership to Nextgen Mall Management Company Limited – a special purpose vehicle where all buyers will be shareholders holding different stakes.

Nextgen mall ownership battles

Currently, the buyers of the mall are about 100 and ownership battles began in February 2018 after a series of disagreements with the developers over the sharing of facilities such as parking and common areas. The disagreements first arose during a meeting called by the developers to discuss the revival and growth of the mall when Mr. Michael Wanyoike, who is the chairman of the committee representing the owners, accused the developers of levying service charges without plowing the money back to the mall.

The issues affecting this mall, from parking, common areas to management and others, must be addressed first because we are not tenants, we are owners. It is inconceivable that you expect owners to be captive payers of parking/accessing fees in perpetuity,” he was quoted by the Daily Nation.

Mr Shah and Amlani who are the directors of the management company would then form an ad hoc committee to resolve the dispute outside the courts.

Auctioneering of the mall

In July 2021, a section of Nextgen Mall was put on auction according to an advertisement published by one of the local dailies. Garam Investments put up the property on sale and invited potential buyers to visit and survey it. The property in question was identified as Pent Office (Unit – C) located on the first floor of the mall. According to advertisement, the property generated a monthly income of Ksh 360,000 and equipped with a generator, pump house and a food court. It also has an office space with a reception, standard office rooms, kitchen with low level and wall mounted wooden cupboards and a single drain stainless steel sink unit. The property was sold to recover a loan of an undisclosed amount.