Into greenest africa
Environmentally sensitive resort Medina Palms, located on the Kenyan coast, was officially launched to the British public last night.The event was hosted by Knight Frank and presented by Medina Palms managing director Nigel Rowley, who has a passion for Kenya borne of 20 years visiting and living in the African county.
Mr Rowley said: “My wife and I came to Kenya on honeymoon and fell in love with the country, the people and the way of life. Here, you have what is one of the top 10 beaches in the world, great water sports and world class fishing, and safari is only two hours away.
“Having a real understanding of the country is important if you plan to develop. We feel we have that because we’ve built our own home here and understand the law, the financial system and the environmental assessments that are required to build.”
The small resort of only 51 villas, lodges and apartments is set 30 metres back from the high tide line on the white sand beaches of the Indian Ocean. Located close to the town of Watamu. and nearby Malindi, which has a strong Italian influence, the set back from the beach is indicative of the sensitive development being practised.
Prices start from a very modest £160,425 for a two-bedroom apartment in the Medina (enclosed courtyard) phase of the resort. Four-bedroom Beach villas are priced from £395,000. Presently, 22 properties have been bought or reserved.
A strong conservation and social responsibility ethos underpin the resort. The developers have aligned themselves with the Born Free Foundation, and support local marine conservation initiatives. Eco homes portal http://www.whatgreenhome.com/ has awarded Medina Palms an excellent kite mark.
Mr Rowley said: “It is our responsibility to preserve the environment for future generations, and we aim to ensure to ensure we do all we can not to spoil what is a simply a beautiful place.”
The eco initiatives being undertaken include energy from renewable sources includes solar hot water and a wind turbine is proposed. LED lighting for communal buildings, gardens and walkways will be installed.
Water conservation is practised through dual flush WCs and the installation of Two Bio Digesters will minimise water consumption and generate water for irrigation purposes. Recycling facilities are provided in each home.
Eco chic would best describe Medina Palms' visual style. Mr Rowley describes the design aesthetic, created by his wife and business partner, Lesley, as contemporary Swahili. Inspired by the nearby ancient ruined village of Gede, the look is a fusion of Arabic arches and African colonial. The result is a sumptuous and stylish blend of cultures.
James Price, a partner at Knight Frank, said: “Lifestyle is the key driver to Medina Palms appeal, but the investment aspect is a very attractive one too.”
Average gross rental yields of 15% (net average around 9-10%) are forecast, based on a 42-week rental season, which is almost double that in European destinations. Owners looking to let their property will be required to join a rental pool.
Resale potential to realise a capital gain down the track is predicted to be good medium to long term. There is little in the way of competition locally to Medina Palms.
Mr and Mrs Rowley, the developers, have built their own home nearby – in the same style as the properties at Medina Palms (it is currently the ‘show home’), which Mr Rowley said has doubled in value in the last two years.
The investment potential is underscored by an improving local infrastructure, and the increasing prosperity of Kenyans. International air communications to Nairobi and Mombassa are good with daily flights from the UK.
Financing terms are favourable to the buyer: 5% down as a deposit, followed by several stage payments over the 24-month build out. All monies are held in ESCROW until the resort’s completion.
An early purchase discount in the region of 10% is offered to those buying before the end of November. For more information, visit http://www.whatgreenhome.com/africa_page1.html#medinapalms