Fortune News | Sep 10,2021
Noah Real Estate, one of the prominent local real estate firms, is investing 156 million Br in building a 14-storey office building that is expected to be completed in three months.
Planned to be fully finalised next month, the building is currently in its finishing stage. It has two basements, three elevators and 650Sqm of floor area on each floor. Located on Africa Avenue in Bole District, the building also has parking space. It is situated between Alem Cinema and Boston Day Spa Building.
The building, designed for offices, rests on 1,200Sqm of land.
Designed by Pomerium Progettazioni, an Italian architectural firm that was founded in 2006, the office building was constructed by Noah Real Estate's construction team.
The building is one of 20 projects planned to be implemented by Noah Real Estate, the sister company of Great Abyssinia, the company known for producing fast-moving consumer goods including Abyssinia Coffee, Prigat Juice and Tulip, Aby Splash Soft drinks and Yekatit Paper Converting Plc.
The company has already started to receive expressions of interest from companies that want to rent space in the building, according to Abiy Hailemariam, vice president of Noah in charge sales.
Only five years ago, the company built its first business and office building that lies on 860Sqm. Noah Abyssinia Plaza has 12 floors that are dedicated to business centres, with more than 50 retail shops and 70 offices. It also has a 540Sqm parking area with three floors that can accommodate more than 150 cars.
Founded by two brothers, Tewedros and Dawit Zerihun, Noah has delivered a total of 4,500 residential and commercial units over the past seven years. Since its establishment in 2013, Noah has constructed five residential and four commercial projects. It currently has seven projects that are under construction at various sites around the capital.
Three months ago, the company launched the construction of a 36-storey building at Legehar. The building is expected to be finalised in the coming four years.
Berhanu Zeleke (PhD), a lecturer at the School of Urban Development Studies at Kotebe Metropolitan University, approves of the building's ample parking space.
"Currently, parking is a burning issue in the city," he said. "Plus, the location of the building is prime, making it ideal for any business activity."
Last month, the company delivered 200 housing units built for 400 million Br that were delivered on time. Noah Garden Residential Apartments, which rests on 55,000Sqm, has units that range in size from 93Sqm to 115Sqm and were sold for between 1.1 million Br to 2.5 million Br.
A few months back, the mother company of Noah, Z Plc, demolished a quarter-century-old building, Zerihun Building, to turn it into a multi-purpose complex by investing 800 million Br. The building, located on Haile G. Selassie Avenue, will have two towers: a 17-storey skyscraper dedicated to apartment units and a 19-storey tower that will accommodate offices.
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