A company wants to buy a 320,000-square-foot property

A company wants to buy a 320,000-square-foot property. The property presently renting for Sh. 4 per square foot. Based on recent market activity, two properties have sold within a two-kilometre distance from the subject property and are very comparable in size, design, and age. One property is 350,000 square feet and is presently being leased for Sh. 3.90 per square foot annually. The second one contains 300,000 square feet and is being leased for Sh. 4.10 per square foot. Market data indicate that current vacancies and operating expenses should run approximately 50 percent of gross income for these properties. The first property sold for Sh. 9.4 million, and the second sold for Sh. 7.9 million. Required : How much should the company pay for the property? (25 marks).