Auctioneers Put Entire 5-Floor Building on Tom Mboya Street in Nairobi on Auction
Tough financial times continue to put landlords in the country on the verge of losing their prime property over financial defaults as the economy continues to crater.
Auctioneers on Monday put an entire building in Nairobi’s Central Business District(CBD) on auction.
The prime commercial property, which is a five-storey building, is situated along Tom Mboya Street in the CBD directly opposite Gill House. It is sandwiched between Hermes House and Hotel Mercury.
As auction date draws near, businesses housed inside the five-storey building of Land Registration number 209/1817 are likely to suffer, They include retail shops and a hotel block with one mezzanine level.
An aerial view of the Nairobi Central Business District (CBD)
Kenyans.co.ke
‘’L.R. no. 209/1817-Tom Mboya Street, Nairobi City County. The property is located along Tom Mboya Street within Nairobi City’s Central Business District. It lies directly opposite Gill House and is sandwiched between Hermes House and Hotel Mercury,’’ an auction notice by the auctioneers read in part.
The building is set to be sold by public auction on October 11, 2024, in Kileleshwa by a public auctioneer.
For the interested buyers, the auctioneers specified that the title of the land is currently being held on a lease interest basis until 2044.
It also sits on approximately an acre of land within the CBD.
‘’The title is held on a Leasehold Interest for the remainder of a term of 44 years with effect from 28/10/1998 at an annual rent of Ksh 84,780. The plot extends to 0.0312 of a hectare equivalent to 0.07714 of an acre approximately,’’ the notice specified.
The building also has access to fire-extinguishing equipment and underground water storage facilities.
‘’All main services are connected to the property. Surplus water is stored in an underground tank of 60,000.00 litre capacity. Fire extinguishing equipment is provided at each floor level. 24-Hour CCTV surveillance is also provided.’’
Many Kenyans continue to face the brunt of the tough financial times as many who borrowed loans from financial institutions continue to default over the inability to honor their commitments.
Directional signage for an auction.
Photo
courtesy
