A section of NextGen Mall located along Mombasa Road in Nairobi is set for sale after auctioneers came calling for an undisclosed loan.
The section of property on sale is located on the first floor and is to be sold to recover a loan that was disclosed.
The property is owned by Navin Shah and will be the latest to go on sale as fears loom that there is a real estate bubble in the industry.
The Nairobi UpperHill Hotel was last week put up for auction to recover a debt owed to the National Bank of Kenya and now the section of the NextGen mall is up for sale with Garam Investments.
The section of NextGen Mall will be auctioned on 18th February 2020 at the Garam Investment’s offices in Westlands, Nairobi.
Garam Investments posted a communication notice revealing that it was under instruction from the mortgagee’s advocate to auction the property on the parcel of land registered in the name of Cresta Investments Limited, together with the buildings and improvements erected therein.
“The property is situated along Mombasa Road and near the Eka Hotel. It is identifiable as Nextgen Mall. The property is conveniently located along the busy Mombasa Highway in South B and within close proximity to the Southern Bypass and the City Centre,” the notice read.
The NextGen mall attracts a monthly rent of 530,000 shillings according to Garam Investments with an estimated 100 investors owning some space in the building despite the limited parking space that has been a cause of conflict.
The NextGen mall is seven storied commercial building with a mezzanine floor and two basement parking lots and 200 retail units over three floors, four floors of office space and one floor occupied by eateries, lounges, and a fitness center.
“Our subject, however, is Unit C, which is on the first floor of the building and is identifiable as Pent Office, packaged together with three parking bays, accommodation and a lettable area of 5889.5 square feet,” Garam says.