Section of The Mirage building and Next Gen Mall put on auction

A section of The Mirage property located in Westlands, Nairobi has been put on auction over unpaid debt by Cresta Investments Ltd.

In a notice published in the local dailies on Monday, November 22, Garam Investments announced that the auction was scheduled for December 14, 2021.

The section of the property in question was described as the pent floor executive office complex of Tower Two within The Mirage.

The Mirage along Waiyaki Way in Westlands Pulse Live Kenya

The Mirage consists of multi-storey commercial buildings along Waiyaki Way, near Villa Rosa Kempinski.

The title is a leasehold interest for a term of 50 years with effect from 1996 at an annual ground rent of peppercorn.

Where rent is indicated as Peppercorn it means that no rent is payable although the property is leasehold.

Bidders will be required to produce a bidding deposit of Sh1 million by way of cash or bankers cheque before being allowed to bid.

The auctioneer has also announced that a section of Nextgen Mall along Mombasa Road will also be put on the hammer.

NextGen Mall building along Mombasa Road in Nairobi Pulse Live Kenya

The property is also registered in the name of Cresta Investments Ltd.

The section that is being auctioned has been described as Pent Office (Unit C) on the first floor of Nextgen Mall.

According to the notice, the office has a rental income of Sh360,000 per month.

The unit had been put on auction in 2020 but it appears no buyer has been able to acquire it just yet.

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