This archive report was first published on 10 May 2021.
Thika Business Centre, an 11-storey building that houses Naivas Supermarket, has been put up for auction by Garam Investments, marking the second time the building is coming up for sale.
Initially, the building was placed on auction in March 2020, alongside NextGen mall, with an estimated value of Sh. 540 million.
According to the current auction notice, the building attracts a monthly income of Sh. 6.7 million and has an 80 per cent occupancy rate. It sits on an area of 159,000 sq ft and features two basements with 45 parking slots, water tanks, and an underpass store.
From the third floor, the building offers office spaces. The auction notice also highlights that the building is constructed on two parcels of land, with a joint title held under a leasehold interest for a term of 99 years, leaving 11 years unexpired.
“Under instructions received from the chargee’s advocates, we shall sell by public auction the undermentioned property together with buildings and improvements erected therein. The subject property is situated within Thika Town Centre, Kiambu County… It is easily identified as Thika Business Centre and hosts Naivas Supermarket and Bata Shop,” the auction notice said.
Published on May 10, 2021, the auction notice also mentioned that land rates were fully cleared as at May 5, 2021, and that electricity, water, and trunk sewer services are connected to the property.
