This archive report was first published on 4 October 2021.
Published on October 5, 2021, a prime commercial property belonging to prominent eatery owner K'Osewe is set for auction over a Sh330 million loan owed to GT Bank.
The property, a five-storeyed building in Nairobi's South C, has five shops and two-bedroom houses, and earns a monthly rent of Sh830,000.
According to the auctioneer, the title to the land is on leasehold interest for 99 years since 1986, and mains water, electricity, and trunk sewer services are connected to the property.
Mr. Osewe has been battling auctioneers since 2018 over the loan, which was secured using an unfinished hotel in Kisumu and the South C flats, but failed to service the loan.
However, in February, the Court of Appeal stopped the lender from auctioning the property, along with his four-star hotel in Kisumu, on condition that he deposits Sh25 million in court in 45 days.
