Thursday, November 30, 2023

Sh. 435 million Stanbic debt behind auctioning of Jubilee building

The building that has been housing the Jubilee party was put up for auction on Monday over a Sh. 435 million debt. This debt is owed to the Stanbic Bank.

The Jubilee building has been under lease to President Uhuru Kenyatta’s Jubilee party for the last ten years.

The building’s ownership is linked to a woman entrepreneur who is rumoured to have ties with a former top official in the government of the former late president Daniel Arap Moi.

The building has been put up for auction by Garam Investments.

The auction is set to take place on September 11 at the firms offices in Westland’s Nairobi.

“All that parcel of land known as LR no 209/1530 Emani Business Centre along Thika Road, Pangani area registered under Farmer Industry Limited, with a plinth area of 34,000 square feet,” Garam said.

“Bidders will be required to produce a bidding deposit of Sh. 5 million by way of cash or bankers cheque before being allowed to bid.”

According to Garam, the property measures 0.2277 hectares (0.5629 acres) or thereabouts.

“Erected on the plot is a seven-storey commercial complex with two (2) basement floors and a penthouse on the roof top, a sentry house and power house,” the advertisement said.

The basement floor entrance provides parking trays, water pumps store, concrete water tank, lift/staircase lobby, and ramp to basement floor.

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“These are typical floors, each floor having landing, lift/ staircase lobby, and circulation corridor. Wing A: office space, partitioned into various offices. Wing B: office space partitioned into various offices spaces,” said Garam.

The title on the property is a leasehold with a term of 99 years.

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