Sh. 1 billion property with Sh. 8 million monthly rent put up for auction

The prominent Mocha Place building in Kisii town has been put up for auction. The building that is situated along the Kisii-Kisumu Road will be sold by auction on March 30 this year. According to an advert that was placed in one of the local dailies by auctioneer, Garam Investments, the building attracts monthly rental income of Sh. 8 million and is valued at Sh. 1 billion with additional renovations currently going on.

10 storey Mocha Place business complex has a total plinth area of 10,524m2. “All that parcel of land known as Title Number Kisii/Municipality/Block 195, Mocha Place Kisii-Kisumu road registered in the name of Josphat Mwangi Moracha g/t Jipa Oil Company Ltd. It lies directly opposite Tuskys Echiro Supermarket’s parking with an estimated rental income of Sh. 4.97 million,” read part of the advert by Garam.

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The total plot the property sits on measures 0.3354 hectares which is equivalent to 0.8288 acres. The ninth and tenth floors in the building are currently under construction. The advert also noted that the Co-operative Bank is currently renovating the ground floor which was previously occupied by Housing Finance (HFC). “Total built up area extends to 123,607.82 sq ft. The title is a leasehold interest for a term of 99 years,” the advert on Mocha Place said.

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The auctioneers say that those intending to purchase the building will have to pay a deposit of 10 per cent at the fall of the hammer during the auction. The balance will thereafter be settled within a period of three months to the chargee’s advocates. In addition, potential buyers will have to make a mandatory deposit of Sh. 10 million before taking part in the auction. “Please note that failure to pay the balance by the confirmed purchaser will result in forfeiture of all deposits paid” the advert cautioned.