The Trance Towers building in Nairobi has been put up for auctioning. The auctioning of the building shall be carried out by Garam Investments Auctioneers in an activity that has been scheduled for September 17, 2024.
According to a call out for bidders, Garam Investments Auctioneers has stated that the commercial property fronts Tsavo Road, off Nairobi-Mombasa Highway, in South B area. The property has a monthly income of Sh. 8.8 million.
The building is on a parcel of land known as Title No. Nairobi/Block 70/394 Nairobi County. It is registered under Trance Towers Limited.
“The property is situated along Tsavo Road, approximately 175 meters off Nairobi -Mombasa Highway, South B, Nairobi. The plot measures 0.2756 hectares (0.6810 acres) approximately,” states Garam. “It is developed with a modern 9 storey commercial office block with space for offices, shops and restaurants. 96 parking bays are also provided.”
The basement floor comes with 60 enclosed parking bays and 13 stores. The ground floor has an entrance vehicular ramp, driveway and walkway, staircase to landing, lift and lobby, 10 shops, 5 stores, 18 enclosed parking bays, and toilets.
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The upper ground floor has an entrance/foyer, reception lobby, passageway, 18 parking bays, staircase to landing, 8 shops, cleaners room, and toilets. Each of the first to seventh floors comprises of the staircase to landing, lift lobby, passageway, offices varied in number, gents and ladies toilets.
The lower attic floor spots the staircase to landing, lift lobby, passageway, offices varied in numbers, 2 terraces, and toilets. The upper attic floor has the staircase to landing, lift lobby, passageway, conference room, penthouse, toilets (plinth areas 141,000 of approximately square feet), and lettable area that is approximately 95,000 square feet.
“The title is a leasehold interest for a term of 99 years w.e.f 01.12.1993 at a revisable annual ground rent of Sh. 71,645. Mains electricity is from KPLC, water is from Nairobi Water and Sewerage Company. Drainage is to the mains sewer line and the building is almost fully let,” states Garam.
Garam has asked that any intending bidder for the Trance Towers property should make arrangements to view the property and verify the details as these are not warranted by the auctioneers.
Interest bidders shall also be required to make a deposit of 10 per cent in cash or banker’s cheque at the fall of the hammer. The balance will thereafter be payable within 90 days to the chargee.
“A bidding deposit of Sh. 10 million by way of banker’s cheque(s) or cash will be mandatory. Failure to pay the balance by the confirmed purchaser will result in forfeiture of all deposits paid,” Garam cautioned.