Tuesday, August 16, 2022

Nairobi’s NextGen Mall put up for auction

NextGen Mall Auction: A section of the popular NextGen mall is set to be auctioned. The section that is set for auctioning by Garam Investments is located on the first floor of the building. It will be sold in order to recover a loan of an undisclosed amount.

The mall owned by Navin Shah has a total of eight floors with 200 retail units over three floors, four floors of office space and one floor occupied by eateries, lounges and a fitness centre. It also hosts a large food court with several restaurant brands like Dominoes and Burger King among others. It is part of the larger NextGen Park that hosts residential apartments.

“The mother parcel measures 5.013 hectares (12.382 acres )or thereabouts. Improvements on the mother plot include 2No. eleven storey residential block of apartments each with a basement parking: 2No. incomplete residential blocks (at different levels of completion. Also a seven storey commercial block cum doctor’s plaza with two level basements and a mezzanine floor (the subject block),” read the advertisement in part.

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“Our subject however is Unit C, which is on the first floor of the building and is identifiable as Pent Office, packaged together with three parking bays, accommodation which includes a reception lobby passage, thirteen single room offices, two double room offices, a meeting room, a boardroom, a kitchen fitted with a sink, inbuilt cupboards and private granite worktops. It has a lettable area of 5889.5 square fee,” Garam says.

In a communication posted by the firm on Monday, it says it is under instruction from the mortgagee’s advocate to auction the property on the parcel of land known as L.R No. 209/18648 (UNIT C) MOMBASA ROAD, NAIROBI COUNTY, registered in the name of Cresta Investments Ltd, together with the buildings and improvements erected therein.

“The property is situated along Mombasa Road and near Eka Hotel. It is identifiable as Nextgen Mall. The property is conveniently located along the busy Mombasa Highway in South B and within close proximity to the Southern Bypass and the City Centre,” read the notice.

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