An 11-storey building that houses among others Naivas Supermarket has been put up for auction. The building, Thika Business Centre, is being auctioned by Garam Investments. This is the second time that the building is coming up for auction.
In March 2020, the building was placed on auction together with NextGen mall. At the time, the building was estimated to be worth Sh. 540 million.
In the current auction, the building is said to attract monthly income of Sh. 6.7 million.
The building has two basements with a capacity of 45 parking slots. The basements also features water tanks and an underpass store. From the third floor, the building features office spaces.
In the auctioning notice, Garam indicated that the building currently has an 80 per cent occupancy and sits on an area of 159,000 sq ft area.
“Under instructions received from the chargee’s advocates, we shall sell by public auction the undermentioned property together with buildings and improvements erected therein. The subject property is situated within Thika Town Centre, Kiambu County… It is easily identified as Thika Business Centre and hosts Naivas Supermarket and Bata Shop,” the auction notice said. It added that the building was constructed on two parcels of land.
“The two plots have a joint title held under a leasehold interest for a term of 99 years. The unexpired lease term is 11 years. Land rates were fully cleared as at May 5, 2021. Electricity, water and trunk sewer services are connected to the property,” the notice said.