A prime commercial property belonging to William Osewe of Ranalo Foods, popularly known as K'Osewe, has been put up for auction over a loan of Ksh330 million.
In a newspaper advertisement, auctioneers invited interested buyers to place their bids on Ranalo Apartments, which stand on a piece of land measuring 0.0946 acres.
The property, which is located along South C, is scheduled to be auctioned on October 19, 2021. It comprises of a five-storey block which hosts both commercial and residential units of five shops and two-bedroom houses.
Since 2018, the restaurateur has been battling auctioneers over the loan he borrowed from a commercial bank but defaulted.
Osewe had secured the loan using an unfinished hotel in Kisumu and the South C property.
“Mains water, electricity and trunk sewer services are connected into the subject property. An additional water storage tank is available to supplement the mains water,” reads the advertisement.
In February 2021, the Court of Appeal halted the auction of the property on condition that Osewe pays Ksh25 million within 45 days.
“We have considered the application and conclude that the grounds raised by the applicants are arguable and cannot be said to be frivolous such as to be dismissed as insubstantial."
"Their properties are in danger of being sold and if this application is not granted they stand to suffer a colossal loss if transferred to third parties due to the value involved, and the appeal would be rendered nugatory," Justices Hannah Okwengu, Patrick Kiage and Jamila Mohammed advised.
Osewe and his wife went to the Appellate Court and argued that they had continued to service their loan despite economic disruptions resulting from the Covid-19 pandemic.
