A section of The Mirage building located in Nairobi County, along Waiyaki Way, is set for auction with interested parties invited to submit their bids.
In a notice carried in the dailies on Monday, February 27, Garam Investments Auctioneers announced that it had been instructed to carry out the auction exercise on the pent-floor executive office complex of Tower Two within The Mirage building.
According to the notice, the auction date is set for Tuesday, March 14, 2023, at 11:00 am.
"The Mirage is situated along and to the left of Waiyaki Way approaching from Westlands, approximately 2 kilometres to the North West of Nairobi City Centre and about 250 metres from Villa Rosa Kempinski Hotel.
"Erected on the mother plot are three multi-storey commercial blocks with basement parking, guards house and powerhouse," the statement read in part.
Interested parties were invited to place their bids at Garam Investments Auctioneers' offices located on Western Heights along Karuna Road, Westlands, Nairobi County on the stipulated date.
The pent floor consists of a staircase landing, reception, washrooms, kitchen with breakfast counter, offices, and boardroom among others.
The title is a leasehold interest for a term of 50 years with effect from 1996 at an annual ground rent of peppercorn.
This means that no rent is payable although the property is a leasehold.
The section of the building was also put on auction in November 22, 2021, as the space was registered under Cresta Investments Limited.
The notice was one of the many properties in Nairobi that were put under the hammer including a residential building in Muthaiga and a sectional property within Commodore Office Suites in Kilimani, Nairobi County.
In general, over five pages of the Daily Nation, Monday Edition, were covered in auction advertisements signalling the battered state of the economy.
According to the 26th edition of the Kenya Economic Update (KEU) from the World Bank, the high cost of living was brought about by the agriculture sector which contracted by 1.5 percent in the first half of 2022.
The sector, which contributes to almost one-fifth of the Growth Domestic Product (GDP) slowed the GDP rate of the country by 0.3 percent.
In addition, data from the World Bank (2022) indicated that the unemployment rate in Kenya grew from 2.8 per cent in 2016 to 5.7 per cent in 2020 and 2021.
These statistics paint a grim picture of the country's high unemployment rate and cost of living.
