A Nairobi tycoon is on the brink of losing an eight-storey residential building and two luxury apartments in Nairobi's upmarket Lavington and Riverside over debt, a further indication of the tough economy that has seen Kenyans default on loans.
In a notice in the local dailies on Thursday, the three properties by Phillips International Auctioneers.
The properties, estimated to be worth millions, are located in Riruta (Kahawa Valley Apartments), Riverside (Krishna Pointe Apartments), and Lavington (Krishna Valley Apartments).
The property in Riruta is located 180 meters off Kinyanjui Road within Riruta Area in Dagoretti.
The eight-storey prime apartment consists of a basement parking level and accommodates a total of 65 one-bedroom flats. The water supply is from a borehole within the property with supplementary supply from water reservoirs on the basement and rooftop levels.
The four-bedroom all ensuite apartment in exclusive Riverside is a single unit at Krishna Pointe Apartments near Riverside Square. It also has a staff quarter.
Riverside is an upmarket area with office, commercial, and residential blocks frequented by diplomats and high-net-worth individuals.
The third property in Lavington is a four-bedroom two ensuite apartment at Krishna Valley Apartments, near the Valley Arcade Mall.
The two apartments at Lavington and Riverside have exclusive features including biometric admissions and other high-end security facilities.
"Duly instructed by our principals, the chargee. Pursuant to the statutory provisions under which seizure/repossessed and sale is authorised under Section p96 of Land Act no 6 of 2012 and all legal requirements and in conformity with the Auctioneers Act," read part of the notice.
"The mentioned property together with all the improvements erected thereon, will be sold by public auction."
According to the auctioneers, the three properties will be put on auction on November 17, 2023.
"All interested purchasers are required to view the mentioned properties and verify the details, a those are not warranted by the Auctioneer nor our clients."
The residential building located in Riruta is expected to generate a gross monthly rental value of Ksh1.625 million whereas the apartment in the Riruta area produces a monthly rent of Ksh150,000.
The third apartment in Lavington generates a monthly income of Ksh130,000.
