The Tembo Co-op House, a 7-storey building located on Moi Avenue in Nairobi's Central Business District (CBD) has been put up for sale.
In an advert published in the local dailies on Thursday, a real estate company that specialises in valuations, property management, and marketing drummed up the building's marketability stating that the seven floors are fully occupied and leased to reliable tenants.
The building, which sits on 0.0859 acres, features several amenities including a reliable water supply, adequate storage, and electricity supplemented by a backup generator.
Tembo Co-op House is strategically located within the Nairobi Central Business District (CBD). Its location is convenient and enables easy access to key transportation hubs, major businesses, and government offices.
The building is currently operating on a leasehold term of 99 years from July 1, 1985. This means that an individual has the right to occupy the building up to 2084.
In the notice, the real estate company explained that interested buyers would be provided with several details upon application including the price of the building, a copy of the title, tenancy schedule, and building plans.
The company, however, did not divulge the reason for putting the building up for sale.
Over the recent past, several facilities and multi-million homes have either been placed on auction or on sale.
This has been mostly attributed to the cost of living that has led to tough economic times, leading to businessmen and women being unable to settle their debts.
Two months ago, GS Grand Hotel, located at Kenyatta Road along the Thika Superhighway was also put up for auction.
According to Purple Royal Auctioneers, they were acting on instructions from the chargees of the property to sell it through public auction.