Section Of Nextgen Mall To Be Auctioned

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NextGen Mall in Nairobi. A section of the building is to be auctioned next week. PHOTO | FILE | NATION MEDIA GROUP

A section of NextGen Mall along Mombasa Road is set to go on public sale after auctioneers came calling.

The property located on the first floor will be sold in order to recover a loan of an undisclosed amount, becoming the latest business to go under the hammer as the effects of real estate saturation and a sluggish economy continue to bite.

Just last week, the Nairobi UpperHill Hotel was put up for auction to recover a debt owed to the National Bank of Kenya.

Garam Investments has set the NextGen auction for February 18 at the firm’s offices in Westlands.

In a communication posted by the firm on Monday, it says it is under instruction from the mortgagee’s advocate to auction the property on the parcel of land known as L.R No. 209/18648 (UNIT C) MOMBASA ROAD, NAIROBI COUNTY, registered in the name of Cresta Investments Ltd, together with the buildings and improvements erected therein.

“The property is situated along Mombasa Road and near the Eka Hotel. It is identifiable as Nextgen Mall. The property is conveniently located along the busy Mombasa Highway in South B and within close proximity to the Southern Bypass and the City Centre,” read the notice. Read more>>

 

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