Ufundi Co-op Plaza Up For Sale to Clear KSh254 Mn Debt

Ufundi Cooperative Plaza, a 14-story high-rise building in Nairobi Central Business District is up for sale.

This was after Justices Eric Obaga, Kossy Bor and Bernand Oboso of the Environment Court resolved an 11 years dispute between Ufundi Savings and Credit Co-operative Society Limited and its 14,999 members.

The building located at the junction of Moi Avenue and Moktar Daddah Street is on a commercial plot of approximately 0.0546 hectares. (L.R. No.209/2571.

Its approximate lettable area is 49,000 sq. ft, the Sacco said in its notice of sale with a leasehold title of 99 years with effect March 1, 1998.

As per the court documents, the land and the plaza co-owned by the SACCO and the members should be sold and the proceeds should be shared after clearing the KSh254 million debt owed to Co-operative Bank.

The SACCO is meant to get 58.88 per cent while the members get 49.12 per cent of the proceeds.

“Bidders participating in this tender will be required to pay a non-refundable fee of Ksh 10,000 for the tender documents,” the notice reads.

The documents will be received on or before Feb 3, 2022, at noon with their opening being carried out on the same day at 1.00 pm at the Ufundi Sacco Boardroom.