Real estate is a profitable business but with several risks on the flip side. Apart from financial preparedness, staying safe from bad debts is key. Kwanza Place in Kisii, formerly called Mocha Place, is a typical example of real estate investment gone wrong for the initial owner.
The 10 storey Mocha Place now called Kwanza Place is a prestigious business complex at the heart of Kisii town. It is located along the Kisii Kisumu Road directly opposite QuickMart Supermarket, previously Tuskys and Nakumatt. More specifically, Kwanza Place is next to Lengetie Building, which houses KPLC and the Kisii Galaxy Medicare Centre.
Kwanza Place in Kisii, Formerly Mocha Place
Former Mocha Place owner Josephat Mwangi Moracha is also an executive director at Jipa Oil Company Ltd.
Mwangi is brother to Henry Moracha, an ODM kingpin and Raila Odinga’s friend, who served as Bassi Central Ward MCA between 2013 and 2017.
The Kisii tycoon was allegedly pocketing a staggering monthly rental income of 8 million from the disputed Mocha building on a 0.8288 acres piece of land in Kisii town CBD.
For that reason, Josephat Mwangi Moracha must have been deeply hurt seeing his property worth 1 billion on the Local Daily Newspaper auction pages.
Why was Mocha Place auctioned?
Sources indicate that Garam Investments auctioned the towering Mocha Place to recover bad debts.
The February-March, 2020 auction ended within a few weeks suggesting high demand for real estate properties in Bosongo.
Mocha Place renamed Kwanza Place
A mandatory deposit of Ksh. 10 million not only scared weaker bidders but also stirred a locking of financial horns among the moneyed.
The second requirement was a 10 per cent down payment equivalent to about Ksh. 100 million.
Thirdly, the auction advert required clearance of the remaining 90 per cent through the advocates within 3 months.
The advert further cautioned confirmed purchasers on the possibility of losing their 10 per cent down payment in the event of failing to settle balance in time.
In the end, Kwanza Place bidders received ownership of the property at undisclosed hundreds of millions.
Kwanza Place owners have since replaced Josephat Mwangi Moracha in the commercial hub property.
In addition, are several corporate and SME businesses.
Mocha Place renamed Kwanza Place is an economic haven in Kisii town. It is a centre of high-end brands with spacious parking spaces and a concentration of first class social amenities.
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