The iconic Bedilu Building is to be put out to auction on July 18, 2008

The iconic Bedilu Building located on the way to Mexico Square
and near the Commercial College of Addis Ababa University is
to be put out to auction on July 18, 2008, with a bidding set
to start at 10.07 million ETB

By Groum Abate - Capital

18 June, 2008

The once famous architectural marvel in Addis Ababa, Bedilu Building, has been put up for auction after the owners failed to pay back their loan to the Construction and Business Bank (CBB).

The building, which is considered as one of the magnificent structural designs in Addis Ababa, is being auctioned off with a floor price of 10,075,000 ETB.

According to the notice published on the state run daily newspaper Addis Zemen, the building owned by Yilma Bedilu would be auctioned publicly on July 18 at the site.

The building's construction was started during Emperor Haile Sellassie I era and completed during the Derg Regime, when it was nationalized. According to Addis Admas newspaper owner Bedilu bought the 1,000 m2 that hosts the building around National Theater for 120 birr per square meter in the Emperor days.

The now 84 year old entrepreneur started constructing the building in 1959 E.C (1967) and completed it after two years. The owner took a loan of 300,000 birr for completing the construction of the building and leased the whole building for 20,000 birr.