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Auction of the house at 7 Audēju Street starts

25.07.2022

SJSC State Real Estate (SRE) has launched an open electronic auction of the house at 7 Audēju Street, Riga. The house is part of an architectural monument of national importance - a complex of residential buildings, which includes buildings on 7 Audēju Street, 9 Audēju Street and 11 Audēju Street. According to the valuation carried out by SIA “VCG ekspertu grupa” the value of the property is 2 325 000 euros, informs Andris Vārna, Board Member of SRE.

The house at 7 Audēju Street is located in the historical centre of Riga, next to a busy pedestrian street. The total area of the building is 2026.8 m² and the area of the adjacent land is 470 m2. The first and second floors of the property are suitable for cafes, retail or salon premises, while the upper floors of the building are well-suited for the establishment of offices or residential premises. In compliance with the evaluation of the building carried out at the end of 2021 by SIA “VCG ekspertu grupa”, in line with the current market situation, its value is 2,325,000 euros.

“According to the strategy of the capital company, SRE maintains properties necessary for public administration in the long term, while properties that are not necessary for public institutions in the long term and cause losses to the state, are sold through electronic auctions in accordance with the law. The property at 7 Audēju Street has been owned by the capital company since 5 August 1997, but during the last 11 years the building has been partially rented or without tenants; therefore, taking care of the preservation of the cultural and historical values of the building, the capital company has decided to again resume its expropriation, giving it new future opportunities and potential to be reborn in its historical glory,” says A. Vārna.

Those who are interested can apply for the auction from 8 to 28 August on the website www.ta.gov.lv. You can apply to view the property right now by writing to the e-mail address: pardosana@vni.lv.

Since February 2011, when the rental right was terminated by the tenant, the building has only been partially leased. Whereas, from January 2017 to spring 2021, part of the property was rented by another tenant. After the termination of the rental right, the property remained largely unused. From July 2015 to January 2018, nine auctions were organised for the property in descending order. The starting price of the last auction was 1,467,700 euros. Property management and maintenance is provided by SRE, which paid 40,300 thousand euros to the capital company in 2021.

The building at 7 Audēju Street is a magnificent Art Nouveau multi-storey brick building, built in 1899 according to the design of architects Alfred Aschenkampf and Max Scherwinsky. It is one of the first Art Nouveau buildings in Riga, which originally belonged to the book publisher Alexander Grosset. The facade of the building is adorned with stylised plant motifs, apple moulding and a small bay window with mascarons placed on both sides. The upper floor of the building is designed as a mansard. The property is located on a busy pedestrian street with easy access by car.

SRE currently continues working on 46 different national construction sites, with a total project budget of more than 230 million euros. The company provides professional real estate management and administration for approximately 365 real estate properties consisting of 1100 buildings with a total floor area of 0.95 million square metres, along with land beneath the buildings covering 602 hectares and more than 3536 land properties with an area of 903 hectares. SRE is one of 23 Latvian companies that has received the highest platinum award as part of the Sustainability Index of the Institute of Corporate Responsibility and Sustainability, confirming the good governance and sustainability of its operations. The company was founded in 1996 and is 100% owned by the Ministry of Finance of the Republic of Latvia.