VAS ‘Valsts nekustamie īpašumi’ (VNĪ) is organising an auction for the personal residence of architect Johann Daniel Felsko at Elizabetes iela 49 and for a real property with excellent commercial potential at Martas iela 5. Also, according to VNĪ board member Andris Vārna, a repeat auction will take place for the building at Kalēju iela 50 in Riga. A visit of the properties can be booked by calling the number shown in the announcement.
‘As part of the current auctions, one can buy a building with a high historic heritage status, located at Elizabetes iela 49. It can both be an interesting choice for commercial property investors, as well as residential developers working in the centre of Riga. The properties available through the auctions can also be turned into profitable commercial projects. As a possibility for such development, we offer properties at Martas iela 5 and Kalēju iela 50,’ Andris Vārna reported.
The Elizabetes iela 49 real property is located within the Historic Centre of Riga UNESCO World Heritage Site. The construction of this historical property began around 1870– 1880’s, and it is believed to have been built as the personal residence of architect Johahn Daniel Felsko. The building consists of wooden structures with a plastered facade; its architectural elements use a Renaissance revival aesthetic.
The property includes a 1135 square-metre plot of land, an office building with a floor area of 936.6 square metres, and a 612.26 sq.m open area with a crushed-stone surface. The building is located in a mixed-development area of the Riga centre: it is an advantageous location for further commercial development or residential investment.
The auction for the real property at Elizabetes iela 49 will take place between 8 August and 7 September 2023, and potential investors will be able to apply for it until 20 August. The initial price is set at 1,040,000 euros, with a bid increment of 5000 euros.
The property at Martas iela 5 is located in an area characterised by low vehicle and pedestrian traffic between Martas, Stabu, Tērbatas, and Kr. Barona Streets, including a 2352 sq.m plot of land and an office building in it, with a floor area of 786.9 sq.m. The site also includes utility lines and equipment, making it possible to set up a commercial-use building.
There are public transport stops and good social infrastructure near the property: an additional advantage for potential investors.
The auction for the real property at Martas iela 5 will take place between 8 August and 7 September 2023. The initial price is set at 1,500,000 euros, with a bid increment of 5000 euros.
Meanwhile, for the building at Kalēju iela 50 in Riga, a repeat auction will take place 8 August and 7 September 2023. The initial price for the auction of the 1803 sq.m five-storey building is set at 873,000 euros. The office building is a 1925 rebuild, based on a design by architect Max von Osmidoff, of a structure originally constructed in the 1700–1800’s. This building located between Kalēju and Rīdzenes Streets is leased out to tenants almost in its entirety.
More detailed information about the auctions and properties is available at izsoles.ta.gov.lv.
In accordance with the company’s strategy, VNĪ maintains long-term ownership of the properties necessary for public administration, while the properties that are not necessary for the public institutions in the long run and that generate losses to the state are sold via public auction or transferred to other owners in accordance with the procedure established by law. Properties in the main portfolio that generate losses and cannot be leased to commercial tenants are put up for sale, making it possible to find a new use for them.
VNĪ provides professional real estate management and maintenance for 371 building and structure properties, comprising 1007 buildings with a total area of 0.97 million m2, as well as land beneath structures with a total area of 607 ha, and 3404 land properties with a total area of 883 ha. VNĪ is one of 17 Latvian companies that received the highest platinum award in the Institute for Corporate Responsibility and Sustainability's Sustainability Index 2023, demonstrating good governance and sustainability of its operations. The company was founded in 1996 and the Ministry of Finance is its sole shareholder.