2024/02/15
Real estate development company Realco is planning to sell a 0.4 ha plot of land with buildings in the prestigious Antakalnis district of Vilnius. The property owned by the company will be auctioned by the real estate services company Newsec Advisers LT. The auction will take place on 21st of March, 2024.
Julius Dovidonis, the CEO of Realco, says that the decision to sell the valuable plot in a unique location was made because the company intends to fully concentrate on its major real estate projects in the capital city for the near future.
"Our upcoming goals, where we will devote most of our attention, investment, and time, are prestigious and higher-end residential real estate projects in Vilnius, also Hero business centre. We acquired the plot located in the capital city at Mildos Street in 2019 because of its unique location, which we believe will become one of its most important advantages in the upcoming auction," comments J. Dovidonis, CEO of Realco.
At the auction, the company's 0.4027 hectare land plot at Mildos g. 4, 6, 8 will be auctioned with its real estate - three administrative buildings with a total area of 845.11 sqm, all of which are currently rented. The initial price of the property to be sold is 4 million euro.
The plot is located next to Sapiegas Palace Park and Vilnius Tech Park - the largest technology and start-up centre in Lithuania. According to the detailed plan of the area, approved on 25th of January 2022, the site offers two types of development opportunities - recreational areas and areas for apartment buildings and dormitories. The site is also approved with proposals for the construction of a three-storey building with a mezzanine floor of 5,600 sqm, to provide apartments with common lounge areas for short and long-term accommodation. If necessary, the site also offers the possibility of developing a dental clinic with residential accommodation, for which a building permit has been granted.
According to Jurgita Ragaišė, Head of Newsec Brokerage Group, this plot is a rare investment opportunity on today's market. "The location of the plot is very appealing: convenient transport links, close to the buzz of the city, but at the same time a bit distant, on a slope, so the apartments on the top floor of the building will offer a panorama of the green Antakalnis. Moreover, the plot is freehold, so the developer will not have to deal with development fees on state land," says J. Ragaišė.
The auction will be organized by Newsec advisers LT in its own developed and administered system of publicly announced electronic auctions, on the Newsec website. Registration for the auction will take place between 14th of February and 20th of March.