Building for sale in Mežaparks!

Code
12897
City
Listing For
Sale
Property Type
Villa / House
Property Status
New Build
Price
 700,000 EUR  

Location

Riga - Riga -

Description

Code:1462853

For sale is offered an investment building plot of land situated in one of the most prestigious area of city of Riga – Mezhapark. The property is situated on Ezermalas Street. There is a 4-storey standard-type apartment building of total area 4 850 sqm. for reconstruction located on the land.

Purpose of use of land - Residential Development with intensity - 90% and the number of floors - 4 floors.

The piece of land (7000 м²) required for this project will be separated from the main one in the process of construction and renovation. The project provides economy-class apartments ranging from 30 m² to 75 m². The land under the building is owned.

- A preliminary analysis of the proposals of construction companies estimates for the renovation of the existing buildings are in the range of up to 1.300.000,00 1.500.000,00 EUR.
- The term of the redesign, preplanning, reconstruction and installation works - 12-14 months.

- The average selling price of apartments in this area of Riga is starting from 1000, - EUR/ м² and higher.

- The price of 800-850, - EUR/ м² will be very competitive offer of best price in economy class market segment.

- Term of the project - 12-14 months.


1. 770 000 EUR – the existing building;

2. 35 000 EUR – cost of reconstruction project;

3. 1 700 000 EUR – construction works (4850 sqm x 350.00 EUR/sqm);

4. 100 000 EUR - unforeseen construction costs.


1. 3 700 000 EUR – selling of residential apartments (living area - 90% of total area ~ 4 350 sqm x 850.00 EUR/sqm);
2. 175 000 EUR – selling of parking spaces (~ 50 parking lots x 3 500 EUR/1 parking).


In total: 3 875 000 EUR.

* Apartment sale price per square meter can be increased depending on overall result of selling apartments.


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