SJSC “State Real Estate” (SRE) announces an auction of two real estates in Riga at 21A Krišjāņa Barona Street and 11 Miesnieku Street, informs Andris Vārna, the Member of the Board of SRE.
“We have announced an auction of two properties in the historic centre of Riga at K. Barona Street and Miesnieku Street that correspond the current trends in the real estate market demand. In general, we observe a growing interest in buildings that can be transformed for the purposes of conducting hospitality business or for residential purposes, as well as sites comprising a smaller area,” says A. Vārna.
The property located at 21A Krišjāņa Barona Street comprises a four-storey administrative building and a basement with a total area of 708.2 m², a 48 m² concrete pavement area and a unit of land of 326 m². The property is located in the historic centre of Riga, i.e. in a built-up area surrounded by Krišjāņa Barona, Blaumaņa, Tērbatas, and Dzirnavu Streets.
The surrounding area mainly consists of many storied buildings with commercial premises on the ground floors, creating a lively urban environment. There is excellent accessibility of public transport as the nearest stops are within a distance of only 0.1–0.6 km, and both the Riga International Bus Station and the Central Railway Station are within easy reach as well, accordingly within the range of 1.1 km and 0.9 km. The nearby Vērmanes Garden (about 300 m away) adds value to this property, offering recreational opportunities in the heart of the city.
The building, built in 1902, is in good technical condition, but certain renovation work, e.g. staircase and exterior renovation, would be necessary. The property is suitable for both residential and commercial development, thus providing a wide range of opportunities for development.
Currently, the property at 11 Miesnieku Street in the Old Riga has been also put up for public auction. The property consists of a 657 m² plot and a five-storey administrative building with a total floor area of 1439.6 m². The building, built in 1830, underwent its first reconstruction in 1968 under the guidance of architects Edgars Slavietis and Pēteris Eglājs. This building is characterised by its authentic marks of history, namely exposed brick walls, solid wood beams, high ceilings, and a spiral staircase, giving the property a distinctive character.
The property is located in the charming district of the Old Riga at Miesnieku Street which is close to Pils Street and 11 November Embankment. The surrounding environment is well-maintained, offering a clean and safe atmosphere for residents and visitors alike. There is convenient access to the building, the cobblestone pavement is in a satisfactory condition, and there are pay car-parking facilities in the close surroundings. Low traffic and pedestrian flows provide a peaceful and safe environment.
The auction of both properties is open to anyone interested, ensuring compliance with the auction rules. The auction will take place from 27 September to 28 October and the deadline for applications is 17 October. The starting price for the property at Krišjāņa Barona Street is EUR 611,000 with an auction increment of EUR 5000, and for the property at Miesnieku Street – EUR 1,100,000 with an auction increment of EUR 10,000. More information about the auction and properties is available in the official auction platform at izsoles.ta.gov.lv.
About SRE
According to the strategy of the company, SRE ensures long-term maintenance of the properties necessary for public administration; however, the properties that are not necessary for long-term use by public authorities and generate public loss are sold via public auctions or transferred to other owners in accordance with the procedures laid down 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 way of use for them.
SRE provides professional real estate management and maintenance for 428 building and structure properties, comprising 1073 buildings with a total area of 0.99 million m2, as well as land beneath structures with a total area of 579 ha, and 3295 land properties with a total area of 904 ha. SRE is one of 17 Latvian companies that in 2023 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 the Ministry of Finance is its sole shareholder.
