Former court building site on Tallinn's Liivalaia Street put up for open sale after three failed auctions
Estonia's state real estate company RKAS, after three unsuccessful attempts to auction a plot with a former court building on Liivalaia Street in Tallinn, is now offering it for open sale at €4.14 million.
Riigi Kinnisvara AS (RKAS), the company that manages Estonian state-owned real estate, has put a plot with a former court building on Liivalaia Street in Tallinn up for open sale. Three earlier attempts to sell it at auction ended without a buyer, so the plot will now be offered without a fixed deadline. The price is €4.14 million.
Three failed auctions
The plot was first offered at auction in summer 2023 with a starting price of €4.5 million, but no buyers came forward. Experts at the time assessed the price as too high.
RKAS tried again last autumn, lowering the starting price to €4.14 million. That auction also failed, and the company concluded that an approved detailed plan would give potential buyers more confidence.
This summer, after the detailed plan was approved, a third auction was held at the same starting price. By the deadline of 11 September, no bids had been received.
What RKAS says
Marko Künnapas, head of sales at RKAS, told ERR that the lack of bids does not in itself mean the plot is too expensive or that the current plan is unattractive to developers. In his view, finding a buyer for a development project of this scale may simply take longer.
He said open sale allows the plot to be offered over a longer period. When the first qualifying offer arrives, it will be published on the RKAS website and on real estate portals, and other interested parties will then have two weeks to submit their offers. If a higher price is offered in that time, the deadline will be extended by three more working days. If no offers come in, RKAS will assess whether to change the terms of sale.
Künnapas stressed that the aim is to find a buyer at a price in line with market conditions, and that the company is prepared for this to take time.
Development options
Under the detailed plan, the plot may be developed with a commercial building with residential space of up to 12 storeys, or with a commercial building alone.
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