Company Buys Riga's "Santa un Barbara" Store Building, Plans Reconstruction and New Quarter
The sale of the building housing the "Santa un Barbara" store at Brīvības iela 188 in Riga has been completed. The new owner plans extensive reconstruction and, in time, a new city quarter on the site.
A property at Brīvības iela 188 in Riga, which includes the "Santa un Barbara" store, has been sold. The deal is complete, and the buyer is a company that intends to carry out extensive reconstruction. Over a longer period it also plans to develop a new quarter on the site. The source does not name the buyer or give the price.
The previous owner
The building was previously owned by the state-owned company Valsts nekustamie īpašumi (VNĪ, State Real Estate). VNĪ explains that, under its strategy, it keeps long term the properties needed for public administration. Properties that public institutions will not need in the long run, and that cause losses for the state, are sold.
What the property includes
The property sold at auction covers a large plot with a total area of 5,408 square metres and several buildings standing on it. One of them is the "Santa un Barbara" store. Delfi reports that there had been several attempts to sell the building.
What is known about the future
Journalists from "Delfi Bizness" approached the new owner and asked it to outline development plans for the purchased building. The source gives no further details on the scale of the reconstruction, the look of the future quarter or the timeline.
