Investment property, Terbatas street, Centrs / 4500000€

Property description

A complex of residential properties is available for purchase in the historic heart of Riga. Situated on a 1045 m2 plot, three residential structures from the late 19th century grace the premises:
lit001: A three-story rental apartment building on Dzirnavu Street, constructed in 1886 (Engineer I. Devendruss) - 721.64 sq.m.
lit002: A four-story apartment building nestled in the courtyard, built in 1898 (Engineer I. Devendruss) - 935.18 sq.m.
lit003: A six-story corner apartment building at the intersection of Dzirnavu and Terbatas Streets (1899, Architect K. Pēkšēns) - 2113.7 sq.m.

The architectural style blends Baroque and Neo-Gothic eclecticism. A sophisticated late eclecticism with hints of Gothic and Baroque characterizes the buildings. Decorative stained glass windows adorn several windows within the residential spaces.

Nestled in the historical center between Elizabetes, Brivibas, Dzirnavu, and Terbatas streets, the property resides in a culturally and historically significant area marked by mixed residential and commercial perimeter development. Vermansky Park graces the street's outset, offering a comprehensive view of Riga's architecture— Jugendstil with subtle elements of classicism. Historically known by different names like Dorpater Strasse, the street was briefly named after Rosa Luxemburg (philosopher and economist) before reverting to its original name, Terbatas.

A comprehensive reconstruction project for all buildings has been meticulously designed and approved. The envisioned project includes the creation of luxury apartments, an apart-hotel, commercial spaces, and a restaurant. The proposal also outlines the expansion of floor space and levels for two buildings, while the third building's structure remains unchanged.

Current total building area: 3770 sq.m.
Total building area post-reconstruction: 4615.03 sq.m.
Combined area of lit001 and lit002: 2630.5 sq.m - totaling 17 apartments.
Total area of lit003 building – 1984.53 sq.m. - totaling 12 apartments.
All city utilities are in place.

Parking facilities (Rīgas Satiksme) are available along the streets, complemented by both underground and surface Europark parking options.

Owner- a legal entity.

• Finishing: Condition - not renovated
• Location: park nearby, shops and cafes nearby, schools and kindergartens nearby, convenient public transport
• Communications: city heating, city water supply, city sewage

Object on the map