| Price:€22,000,000 £ $ |
Agent Information |
| Condition: |
Ready for occupation |
 |
| Property Type: |
House / Villa |
| Bedrooms: |
Studio |
| Bathrooms: |
Unknown |
| Receptions: |
0 |
| Status: |
Available |
I Property Group are marketing this house / villa for sale in Estonia
“Telliskivi” is one of the biggest real-estate development projects in the center of Tallinn. The site is located next to the City Old Town, close to traveling- and communication centers such as Tallinn central railway station and Tallinn harbor. It is a former industrial area which is planned to be completely demolished and constructed ... more with new office and residential buildings. Area of the land plot 48 848 m2 Construction volumes according the detail planning, gross: Total 116 266 m2 Residential 45 815 m2 Commercial 53 125 m2 Parking 17 326 m2 Number of buildings 12 Maximum height and nr. of floors 28 m / 8 floors The City Governments approval of the detail plan is expected to be finalized by Spring 2007. The detail planning for Territory covers two land plots Telliskivi street 60 and 60A. These are the large land plots, which cover the land as much as 7,3 hectares. The first stage after detail plan confirmation will be the design of communication infrastructure, then construction of communications in parallel with architectural design of buildings, then starts construction phase. The plan is to be build twelve buildings. There will be five eight floor apartment houses and a few other complex-buildings with office-, business- and living premises. It is also being considered to build a hotel and conference center in this area. Hotel project analysis is done by Colliers Internation in Autumn 2006. All five apartment houses will have an amazing view on the oldest part of Tallinn and the parliament house. It also is planned to have a retail “anchor” food store, a green park and several catering opportunities in the territory. The required by the authorities amount of parking in the area ca 700 is planned to be exceeded by 40%, ca 1000 and even more if developer will use ground floor under some buildings. Two additional traffic access/exit points to the Territory (Telliskivi street 60) will be created from the prolonged Reisijate street. New street will be connected to Northern City Magistral, which is right now under development by Tallinn City. • Location in the very center of town (ca 300 meters from the medieval city-wall from bird’s eye view), to most of sightseeing • Location adjacent to the passenger railway station Balti Jaam. The distance towards Passenger port is 2km, Airport – 5,8km, Bus Terminal – 4,1km, The Old Town – 0,7km, Town Hall Square – 0,7km. • The Territory area together with the Balti Jaam surroundings is planned according to General Plan of the Tallinn to become the center of Northern-Tallinn town part in more distant future. • There is 15 different detail planning under proceeding in the surrounding radius of 600 meters from the Territory. Thus, the development of the surroundings is expected within next three years. • The Territory is connected to City water, electricity, sewage systems. There are gas pipes connected to the Territory however it is planned to use a central heating on it. • Access with transport across the railway multiple-crossings, means frequent waiting times. However General Plan of the Tallinn City anticipates the railway crossings, at the Telliskivi street as perspective two level crossing. This matter would make street traffic flow independent from railway traffic. • The Territory has no approved detail planning at the moment. Nevertheless Bonaprix incurs obligations on finalizing the detail plan. Project’s Main Financial Indicators The cost price of land m2 410 euro/m2 The cost price of brutto m2 172 euro/m2 Estimated cost price of construction(brutto m2) 1000 euro/m2(incl. VAT) * Estimated sales price(residential): 2500 euro/m2(incl. VAT) * Estimated sales price(commercial): 2000 euro/m2(incl. VAT) * Estimated development period: 5 years ADDITIONAL INFORMATION: Price comparison (average apartment prices in Tallinn’s center by January 2007) Toompea - 4,5-5 000 euro per m2 Old Town - 3,4-4 000 euro per m2 City Center - 2,5-3 500 euro per m2 Evaluation: One of the largest Estonian real-estate agencies was performing an evaluation expertise of the Territory in April 2006 and have defined the price of it as 17 900 000 EUR. Tenants and rental income. The Territory is covered with old warehouse and production facilities. Currently we have tenants who rent more than 16 000 m2 of premises. All of them have short-term rental contracts, which allow us to cancel them at any time (6 months notice). Average sale revenue from rent is 22 000 euro per month. The price does not include VAT. According to the Estonian regulations land can be sold without VAT prior to the City Government’s approval of the “Detail planning”. After this 18% VAT have to be added but this can be offset with incoming VAT. Please contact us for more info. ... less
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