Valuable investment property for sale in Riga Central district
Every day, thousands of residents and visitors of Riga pass by the spacious, historic site at 193 Brīvības Avenue, Riga. Although the owned impressive building and territory have long been awaiting for changes, this spectacular landmark is recognised by almost every resident of Riga.
The complex's recognition is largely due to its location - the "Gaisa" or "VEF" Bridge, which the main building of the complex is situated right next to, furthermore, it is one of the most strategically important city bridges and logistics locations in Riga. Location on Brīvības Avenue, one of the most central streets in Riga's traffic circulation, contributes equally to its recognition. The complex is also located next to the legendary and important for Latvia at that time territory of "VEF" - "State Electrotechnical Factory", which, during the period from 1919 to 1999, was the country's largest factory, producing huge quantities of telephones and telephone exchanges, radios and other devices every month, among them, even sports planes and cars were assembled in this factory. The building at 193 Brīvības Street is also of historical significance - it was the site of the famous "Gustavs Ērenpreiss Bicycle Factory" (1927 -1942), where at least 400,000 bicycles were produced, thus gaining worldwide recognition.
The historic site at 193 Brīvības Avenue is awaiting a rebirth - it already has multifunctional development, easy accessibility, developed communications and proximity to the railway
The property for sale consists of two buildings and two connected land plots of 16,970 m2. The building at the beginning of the plot, designed by architect Aleksandrs Klinklāvs, which once was the main building of the G. Ērenpreiss bicycle factory, has 5 floors, each floor between 3.5 and 6 metres high. This building is to retain 3 facades - the front and side facades - while the rest of the building, which faces the large courtyard area, is to be rebuilt according to the wishes of the new developer. The other, a small two-storey outbuilding, is to be demolished. The rest of the land area is free from development. All the urban utilities (electricity, heat, water, sewerage networks, gas supply) are available in the vicinity of the territory, including maintenance of the simultaneous capacity of 2,200 kW.
The site is easily accessible via servitude road which is for the benefit of the existing owner. Traffic flow at the site should be organised for both the needs of public sector and commercial deliveries. It is significant that manufacturing companies may be attracted by the nearby railway line, which will enable deliveries to Western Europe and Scandinavia, or, if the quarter is developed into a residential area, there is a possibility to build underground parking lot. Potential residents of the quarter have every opportunity to use public transport easily, as well as there are Domina Shopping centre, sports, cultural and health centres within a few minutes' walk, and the Old Town is also quickly accessible.
Room for big future plans
Considering future development ideas, the zoning (JC2) provides for and allows mixed-use development of up to 6 storeys, the floor plan provides for multifunctional transformation and use. This means that the possibilities are vast and almost limitless - new owners will have every opportunity to develop business ideas such as construction of office, apartment buildings or rental houses with spacious parking lots. It is also possible to build halls, various industrial buildings, retail space, a hotel, logistics and showrooms, or even develop a new cultural and entertainment quarter. Land development rate of the territory is up to 280%. The property already has a construction plan for a category B office building in place with the total area of 6,058 m2 and parking lot for 162 cars and 60 bicycles, valid until 4 September 2025.
This part of Riga has been chosen by such important projects and companies as the medical company "Veselības centrs 4", "Latvijas Mobilais telefons", office centre "Jaunā Teika", "Tietoevry Latvia", "Norwegian Air Resources Latvia", "SEB Global Services", Riga City Court, "Elkor Plaza", "Domina Shopping" shopping centre, apartment projects - modern "Gatves Lofti", quickly implemented "Pagalms 2.0" and "Jaunā Teika" quarter.
The current owner of the block is the real estate company LLC (SIA) "Zvaigznes centrs". The property is mortgage-free. For more information about the property for sale, please contact its representatives: (+371) 2208 4598; [email protected]. Property sale advert is available here.
Linked objects
- 16970 m²
