An auction has been announced for a historic property in the Old Town

The property offered at the auction is situated at 7 Peitavas Street: a historic three-story building and a plot of land measuring 189 m². Although the building, dating back to the 18th century, is currently in a dilapidated condition and has been assigned the status of a degraded structure, a building project has already been approved for the property - the building is planned to be converted into a hotel comprising 13 separate rooms and a gross building area of 644 m².

During the project development, a thorough analysis of the building's history was conducted, envisioning the restoration of the building's original details and their harmonious integration with the new construction, successfully incorporating the building into the ancient landscape of the Old Town. The property is nestled in the very heart of the Old Town - at the quiet Peitavas Street opposite the Cinema Museum. Meanwhile, the location between Mārstaļu, Kungu, and Kalēju Streets ensures a constant surge of tourists and enhances the advantageous location of the future hotel.

"This is a rare opportunity to acquire a piece of historically rich Riga Old Town for a symbolic fee, initiating fantastic transformations and witnessing the revival of the building. The new owner may take over the completed hotel project or choose to develop some other ambitious and brilliant idea here," says Jāzeps Bikše, estate agent at Latio.

The starting price for the auction is EUR 80,000. The bidding increment is EUR 500. The auction price is not subject to value-added tax.

The interested parties are invited to apply for the auction and place bids now by registering on the auction portal https://latioizsoles.lv with a qualified Smart ID signature. Applications for the auction will be accepted until March 14, 2024, at 12:00 p.m. The auction will close on March 15, 2024, at 12:00 p.m.

By participating in the auction for this property, the buyer is exempt from the fee for using the site's services as indicated in the auction rules. The auction rules and the developed hotel project can be viewed at: https://latioizsoles.lv/auctions/view/DVLZ9MV/

For more information:
Jāzeps Bikše | estate agent
Tel. +371 26142995
Email: jazeps.bikse@latio.lv